LS passes bill to compensate ponzi scheme victims

NEW DELHI: The Lok Sabha on Wednesday passed a bill to provide for a mechanism to compensate the investors who put in their money in ponzi schemes. The Banning of Unregulated Deposit Schemes Bill, 2018, has incorporated recommendations made by the parliamentary standing committee on finance and was passed on the last day of the budget session. Trinamool Congress MPs trooped in the well of the house as finance minister Piyush Goyal moved the bill for consideration and passage. “The government has worked quickly to put an end to such unauthorised deposit schemes,” Goyal said.