WB chit fund Bill to have retrospective effect

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WB CHIT FUND BILL TO HAVE RETROSPECTIVE EFFECT

Monday, April 29, 2013

The new Bill that aims to crack down on sham deposit
companies will have retrospective effect and also allow
confiscation of properties, a Minister said on Sunday in
a move by the Mamata Banerjee Government to try to
contain the political fallout of Saradha chit fund scam.

The proposal by the West Bengal Government in the wake of
the Saradha scam that has exploded on its face has,
however, triggered� a debate as to whether the
retrospective clause in the more stringent Bill will pass
judicial scrutiny.

The West Bengal Protection of Interest of Depositors in
Financial Establishments Bill, 2013 will have
retrospective effect, Parliamentary Affairs Minister
Partha Chatterjee said. The scam has left thousands of
investors in the lurch.

A special session of the Assembly has been convened on
April 29 and 30 for introduction of the Bill.

The new Bill will replace the earlier West Bengal
Protection of Depositors Interest Bill 2009 introduced by
the previous Left Front Government, which was sent to the
President but did not get his assent. The old Bill has
been sent back to the state government which will now

Continues at:

http://www.dailypioneer.com/nation/wb-chit-fund-bill-to-have-retrospective-effect.html

Jai Maharaj, Jyotishi
Om Shanti

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