Karnataka Protection of Interest of Depositors in Financial Establishment (Amendment) Bill, 2020

Karnataka Protection of Interest of Depositors in Financial Establishments (Amendment) Bill, 2020 was recently introduced in Karnataka Assembly to empower police or competent authorities appointed by the government to investigate complaints regarding fraudulent transactions working against investors’ interests. The accused will be awarded 3 to7 years imprisonment under this proposed law. The enhanced penalty and imprisonment under this law is in accordance with the Central law – “Banning of Unregulated Deposits Scheme Act, 2019”