The Union Cabinet has approved the Promulgation
of Unregulated Deposit Schemes Ordinance, 2019. The ordinance is in regard to the
Banning of Unregulated Deposit Schemes Bill, 2018. It seeks to tackle the
problem of illicit deposit taking activities in India and protect the interests
of depositors. It provides for complete prohibition on promoting, operating,
issuing advertisements or accepting deposits in any Unregulated Deposit Scheme
Recently, the Lok Sabha had passed the bill.
However, the bill could not get approval from the Rajya Sabha.