The Department of Financial Services has published the revised Draft of “Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2016” for public comments.
Comments / inputs / suggestions on the Draft Bill, have been invited up to 17th December 2016.
Earlier, a copy of the “Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2015”, along with the Report of the Inter-Ministerial Group (IMG) for identifying gaps in the existing regulatory framework for deposit-taking activities and to suggest administrative/ legislative measures including formulation of a new law to cover all relevant aspects of ‘deposit-taking’, was placed on the website of the Department of Financial Services (DFS) in March, 2016 for eliciting public comments.
Based on the comments received and further consultations with the stakeholders, the Draft Bill has been modified which now again has been uploaded on Department of Financial Services website for public comments.
Read the full text of the draft bill below.
