New Delhi: The BJD raised concern over the excessive power given to police in Banning of Unregulated Deposit Schemes Bill, 2018, passed by the Lok Sabha Wednesday.
Speaking on behalf of the party in the Lok Sabha, BJD MP Bhartruhari Mahtab said the Bill was brought on the recommendation of the Finance Committee to protect the hard-earned savings and investments made by millions of people.
“The Finance Committee went in detail on this Bill and still I find there are certain lacunae which still exist. The major concern which is expressed through this Bill is accepting deposits illegally and larger section of the income of the population, who actually makes certain deposit, is going haywire,” said Mahtab.
The BJD leader also drew the attention of the government towards a provision of the Bill relating to the return of the deposit that is there to identify the depositors and refund the money.
“That is the major concern. But it gives adequate or more power to the police force to act against anyone. That is something which is of concern that needs to be corrected. But again, I would like to mention here that when we are saying that this is the best Bill, it all depends on the state governments to implement it. The Central government cannot implement this provision. It is left to the state governments to implement it. There is necessity that a certain regulatory mechanism should be there where both the Union and respective state governments should work together to regulate this unaccounted deposit scheme,” said Mahtab.