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West Bengal Assembly adopted a fresh Bill to tackle illegal activities of Chit Funds

Dec 13, 2013 09:45 IST

The West Bengal Assembly on 12 December 2013 adopted a fresh Bill to tackle illegal activities of Chit Funds in the State. Amit Mitra, the Finance Minister of the state moved the West Bengal Protection of Interest of Depositors in Financial Establishments Bill, 2013 in the House.

Amit Mitra moved the new Bill in the house after including everything that was possible to incorporate in it for protection of the interest of Depositors in Financial Establishments.

The new Bill includes the provisions like personal properties of a person, who has borrowed money from defaulting Chit Fund Company will be attached besides, the properties of the owner, partners, directors and employees of the Financial Institutions will also be confiscated.

Apart from this, the state Government has returned the money of 2 Lakhs 87 thousand people by now, who were dupred by the Sardha Group. The Government has spent 165 crore rupees for this purpose by now.

Earlier, the Bill related to the same was withdrawn by the House following recommendations from the Union Home Ministry to the State Government that asked to pass a fresh Bill in the Assembly incorporating some suggestions. A Bill on the same subject was adopted by the state’s Assembly in April 2013 after the Sardha Chit Fund Scam.

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