The proposed law to crack down on Ponzi schemes will bar real estate developers that offer fixed returns till possession as well as schemes from jewellers as the government believes that they are “unregulated deposits”.

The clampdown on realtors, jewellers and other deposit-seeking entities is part of the Banning of Unregulated Deposit Schemes Bill, which was cleared by the Cabinet on Wednesday and is expected to be introduced in Parliament shortly.

The bill requires all deposit-seekers, including entities that are already regulated, to register with the designated authority provided under the proposed law.

Mittie B Brack News

Leave a Reply

Your email address will not be published. Required fields are marked *