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PTI Last Updated at 09 Aug 2018, 19:08 IST India

The Lok Sabha today referred a

bill seeking to ban unregulated deposit schemes to the

parliamentary standing committee on the ground that it

required thorough deliberations.

When the Banning of Unregulated Deposit Schemes Bill 2018

was taken up for discussion, the House, through a voice vote,

decided to refer it to the Standing Committee on Finance.

Nishikant Dubey (BJP) said the ponzi schemes have

defrauded gullible investors, particularly in many eastern


As ponzi schemes also involve state administration and

other authorities, the legislation requires comprehensive

study, he said, adding that the bill should be referred to the

Standing Committee to make it more effective.

The bill is aimed at tackling the menace of illicit

deposit-taking activities across the country.

Companies and institutions, running such schemes, exploit

the existing regulatory gaps and lack of strict administrative

measures to dupe the poor and gullible people of their hard-

earned savings, the objective of the bill said.

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

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