July 18: NEWS FLASH
Law to protect investors from ponzi schemes approved
Plugging loopholesÂ Â Â
The Union cabinet has approved the introduction of a proposed law to ban unregulated entities from collecting deposits from individuals in an effort to protect small investors from ponzi schemes and chit funds. The cabinetâ€™s decision comes at a time when the government is under pressure following recent banking frauds.
The Banning of Unregulated Deposit Schemes Bill, 2018, which has to be cleared by Parliament, seeks to plug loopholes in existing laws. The bill was envisaged after the collapse of the Saradha Group in April 2013. It proposes to prevent companies unauthorized to collect deposits from promoting, operating, issuing advertisements and collecting deposits.
UGC asks varsities to offer course on consumer affairs
The University Grants Commission (UGC) has asked universities and their affiliate colleges to consider offering an elective course on consumer affairs at the undergraduate level â€œto strengthen the consumer movement in India.â€
The model syllabus seeks to familiarise students with their rights and responsibilities as consumers, the procedure to redress complaints and the legal framework. The proposed course will be completed in 65 lectures and will carry 100 marks in the examination. The module may be offered as an elective for students of any discipline.