Ministry of Law and Justice, Govt of India has banned Saving schemes. For more details about Ordinance passed by Govt of India on unregulated deposit schemes check out following details
Banning of unregulated deposit Govt Ordinance 2019
Promulgated by the president in the Seventieth Year of the Republic of India.
An ordinance to provide for a Comprehensive mechanism to ban the unregulated deposit schemes and to Protect the interest of depositors and for matters connected therewith or incidental thereto.
Where as the Banning of Unregulated Deposit Schemes Bill, 2019 was passed on the 13th day of February,2019 in the House of the people.
And Where as the said Bill could not be taken up for consideration and passing in the Council Of States.
And Where as Parliament is not in session and the President Is Satisfied that Circumstances exist which render it necessary for him to take immediate action
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