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    New Act pass to ban MLM ponzi deposit schemes including Cryptocurrency in India

    24 Feb 2019 : New Act will effect all the indian mlm & Direct Selling companies who are collecting money and giving any kind of returns in any form.
    The Union Cabinet on 24 Feb 2019 approved to introduce banning of Unregulated Deposit Schemes, 2018, which include MLM Ponzi schemes and the usage of Bitcoin & cryptocurrencies, in Parliament.
    The Union cupboard on Tues approved to introduce ban of Unregulated Deposit Schemes, 2018, that embrace Ponzi schemes and also the usage of cryptocurrencies, in Parliament. The bill can offer a comprehensive legislation to handle illicit deposit schemes within the country, the govt. aforementioned.
    It will utterly forbid unregulated deposit-taking activities and introduce deterrent penalty for promoting and operative the unregulated deposit-taking theme. within the Budget 2018, government minister Arun Jaitley had aforementioned reiterating his stand and lengthening the warning a new time, that managing cryptocurrencies wasn’t legal in India.
    “The bill is aimed toward coping with the menace of illicit deposit-taking activities within the country; companies/institutions running such schemes exploit existing restrictive gaps and lack of strict body measures to dupe poor and gullible folks of their hard-earned savings,” the govt. aforementioned in an exceedingly statement.
    With the passage of this bill by each homes of the Parliament, it’s doubtless that Ponzi schemes and dealing in cryptocurrencies can become outlawed. together with that the Union cupboard, chaired by Prime Minister Narendra Modi, additionally approved the introduction of invoice Funds (Amendment) Bill, 2018.
    The Banning of Unregulated Deposit Ordinance puts a check only on illicit deposit schemes that dupes gullible investors but it does not prohibit those regulated by law like chit funds.
    To curb menace of Ponzi schemes, President Ram Nath Kovind last week promulgated the Banning of Unregulated Deposit Scheme Ordinance 2019 which seeks to make such unregulated deposit scheme punishable, among other things.
    In a series of tweets, the Department of Financial Services said: “Banning of Unregulated Deposit Ordinance-2019, exempts Individual, Firm, Companies & LLP etc. for taking any loan and deposit for their course of business as per section 2(4) e,f,l and other provisions.”
    The clarification comes amid rumors that deposits under chit funds and loans taken by small businesses from unrelated parties and enterprises are also prohibited.
    However, “Chit fund is regulated by Chit Fund Act, 1982 and is treated as Regulated Deposit as per Schedule 1 of Banning of Unregulated Deposit Ordinance, 2019,” it said.
    According to the Ordinance, the amounts received by way of contributions towards the capital by partners of any partnership firm or a limited liability partnership are exempt.
    Besides, amount received by an individual by way of loan from his relatives or amount received by any firm by way of loans from relatives of any of its persons are exempt among other exemptions.
    The Lok Sabha passed the Bill to this effect on the last day of the budget session by a voice-vote, but the legislation could not get the approval of the Rajya Sabha. So, the law was enforced in the form of Ordinance last week aimed at saving poor and financially illiterate of their hard earned savings from ponzi schemes like Saradha and Rose Valley.
    The legislation contains a substantive banning clause which bans deposit takers from promoting, operating, issuing advertisements or accepting deposits in any unregulated deposit scheme.
    “No deposit taker shall directly or indirectly promote, operate, issue any advertisement soliciting participation or enrollment in or accept deposits in pursuance of an unregulated deposit scheme,” the Ordinance said.
    The law also proposes to create three different types of offences — running of unregulated deposit schemes, fraudulent default in regulated deposit schemes, and wrongful inducement in relation to unregulated deposit schemes.
    The Ordinance also provides for severe punishment ranging from 1 year to 10 years and pecuniary fines ranging from Rs 2 lakh to Rs 50 crore to act as deterrent. It also has adequate provisions for disgorgement or repayment of deposits in cases where such schemes nonetheless manage to raise deposits illegally.
    The law provides for attachment of properties or assets and subsequent realization of assets for repayment to depositors. Clear-cut timelines have been provided for attachment of property and restitution to depositors.


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