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  • New Bill to be introduced in WB assembly to deal with chit funds

    Published on April 30, 2013

    wb-chitA new bill will be introduced in the West Bengal Assembly today to deal with the chit fund activities in the state. Finance Minister Amit Mitra will move the West Bengal Protection of Interest of Depositors in Financial Establishment Bill 2013 in the House.

    A special two-day session of the West Bengal Assembly began in Kolkata yesterday to discuss the situation arising out of the Saradha Group scam that robbed thousands of investors of their hard earned money.

    Our correspondent reports that before tabling the new bill a resolution will be moved in the House for withdrawal of the old bill on the matter adopted in the Assembly in December 2009 during the regime of previous Left Front government.

    According to official sources more teeth have been given in the proposed legislation to protect investors’ interest. Attachment of properties of chit fund companies and powers are being given to police for search and seizure of certain documents of such companies have been included under the provisions of the bill.

    However, Left parties have said that there is nothing new in the proposed bill which will replace the earlier one. Thus it will once again complicate the matter for pay back money to the cheated investors.

    The small investors who have been cheated by Saradha Group are keen on speedy implementation of the new legislation with a hope of pay back of their investment.