Bill to ban unregulated deposit schemes sent to standing committee

New Delhi : The Lok Sabha on Thursday referred to the standing committee a bill that seeks to protect depositors' interest by providing a comprehensive mechanism to ban unregulated deposit schemes.

The decision was taken after BJP member Nishikant Dubey demanded that the Banning of Unregulated Deposit Schemes Bill, 2018 be sent to the standing committee for a detailed examination.

Dubey made the demand soon after the Minister of State for Finance Shiv Pratap Shukla got up to move the bill for passage in the House.

Deputy Speaker M. Thambidruai said the bill will be sent to the standing committee as suggested by members.

The bill aims to prevent unregulated deposit schemes or arrangements at their inception and at the same time makes soliciting, inviting or accepting deposits pursuant to an unregulated deposit scheme as a punishable offence.