Govt working on law to combat ponzi schemes, monitor direct selling
Admin | 28 November, 2014 | 986 | 3980
As it expedites probe in the Saradha chit fund scam, the government is gearing up to introduce the much-awaited amendments to the Chit Fund Act and a legislation on direct selling companies.
According to senior officials in the finance ministry, the bill on multi-level marketing (MLM) companies is “being fine-tuned and a Cabinet note on MLMs will be soon circulated for comments”.
The sources added that the changes in Prize Chits and Money Circulation Schemes (PCMCS) (Banning) Act, 1978, have also been finalised by the department of financial services and “may be taken up in the Winter Session”, which begins November 24.