THE UNREGULATED DEPOSITS SCHEMES BILL, 2018

Published On: 08/08/2018

Authors:

Kshitij Parashar
In March 2018, the Union Cabinet approved the introduction of the Banning of Unregulated Deposit Schemes Bill, 2018 (the 'Bill') and on 18 June 2018, the Bill was tabled before the Lok Sabha. The Bill provides for a comprehensive mechanism to tackle the menace of unlawful deposit schemes operating in the country. It was introduced in the wake of the recent incidents where a plethora of ponzi type schemes run by fake companies and institutions continue to dupe the general public at large of their hard-earned money.