Cabinet clears ordinance to check unregulated deposit schemes

NEW DELHI: The Union Cabinet on Tuesday approved the promulgation of the Banning of Unregulated Deposit Schemes Ordinance, 2019 to prevent chit fund scams and protect small investors. "The proposed Ordinance will immediately tackle the menace of illicit deposit taking activities in the country launched by rapacious operators, which at present are exploiting regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hardearned savings," an official statement said.