Modi govt tables Bill to nip ponzi schemes like Saradha in the bud

Up to 10 years in jail for perpetrators on the anvil; competent authority set up by states to have the power to attach assets of defaulting establishments

Unable to stop the proliferation of unregulated deposits, better known as 'Ponzi schemes', the government now seeks to ban these through a legislation which provides for up to ten years in jail for those floating such schemes. 

A bill -- The Banning of Unregulated Deposit Schemes Bill, 2018 -- was tabled in the Lok Sabha by Minister of State for Finance Pon Radhakrishnan on Wednesday.

In a reflection of the slow pace of legislation in a parliamentary system, the bill has been tabled in the concluding year of the Modi government, even though the Saradha scam came to light at