Bill to safeguard depositors’ interest passed in Arunachal Assembly

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The Arunachal Pradesh Protection of Interest of Depositors (in financial establishments) Bill, 2017 was passed in the state Assembly Friday. The bill, which was tabled in the Assembly on March 6 by state Home minister Kumar Waii, aimed at protecting the deposits made by people in financial establishments.

In his statement Waii told the House that there had been a mushrooming of financial establishments in the state, which were not covered by the Reserve Bank Of India Act, 1934 and they have been receiving deposits from the public on the promise of high rate of interests and easy gains.

“Many financial institutions have not returned the maturity amount to the depositors and as there was no law to curb the menace. The bill was introduced for this purpose only,” the minister said. Responding to queries made by education Parliamentary Secretary Pani Taram and BJP members Japu Deru and Karya Bagang, Waii said there were 28 cases being registered in the state out of which 13 were under investigation.

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“The Special Investigation Team constituted by the Home department will investigate all cases of economic offence and there are provisions for punishment in the form of two year imprisonment and penalty of Rs five lakh,” he said. The bill was later on passed in the House by voice vote.

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