GANGTOK, Dec 11: A new Bill and two amendment Bills were introduced today in the first day of the winter session of the Sikkim Legislative Assembly by the Sikkim Democratic Front (SDF) government. The new Bill, Sikkim Protection of Interests of Depositors (In Financial Establishments) Bill was tabled by Chief Minister Pawan Chamling.
“The Bill seeks to provide suitable legislation in public interest, in order to regulate the activities of financial establishments that are not covered by the Reserve Bank of India Act, 1934 (2 of 1934) and to safeguard the interest of the depositors,” said Chamling in his statement of objects and reasons while tabling the Bill.
“There has been in the recent past, emergency of a number of financial establishments not covered by the Reserve Bank of India Act, 1934 with the sole object of collecting money as deposits from the public, mostly middle class and the poor, on the promising of paying very high rates of interests and with no guarantee or obligation to return the deposits to the depositors on maturity. Many such financial institutions have defaulted in return of deposits on maturity, thereby inviting public resentment, socio-economic problems and law and order problems,” said Chamling.
No comments:
Post a Comment