The West Bengal Chief Minister, Mamata Banerjee, on Friday, denied reports that the Centre had sent back a Bill passed to protect depositors interests in money-collecting schemes and similar companies including chit funds.
The Bill, called the West Bengal Protection of Interest of Depositors in Financial Establishments Bill, 2013, was passed by a special session of the Legislative Assembly earlier in April following public outrage over the Saradha scam.
According to the Chief Minister, the Centre has sought clarifications on three grounds.
“Contrary to reports, the Centre has sought clarifications on three grounds. The Bill has not been sent back or rejected,” Banerjee told reporters at Writers’ Buildings today.
An emergency meeting has already been convened at State Secretariat and the Bill is expected to be sent back for the Centre’s approval.
The Saradha Group is said to have mobilised over Rs 20,000 crore from depositors through various Ponzi schemes.
Clarifications sought
According to the Chief Minister, the Centre has asked the State Government to widen the power of the ‘special court’. The Bill mentions the setting up of a ‘designated court’ to hear cases relating to depositors’ complaints or fraud.
“The Centre is trying to strengthen the ambit of the Bill. The Centre is saying that the power of the court should be widened to take up cases in other States too,” Banerjee said.
The second point raised by the Centre has been the issue of anticipatory bail. The Centre is said to have raised the issue that no court should grant anticipatory bail to the accused in case of failure to return depositors’ money or interest payments.
According to Banerjee, the third point to be looked into is “compounding of offences”. Compounding of offences would mean that antecedents of the accused be considered before legal action is taken against him.
“The three issues will strengthen the Bill,” she pointed out.