TMC urges scrapping of Chit Fund Bill

New Delhi: Trinamool Congress (TMC) the fifth largest party in the Lok Sabha, demanded to scrap the Chit Fund (Amendment) Bill, 2019, on Monday. While discussing the Bill on the first day of the ongoing Winter Session, TMC Lok Sabha MP Kalyan Banerjee made a scathing attack on the government and said there is no penal clause in the act.

He added: "House has passed the Banning of Unregulated Deposit Schemes Bill, 2019. Assent has been given. Is there any necessity to continue with the Chit Fund Act? All these provisions have been made in the Banning of Unregulated Deposit Schemes Bill, 2019. Now it has become an Act." He further emphasised that 'Chit Funds' have become 'Cheat Funds' and the common people are confused to understand the difference between ponzi schemes and chit funds. "If chit funds are valid and ponzi schemes invalid, how will the common people make a distinction about investing in chit funds and in ponzi schemes respectively. The fundamental things are missing. That is misleading."

Banerjee further accused the CBI for not investigating chit fund scams transparently and mentioned that despite the Supreme Court's direction not a single person from the regulatory agency like the Reserve Bank of India, SEBI and others has been called for investigation in the Saradha case.

"If I have committed any wrong, put me in jail. But do not keep it pending for election issues. I request that don't give any chance to anybody to indulge in this sort of things. Don't bring amendment," he said.

Noting that this House has passed the Banning of Unregulated Deposit Scheme Bill, 2019, Banerjee asked: "Is there any necessity to continue the Chit Fund Act? I will suggest to scrap it as there is already enough evidence."