‘What’s new in new chit fund Bill?’

BOTH the Left Front and Congress on Monday hit out at the Trinamool Congress government for trying to bring in a new legislation to curb dubious activities of chit fund companies which is no different than the one passed by the Assembly during the previous Left Front rule.

Written by Press Trust Of India | Kolkata | Published: April 30, 2013 5:08:39 am

BOTH the Left Front and Congress on Monday hit out at the Trinamool Congress government for trying to bring in a new legislation to curb dubious activities of chit fund companies which is no different than the one passed by the Assembly during the previous Left Front rule.

The new bill — West Bengal Protection of Interest of Depositors in Financial Establishments Bill,2013 — which will be tabled in the Assembly on Tuesday will replace West Bengal Protection of Depositors Interest Bill,2009,which was passed during the Left Front rule and was awaiting Presidential nod.

“There is 90 per cent similarity between the two bills. Then what is the need for this new Bill needs to clarified. Why is the old Bill being called back?” asked senior CPM leader Surya Kanta Mishra,who is also the Leader of the Opposition in the Assembly.

“Under which clause of the Constitution have they (Trinamool Congress government) called back the Bill needs to be answered. They can’t just bulldoze the demand of the opposition,” he said.

Following the chit fund scam by Saradha Group,Mamata Banerjee government,which was facing the heat from the opposition as many Trinamool leaders and ministers were allegedly close to the chairman of the group,pressed for the return of the old Bill from the President saying it would be replaced by a new law with “more teeth”.

Congress leader Manas Bhuniya also claimed great similarity between the two Bills. “Almost 98 per cent of the contents of the new Bill are similar to the provisions of the previous Bill. If implemented,the Bill would have no power to punish offenders,” he said.

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