Centre returns chit fund Bill

The state government is most likely to place the West Bengal Protection of Interest of Depositors in Financial Establishment Bill,2013.

The state government is most likely to place the West Bengal Protection of Interest of Depositors in Financial Establishment Bill,2013,in the state Assembly in December for amendments. The Bill,which was passed in June soon after Saradha Group went bust,and was sent to the President for his assent,was returned to the state government with major queries last week.

The Centre has raised objections to the Bill mainly on two provisions - firstly the proposal to implement the Bill with a retrospective effect and,second,provision for payment of pecuniary fine in addition to punishment like imprisonment.

The Central government has also asked for some more clarifications and amendments in some other clauses of the Bill.

We will do whatever is needed so that the Bill translates into an Act soon, said state minister for commerce and industries,Partha Chatterjee.

Chief Minister Mamata Banerjee wanted the Bill to be cleared as soon as possible and for this reason had sent state Finance Minister Amit Mitra to Delhi,after the Bill was cleared in the state Assembly,to get the signature of Governor M K Narayanan at Delhi airport. The Governor,who had gone abroad,was on way back to Kolkata,and Mitra met him at Delhi airport.

According to sources in the government,if the Bill is placed again in the Assembly in December,the whole process will be further delayed.

However,a section of government officials feel that it would not be difficult for the government to take action in at least the Saradha chit fund case as the Calcutta High Court,in its order on June 19,laid guidelines,which enables it to attach and sell properties of the the company that went bust to repay investors.

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