Centre returns West Bengal ponzi Bill for rectification

June 7, 2013

The Centre has returned the West Bengal Bill, aimed at reining in ponzi firms. The Centre expressed reservations about the “retrospective effect” clause and asked the State government to rectify it.
The West Bengal Protection of Interest of Depositors in Financial Establishments Bill, 2013 was passed recently, after the Saradha Group scam shocked the State.
The Opposition parties argued that in criminal laws, retrospective effect could not be given. The law also authorizes officials to visit any premises, search documents and seize and confiscate property of offenders.

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