Centre approves Bengal chit fund Bill

Centre approves Bengal chit fund Bill

Two years after the West Bengal Protection of Interest of Depositors in Financial Establishments Bill 2013 was passed, the Centre gave its approval to the provisions of the Bill, state finance minister Amit Mitra said on Tuesday.

The Bill received the Presidential assent in April and it will soon become an Act, he said. Mitra told reporters on the sidelines of the state Assembly that the approval came in the form of a letter from the Centre on Monday night, giving a green signal to the Bill.

“The Centre has also agreed to the state government’s proposal of having provisions for strong punishment in such financial crimes, which is also included in the Bill,” Mitra said.

President Pranab Mukherjee gave his assent to the state government’s anti-chit fund Bill after the Saradha scam hit the state in 2013. Mitra pointed out that once the Bill becomes an Act, after it comes up for discussion in the state Assembly on June 18, the state will be able to attach the property of a person who has borrowed money from such financial establishments, which have defaulted on depositors’ money.

“The Centre had earlier cited provisions in the anti-chit fund Act in Tamil Nadu where offenders in such cases could be released on bail after paying fines.

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