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What are Ponzi schemes? Examine why they are considered as such a big menace? Discuss the provisions of Banning of Unregulated Deposit Schemes Bill, 2018? 250 Words
What are Ponzi schemes? Examine why they are considered as such a big menace? Discuss the provisions of Banning of Unregulated Deposit Schemes Bill, 2018? 1. Ponzi schemes 2. Examine why 3. Discuss 4. Conclusion
1. Ponzi schemes fraud investment scheme fake promise of high return eg. Shradha Scheme.(new investor's fund to pay the earlier client)
2. Examine why they are considered as such a big menace? Shake socio-economic dynamics of a nation. Ppl. vulnerable and legitimacy of govt - challenged. Reduces the confidence of the investor Destroys the Ethical fabric of employees working under Ponzi schemes. Abnormally high returns make people greedy and lazy. Energies that could have been channelized towards productive avenues are diverted towards ponzi- scheme
3. Discuss the provisions of Banning of Unregulated Deposit Schemes Bill, 2018 - Prevents companies - unauthorized collection of deposits. Proposes the setting up competent authority by state governments - Provisions: with powers to attach properties and recover dues to depositors in case the entities manage to raise funds illegally The bill sets a timeline for both the attachment of properties and for recovering the amounts Proposes creation of an online central database for collection and sharing of deposit-taking activities. - Prepares a comprehensive list of regulated deposit schemes.
Conclusion Gov. show serious and genuine concern of a nation towards the interest of a consumer- through this bill stakeholders must mutually co-operate with one another to extract the best out of the existing system.
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