Kailashpati Mishra, Patna. The Central and State Governments are serious about curbing the companies, firms or people who are looting the deposits of common people illegally. Many laws have been made in this regard. In this episode, the Banning of Unregulated Deposit Scheme laws have been made by the Center. In the light of this law, rules are also being made in Bihar, under which it has been decided to set up an authority in Bihar to ban irregular deposit schemes. The chairman of this authority will be the secretary of the finance department. At the same time, one designated court for this will also be declared in the district and sessions court in each district. The Center has given in-principle consent to the rules made by Bihar. The Finance Department will soon send a proposal for this to the cabinet.

The responsibility of the implementation of the Banning of Unregulated Deposit Scheme Act rests with the Center and the State.

A strong mechanism will be developed to crack down on unregulated or illegal deposit schemes. The implementation of this law made to secure the deposits of the people has been entrusted to the Central and State Governments. States have to set up a relevant authority and designated courts for this. The appropriate government (competent authority) shall before issuing an order for attachment of properties of deposit takers violating the Act.

A database will be prepared of the deposit taking company or people

An online database of deposit taking companies and people in the state will be prepared, in which information about active deposit takers will be kept. Every deposit taker shall give information regarding his business to the Depository Authority. Newspaper advertisements related to unregulated deposit schemes will also be monitored.

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