Cabinet approves amendments to Banning of Unregulated Deposit Schemes Bill
New Delhi, Feb 6 : The Union Cabinet Wednesday approved proposals to amend the Banning of Unregulated Deposit Schemes Bill, 2018.
This will further strengthen the bill in its objective to effectively tackle the menace of illicit deposit-taking activities, and prevent such schemes from duping the poor, Law Minister Ravi Shankar Prasad said while briefing the media after the Cabinet meeting here.
The bill provides for severe punishment and heavy pecuniary fines to act as deterrent, he said.
It has adequate provisions for disgorgement or repayment of deposits in cases where such schemes nonetheless manage to raise deposits illegally, Prasad added.
The CBI has lodged about 166 cases in the last four years in chit funds and multi-crore scams, with the maximum in West Bengal and Odisha, he said.
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Karnataka MLCs question limestone mining nod to Adani Group despite legal objections
Bengaluru: Members of the Karnataka Legislative Council from both the treasury and opposition benches raised objections to the Mines and Geology Department’s decision to permit limestone mining by ACC Cement Limited, owned by the Adani Group, despite reservations expressed by the Law Department.
BJP MLC and former minister C T Ravi and Congress MLC K Shivakumar, speaking on behalf of party colleague Arati Krishna, said the department had overlooked the Law Department’s opinion in the matter, as reported by Deccan Herald.
Ravi told the House, on Tuesday that the Law Department had recommended initiating criminal proceedings against the company for allegedly failing to pay royalty amounting to Rs 850 crore to the government. “The Mines and Geology Department has not only failed to initiate action but has also renewed the company’s licence,” he said.
Both Ravi and Shivakumar sought clarity from the Mines and Geology Minister and urged the government to place on record the views of the Finance Department and the Advocate General regarding the issue.
Raising political questions over corporate links, Ravi asked what connection existed between “Ambani, Adani and the party that is always criticising them.”
Responding on behalf of Mines and Geology Minister S S Mallikarjun, Agriculture Minister N Chaluvarayaswamy assured the House that action would be taken in accordance with the law.
He said the company had approached the court and, in compliance with judicial directions, the government permitted it to continue mining operations under its existing licence. “However, no new licence has been issued,” he clarified.
Addressing concerns over the recovery of pending royalty dues despite court orders, Chaluvarayaswamy said, “Adani is not a God here, and we have no connection with him. Royalty will be recovered as per the law.”
