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Bill on ponzi schemes introduced in Lok Sabha

Press Trust of India  |  New Delhi 

A bill seeking to protect gullible investors from ponzi schemes was introduced in Lok Sabha Tuesday by

The House will take up the Banning of Unregulated Deposit Schemes Bill for discussion and passage on Wednesday.

Members from the treasury benches and the opposition suggested to that the Question Hour may be suspended Wednesday, the last day of the Budget Session, to take up the bill so that it can be sent to Rajya Sabha for passage after the approves it.

Goyal said the bill will plug the loopholes which allow ponzi schemes to target small investors.

The bill seeks to put in place a mechanism by which such depositors can be compensated. It has incorporated recommendations of the Standing

The bill will effectively the menace of illicit deposit-taking activities, and prevent such schemes from duping the poor and gullible people of their hard earned savings, had said last week after the Cabinet had approved it.

The bill was initially introduced in Parliament on July 18, 2018 and was referred to the Standing Committee on Finance.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 12 2019. 19:35 IST