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Bill to ban unregulated deposit schemes approved

Small businesses taking deposits from friends and relatives for purely business purposes will not come under the preview of Banning of Unregulated Deposit Scheme Bill, the government reiterated on Wednesday. However, deposit scheme operated by jewellers will be illegal.

The Cabinet, in its meeting on Wednesday, approved re-introduction of the Bill. The Bill, though passed by Lok Sabha during first term of the Narendra Modi-led government, however, could not be taken further and finally lapsed with the end of 16th Lok Sabha. An Ordinance was promulgated in February which will cease to operate from first week of August. Now, in ...

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