Taking advantage of low financial literacy and greed of people looking for higher returns on their investments, many fraudulent deposit schemes and chit funds have collected huge amounts of money and vanished. In the last few years, we heard about alleged frauds relating to companies such as Sarada Group, Rose Valley, Gold Sukh, and SpeakAsia; in which many investors lost millions of rupees. Despite these and more, there is still no law that can recover the investors’ money. To curb such fraud deposit and chit funds schemes, the Union cabinet has given its nod to table The Banning of Unregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018 in the Parliament. Let’s read more about the proposed Bill.
75 years to reach per capita income of $2730, will take only 5 years to add another $2000, FM Sitharaman
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