Bill to tackle ponzi scams

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved ‘Banning of Unregulated Deposit Schemes Bill, 2019’ to tackle the menace of ponzi schemes in the country. The Bill, which will replace the Banning of Unregulated Deposit Schemes Ordinance, 2019, will be introduced in the ongoing session of the Parliament. “SEBI and RBI approved deposits will be allowed,” Union Minister Prakash Javadekar said.