Cabinet approves amendments to Banning of Unregulated Deposit Schemes Bill

The Cabinet has approved a proposal for Official Amendments to Banning of Unregulated Deposit Schemes Bill, 2018.

Briefing media after the Cabinet meeting in New Delhi last night, Union Minister Ravi Shankar Prasad said, the amendments will further strengthen the bill to effectively tackle illicit deposit-taking activities, and prevent such schemes from duping the poor.

Mr Prasad said the Bill provides for severe punishment and heavy pecuniary fines to act as the deterrent. The bill creates three different types of offences, namely, running of Unregulated Deposit Schemes, fraudulent default in Regulated Deposit Schemes, and wrongful inducement in relation to Unregulated Deposit Schemes.

The bill provides for attachment of properties or assets by the Competent Authority and subsequent realization of assets for repayment to depositors. The Cabinet also cleared establishment of a unified authority for regulating all financial services in International Financial Services Centres in India through International Financial services Centres Authority Bill, 2019.

The Rashtriya Kamdhenu Aayog, which was announced by Finance Minister Piyush Goyal in the budget earlier this month, also got the Cabinet's nod. It Aayog will be established for the protection and development of cattle. Mr Prasad



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The Cabinet also approved the amendment to the Cinematograph Act, 1952 to tackle film piracy and Copyright infringement. Mr Prasad said, there are penal provisions for unauthorized camcording and duplication of films.

The proposed amendments will increase Industry revenues, boost job creation, fulfil important objectives of India’s National IP policy and will give relief against piracy and infringing content online.

The Cabinet Committee on Economic Affairs (CCEA) has given its nod for Broadcasting Infrastructure and Network Development scheme of Prasar Bharti. Mr Prasad said an amount of over 1,000 crore rupees have been approved for a period of three years.

The CCEA also approved the creation of Agri-Market infrastructure fund for development and up-gradation of Gramin Agriculture Markets. A corpus of 2 thousand crore rupees will be created with NABARD.
The Cabinet also gave its nod for higher allocation of power to Telangana and Jharkhand from Under Construction Projects of NTPC in these states.