Curbing Fake Cash Deposit schemes: A Policy To Ban Unregulated Deposit Schemes in Punjab
Chandigarh
To check fraud with the common man in the name of lucrative cash deposit schemes, the Punjab government on Saturday decided to frame a policy to ban such unregulated schemes.
The decision was taken in Cabinet Meeting held here today under the chairmanship of Chief Minister Bhagwant Mann.
A Punjab government spokesperson said the move is aimed at nipping mushrooming growth and ‘tightening the noose around such fraudulent financial institutions’ that dupe common people.
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“The Punjab Banning of Unregulated Deposit Schemes Rules 2023′ will be framed as there is a mushroom growth of financial establishments in the country in the recent past,” he added.
The spokesperson said these fake scheme operators loot the hard-earned money of middle-class and poor people.
They usually make lucrative or unviable interest rates or rewards for depositing cash with these companies to defraud the common man of their hard-earned money.
As these unsuspecting people deposit cash with them, they deliberately start delaying or not returning deposits on security or paying interest after 2-3 months.
“Therefore, it was felt necessary to frame suitable legislation in the state for the protection of the interests of depositors in the financial establishments.
For such purposes, it has been considered expedient to regulate and impose restrictions on such financial establishments with a view to curbing the unscrupulous activities of such financial establishments.
These rules will make the promoter, partner, director, manager, member, employee or any other person responsible for the management of, or conducting the business or affairs of, liable for such misdeeds,” he added.
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The Cabinet also gave consent to cases of four life convicts for early release from prison and have been sent for approval to Governor under Article 161 of the Indian Constitution for consideration.
