Cabinet approved the ordinance to curb Ponzi schemes

Last Updated: February 20, 2019

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Cabinet approved the ordinance to curb Ponzi schemes
20 February 2019 Current Affairs: The Cabinet approved the promulgation of an ordinance with regard to the Banning of Unregulated Deposit Schemes Bill, to protect investors from Ponzi schemes.
The Lok Sabha had passed the Bill on the last day of the Budget session, but could not get the approval of the Rajya Sabha.
The proposed ordinance will tackle the menace of illicit deposit-taking activities launched by rapacious operators who exploiting regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hard-earned savings. It has provisions for punishment and repayment of deposits.
Ponzi scheme:
Ponzi scheme is a form of fraud which lures investors and pays profits to earlier investors by using funds obtained from more recent investors.

Daily Current Affairs 2019



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