February 13, 2019
Sudip Bandyopadhyay speaks on The Banning of Unregulated Deposit Schemes Bill, 2018
Madam, we already supported the Bill. We had some observation regarding the Bill, which we have already shared. The question is, few such funds by names Sahara and PCPL are not being duly investigated. This must be taken care of.
Secondly, Madam, the West Bengal Government led by Mamata Banerjee had already passed a stronger Bill than this one, and that has been forwarded here. I hope that Bill, passed by Mamata Banerjee, will be taken for consideration also.
Madam, I want to propose to the Government, why is the term ‘chit fund’ being used? Why allow the word itself? Why should any fund be recognised as a chit fund? Why should the government not declare that the name ‘chit fund’ itself is banned? These funds do not say they are chit funds; they come as regular businesses, nobody can detect that they have chit fund business.
Chit funds should be nipped in the bud; they must be removed from the base. The name should be abolished and they should not be allowed to conduct business.