July 18, 2018
Saugata Roy opposes the introduction of The Banning of Unregulated Deposit Schemes Bill, 2018
Madam, under Rule 72(1) of the Rules of Procedure, I have given a notice to oppose the introduction of the Bill to provide for a comprehensive mechanism to ban the unregulated deposit of schemes and to protect the interests of depositors and with matters connected with incidental debts. Madam, I am opposing the introduction of this Bill, not because I feel that there is no need to regulate control on regulated deposit taking companies. But I may inform you Ma’am that there are already non-banking financial companies controlled by Reserve Bank. There are collecting investment schemes regulated by the SEBI. There are the chit-funds which are regulated by the state governments. Now when our Finance Standing Committee of which Nishikant ji and Uday ji are members, gave its 16th report, it asked for a comprehensive legislation on all such irregular deposit-taking activities in view of the various scams that have happened in Odisha, Punjab, West Bengal etc. Jharkhand also. Now this is piecemeal legislation. This touches only a fringe of the total problem of irregular deposits.
That is all Madam. I am demanding that this Bill be withdrawn because there is already the chit-fund scheme, chit-fund bill pending before the Finance Standing Committee. Let it be withdrawn, let there be a comprehensive Bill, taking into account all sorts of irregular deposit-taking activities which is playing havoc with the life and savings of so many people in this country and let the Government come forward with a comprehensive legislation to control these activities so that scams which destroy he lives of people do not happen and all this has happened during the course of the present Government, from 2014-18. So many schemes have been exposed. So many scams have been exposed. This Bill is not sufficient, that’s why I would oppose the introduction of this Bill.