Assembly passes Chit Fund Bill

Our Correspondent

Itagar, March 10: The Assembly today passed the Aruchal Pradesh Protection of Interest of Depositors (in fincial establishments) Bill 2017 by voice votes before Speaker T Norbu Thongdok adjourned the house for the day. The bill, which was tabled in the assembly on March 6 last by Home Minister Kumar Waii, aimed to protect the deposits made by the public in the fincial establishment and matters connected therewith. Waii in his statement informed that there had been a rising growth of fincial establishments in the state which were not covered by the Reserve Bank Of India Act, 1934 and the institutions have been receiving deposits from the public on the promise of high rate of interests and easy gains.  “Many of the fincial institutions have defaulted to return to the public their hard-earned money on maturity thereby cheating the depositors of their legitimate due,” he said adding, there was no law in place to curb the mece for which the bill was introduced. Responding to queries made by Education Parliamentary Secretary Pani Taram, BJP members Japu Deru and Karya Bagang, Waii informed that there were 28 cases being registered in the state out of which 12 have been charge sheeted, 13 under investigations and fil report for three cases were not prepared. “Special Investigation Team constituted by the Home department will investigate all such cases of economic offence and there are provision for punishment in the form of two year imprisonment and pelty of five lakh,” the home minister added.