NAHARLAGUN, Mar 10: : The state assembly on its fifth day sitting passed the Arunachal Pradesh Protection of Interest of  Depositors (In Financial Establishments) Bill, 2017 moved by Home Minister Kumar Waii on the floor of the house by voice vote.
While moving the bill for passing, Waii informed that the bill has been passed in fifteen states of the country besides Union Territories. The bill will regulate the non banking financial agencies spread over the state and protect the deposits made by the public in the financial establishments and matters connected therewith.
Waii told the house that there has been a rising growth of financial establishments in the state which are not covered by the Reserved Bank of India act, 1934 and these agencies are receiving deposits from the public promising of high rate of interest and easy gains. Many of these establishments have defaulted to return the deposits to the public on maturity thereby cheating the depositors of their legitimate dues, he said, adding that RBI has suggested the state government to enact a law in order to protect the interest of the depositors and hence a suitable legislation is a necessity to regulate the activities of such agencies.

Informing that 28 cases have been registered, while 12 are charge sheeted and 13 others are under investigation, the Home Minister told that an Economic Offence Wing under SIT is being opened for lodging complaints against such defaulter agencies, adding the bill will grant 2 years jail punishment and 5 lakh as penalty.

Members including Pani Taram, Japu Deru and Karya Bagang while participating in the discussion 
supported the bill and advocated for regulating such financial establishments to ease public agony.

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Kenter Joya Riba

(Managing Editor)
      She is a graduate in Science with post graduation in Sociology from University of Pune. She has been in the media industry for nearly a decade. Before turning to print business, she has been associated with radio and television.
Email: kenterjoyaz@easternsentinel.in / editoreasternsentinel@gmail.com
Phone: 0360-2212313

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