Ordinance to curb Ponzi schemes gets a nod

  1. 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
  2. Recently, the Lok Sabha had passed the bill. However, the bill could not get approval from the Rajya Sabha.