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Lok Sabha passes bill to tackle illicit deposit schemes

Lok Sabha on Wednesday approved a bill to save gullible investors from Ponzi schemes. The Banning of Unregulated Deposit Schemes Bill, 2019 was passed unanimously by a voice vote. Once passed by Parliament, it will replace an Ordinance. The Bill seeks to help tackle the menace of illicit deposit-taking activities in the country, which at present are exploiting regulatory gaps and lack of strict administrative measures to dupe poor and gullible people of their hard-earned money. 

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