In the past, scams like Rose Valley and Saradha deprived thousands of investors of their hard-earned money. To curb the menace of illegal deposit raising, the government had introduced the Banning of Unregulated Deposit Schemes Bill in Parliament in July 2018. The Bill was subsequently referred to the Standing Committee on Finance.
Recently it was passed by the Lok Sabha, but could not be passed in the Rajya Sabha. On the Cabinet's request, the President has promulgated the Bill as an ordinance. Unregulated entities can’t raise deposits: At present, nine regulators monitor ...
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