The Banning of Unregulated Deposit Schemes Ordinance, 2019

N

NotMyRealName

So the govt. has done it again. Came out with another law which when unable to get majority in the Rajya Sabha was passed as an ordinance. Makes one wonder what is the need or use of parliament after all.

Some media reports on the topic:

https://economictimes.indiatimes.co...ve-collateral-damage/articleshow/68145133.cms

https://www.timesnownews.com/busine...o-ban-unregulated-deposits-impacts-you/372009

https://www.businesstoday.in/curren...emes-not-regulated-deposits/story/321834.html

https://www.financialexpress.com/mo...-banned-chit-funds-to-have-same-fate/1497830/

I'm still not very clear on the specifics, haven't yet researched in detail, but at a glance it seems that this is going to create unnecessary headaches for common folk in the guise of protecting the weaker segment from ponzi schemes etc.

For example, as an individual, it seems i will not be able to borrow, say 10k from a friend if i need it urgently.

Going by their track record, this seems to be another way to deprive the opposition of their pre-election funding.
 
Personally, I support the premise of it. Especially if it hits the sham that is chit funds. There are way too many scammers running amok with all kinds of unregulated schemes and way too many greedy people who put their money into these shams without considering the safety of their money and then expecting that the govt will bail them out if necessary at the expense of the tax payer. But as is usual, the worthless scum in the our present govt doesn't like the notion of following a democratic process when its them running the govt and want to have everything passed in a rush using ordinances or other special privileges that are meant to be used in extraordinary situations.
 
Lord Nemesis said:
Personally, I support the premise of it. Especially if it hits the sham that is chit funds. There are way too many scammers running amok with all kinds of unregulated schemes and way too many greedy people who put their money into these shams without considering the safety of their money and then expecting that the govt will bail them out if necessary at the expense of the tax payer. But as is usual, the worthless scum in the our present govt doesn't like the notion of following a democratic process when its them running the govt and want to have everything passed in a rush using ordinances or other special privileges that are meant to be used in extraordinary situations.
Click to expand...
In a tweet, the Department of Financial Services clarified that Chit fund is regulated by Chit Fund Act, 1982 and is treated as Regulated Deposit as per Schedule 1 of Banning of Unregulated Deposit Ordinance, 2019.
Click to expand...
 
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