India, July 12 -- As per Securities Exchange Board of India (SEBI) data, four years ago, 162 bogus chit fund companies had duped the investors in Maharashtra to the tune of Rs 40,000 crore. In such a situation, Modi 2.0 government's decision of banning of "Unregulated Deposit Schemes" will be a boon for the common man of the state. Innocent people can be saved from fraud by these chit fund companies.
It is worth mentioning that the Union cabinet on Wednesday approved the banning of unregulated deposit Schemes Bill, 2019. It seeks to prevent unregulated entities from collecting deposits and duping the poor and innocent people of their hard earned savings. The bill aims at plugging gaps in existing laws and giving powers to the government to...