NDA government approves West Bengal anti-chit fund bill

Kolkata: The Centre has approved an anti-chit fund bill passed by West Bengal Assembly in 2013, state Finance Minister Amit Mitra said on Monday. 

He said a letter was received last evening from the Centre giving green signal to West Bengal Protection of Interest of Depositors in Financial Establishments Bill. 

The Centre has also agreed to the state government’s proposal of having provisions for strong punishment in such financial crimes, which was also in the Bill, Mitra told reporters. 

The Centre had earlier cited provisions in the anti-chit fund Act in Tamil Nadu where offenders in such cases could be released on bail after paying fines. 

But after persuasion by West Bengal government, the Centre has agreed to include punishment along with fines for such offenders, the minister said. 

The bill, which has already got the President’s nod, will be brought up for discussion in the state Assembly on June 18.