<p>The Ministry of Finance is gearing up to introduce a host of Bills, including the Banking Regulation (Amendment) Bill, repeal of State Bank of India (Subsidiary Banks) Act, 1959, among others, in the upcoming Monsoon Session.<br /><br />Besides, it is working on the Banning of Unregulated Deposit Schemes and Protection of Depositors Interests Bill. The Department of Financial Services (DFS) is preparing a draft Bill in this regard and will shortly approach the Cabinet for its nod, a government official said.<br /><br />The proposed legislation seeks to provide a comprehensive code to ban unregulated deposit schemes and protect interests of depositors.<br /><br />The Bill stipulates that any deposit taker who promotes and accepts deposits in an unregulated deposit scheme may be punishable with imprisonment for a minimum term of two years, which may be extended to 10 years, and with a fine which may extend to twice the amount of aggregate funds collected from subscribers, members or participants in such schemes or arrangements.<br /><br />The Monsoon Session of Parliament begins next week on July 17 and closes on August 11.</p>
<p>The Ministry of Finance is gearing up to introduce a host of Bills, including the Banking Regulation (Amendment) Bill, repeal of State Bank of India (Subsidiary Banks) Act, 1959, among others, in the upcoming Monsoon Session.<br /><br />Besides, it is working on the Banning of Unregulated Deposit Schemes and Protection of Depositors Interests Bill. The Department of Financial Services (DFS) is preparing a draft Bill in this regard and will shortly approach the Cabinet for its nod, a government official said.<br /><br />The proposed legislation seeks to provide a comprehensive code to ban unregulated deposit schemes and protect interests of depositors.<br /><br />The Bill stipulates that any deposit taker who promotes and accepts deposits in an unregulated deposit scheme may be punishable with imprisonment for a minimum term of two years, which may be extended to 10 years, and with a fine which may extend to twice the amount of aggregate funds collected from subscribers, members or participants in such schemes or arrangements.<br /><br />The Monsoon Session of Parliament begins next week on July 17 and closes on August 11.</p>