Cabinet has approved the Banning of Unregulated Deposit Schemes Bill, 2019 and it will replace the Banning of Unregulated Deposit Schemes Ordinance, 2019. The Banning of Unregulated Deposit Schemes Bill, 2019 would replace the Ordinance promulgated on 21st February 2019.
The main motive of banning the bill is to:
- handle the menace of illicit deposit-taking activities in India
- find out the exploiting regulatory gaps
- lack of strict administrative measures and
- to protect the poor and gullible people of their hard-earned savings
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