NEW DELHI: The Lok Sabha on Wednesday passed a bill to protect gullible investors from ponzi schemes, with finance minister Piyush Goyal saying the Government will ensure that no loophole is left while framing rules.
The Banning of Unregulated Deposit Schemes Bill, 2018, seeks to put in place a mechanism by which such depositors can be compensated. It has incorporated recommendations of the Standing Committee on Finance.
Replying to a discussion on the Bill, Goyal said out of the total 978 cases of unauthorised deposit schemes, 326 are from West Bengal, which is more than one-third of the total such schemes.
“The Government has worked quickly to put an end to such unauthorised deposit schemes. We have ensured that no loopholes are left by using great legal acumen while drafting the Bill. I want to assure the House that while drafting the rules we will ensure there is no loophole,” Goyal said.
The bill, which was introduced in the House on Tuesday, seeks to plug loopholes which allow ponzi schemes to target small investors.
The Bill was passed on Wednesday– the last day of Budget session– by a voice vote after short discussion.
पोंजी स्कीम पर रोक वाला बिल लोकसभा में पास, ज्यादा रिटर्न की पेशकश का प्रचार बंद होगा
पोंजी स्कीमों पर पूरी तरह से रोक लगाने वाला बिल लोकसभा में बुधवार को ध्वनिमत से पारित हो गया। बिल के कानून के तौर पर अमल में आने के बाद निवेशकों को ऐसी स्कीमों से बचाया जा सकेगा। इसमें अनियंत्रित जमा योजनाओं को पूरी तरह से प्रतिबंधित करने का प्रावधान है। ज्यादा रिटर्न की पेशकश करने वाली योजनाओं के प्रचार-प्रसार पर भी रोक लगाई गई है।
अनियंत्रित जमा योजना निरोधक विधेयक 2018 पर बुधवार को संक्षिप्त चर्चा के जवाब में वित्त मंत्री पीयूष गोयल ने कहा, इस बिल के पारित होने से निवेशकों को बड़ी राहत मिलेगी। इस विधेयक में वित्त संबंधी स्थायी समिति की सिफारिशें भी शामिल हैं। अनधिकृत जमा योजनाओं के कुल 978 मामलों में से 326 पश्चिम बंगाल से हैं। सरकार ने ऐसी अवैध जमा योजनाओं को खत्म करने के लिए तेजी से काम किया है। मैं सदन को भरोसा दिलाना चाहता हूं कि विधेयक को तैयार करने में सभी जरूरी प्रावधान जोड़े हैं।
978 अनधिकृत जमा योजनाओं का पता चला, इनमें से सबसे ज्यादा 326 पश्चिम बंगाल से हैं
तृणमूल कांग्रेस ने कहा – पार्टी इस विधेयक के समर्थन में है
बिल पिछले साल 18 जुलाई को लोकसभा में पेश किया था
सरकार ने इस विधेयक को लोकसभा में 18 जुलाई 2018 को पेश किया था। बाद में इसे वित्त संबंधी स्थायी समिति को भेजा गया। इसके बाद मंगलवार को सरकार ने इसे फिर लोकसभा में रखा था। तृणमूल कांग्रेस ने कहा कि वह बिल के समर्थन में है।
इटली के चार्ल्स पोंजी के नाम पर रखा गया स्कीम का नाम
पोंजी स्कीम का आशय ऐसी अवैध निवेश योजना से है जिसमें निवेशकों को अधिक रिटर्न का लालच दिया जाता है। इटली का चार्ल्स पोंजी ऐसी ही स्कीमें चलाकर लोगों से पैसा हजम कर जाता था। उसी के नाम पर इन्हें पोंजी स्कीम कहा जाता है।
In a major policy initiative to protect the savings of the investors, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to introduce the following bills in the Parliament:-
(a) Banning of Unregulated Deposit Schemes Bill, 2018 in parliament &
(b) Chit Funds (Amendment) Bill, 2018
The Banning of Unregulated Deposit Schemes Bill, 2018
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given approval to introduce the banning of Unregulated Deposit Schemes Bill, 2018 in Parliament. The bill is aimed at tackling the menace of illicit deposit taking activities in the country. Companies/ institutions running such schemes exploit existing regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hard-earned savings.
The Banning of Unregulated Deposit Schemes Bill, 2018 will provide a comprehensive legislation to deal with the menace of illicit deposit schemes in the country through,
- complete prohibition of unregulated deposit taking activity;
- deterrent punishment for promoting or operating an unregulated deposit taking scheme;
- stringent punishment for fraudulent default in repayment to depositors;
- designation of a Competent Authority by the State Government to ensure repayment of deposits in the event of default by a deposit taking establishment;
- powers and functions of the competent authority including the power to attach assets of a defaulting establishment;
- designation of Courts to oversee repayment of depositors and to try offences under the Act; and
- listing of Regulated Deposit Schemes in the Bill, with a clause enabling the Central Government to expand or prune the list.
The salient features of the Bill are as follows:
- The Bill contains a substantive banning clause which bans Deposit Takers from promoting, operating, issuing advertisements or accepting deposits in any Unregulated Deposit Scheme. The principle is that the Bill would ban unregulated deposit taking activities altogether, by making them an offence ex-ante, rather than the existing legislative-cum-regulatory framework which only comes into effect ex-post with considerable time lags.
- The Bill creates three different types of offences, namely, running of Unregulated Deposit Schemes, fraudulent default in Regulated Deposit Schemes, and wrongful inducement in relation to Unregulated Deposit Schemes.
- The Bill provides for severe punishment and heavy pecuniary fines to act as deterrent.
- The Bill has adequate provisions for disgorgement or repayment of deposits in cases where such schemes nonetheless manage to raise deposits illegally.
- The Bill provides for attachment of properties/ assets by the Competent Authority, and subsequent realization of assets for repayment to depositors.
- Clear-cut time lines have been provided for attachment of property and restitution to depositors.
- The Bill enables creation of an online central database, for collection and sharing of information on deposit taking activities in the country.
- The Bill defines “Deposit Taker” and “Deposit” comprehensively.
- “Deposit Takers” include all possible entities (including individuals) receiving or soliciting deposits, except specific entities such as those incorporated by legislation.
- “Deposit” is defined in such a manner that deposit takers are restricted from camouflaging public deposits as receipts, and at the same time not to curb or hinder acceptance of money by an establishment in the ordinary course of its business.
- Being a comprehensive Union law, the Bill adopts best practices from State laws, while entrusting the primary responsibility of implementing the provisions of the legislation to the State Governments.
The Finance Minister in the Budget Speech 2016-17 had announced that a comprehensive central legislation would be brought in to deal with the menace of illicit deposit taking schemes, as in the recent past, there have been rising instances of people in various parts of the country being defrauded by illicit deposit taking schemes. The worst victims of these schemes are the poor and the financially illiterate, and the operations of such schemes are often spread over many States. Subsequently, Finance Minister in the Budget Speech 2017-18 had announced that the draft bill to curtail the menace of illicit deposit schemes had been placed in the public domain and would be introduced shortly after its finalization.
The Chit Funds (Amendment) Bill, 2018
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to introduce the Chit Funds (Amendment) Bill, 2018 in Parliament. In order to facilitate orderly growth of the Chit Funds sector and remove bottlenecks being faced by the Chit Funds industry, thereby enabling greater financial access of people to other financial products, the following amendments to the Chit Funds Act, 1982 have been proposed:
- Use of the words “Fraternity Fund” for chit business under Sections 2(b) and 11(1) of the Chit Funds Act, 1982, to signify its inherent nature, and distinguish its working from “Prize Chits” which are banned under a separate legislation;
- While retaining the requirement of a minimum of two subscribers for the conduct of the draw of the Chit and for the preparation of the minutes of the proceedings, the Chit Funds (Amendment) Bill, 2018 proposes to allow the two minimum required subscribers to join through video conferencing duly recorded by the foreman, as physical presence of the subscribers towards the final stages of a Chit may not be forthcoming easily. The foreman shall have the minutes of the proceedings signed by such subscribers within a period of two days following the proceedings;
- Increasing the ceiling of foreman’s commission from a maximum of 5% to 7%, as the rate has remained static since the commencement of the Act while overheads and other costs have increased manifold;
- Allowing the foreman a right to lien for the dues from subscribers, so that set-off is allowed by the Chit company for subscribers who have already drawn funds, so as to discourage default by them; and
- Amending Section 85 (b) of the Chit Funds Act, 1982 to remove the ceiling of one hundred rupees set in 1982 at the time of framing the Chit Funds Act, which has lost its relevance. The State Governments are proposed to be allowed to prescribe the ceiling and to increase it from time to time.