Expresses reservations on “retrospective effect” clause

The Centre has returned the West Bengal Bill, aimed at reining in ponzi firms.  According to sources, the Centre has expressed reservations about the “retrospective effect” clause and asked the State government to rectify it.

 The West Bengal Protection of Interest of Depositors in Financial Establishments Bill, 2013 was passed during a special session of the Assembly on April 30, a fortnight after the Saradha Group scam rocked the State.

 Both the Left Front and the Congress supported the Bill but brought amendments to Clause 22/2, which dealt with the “retrospective effect” provision. The Opposition parties argued that in criminal laws, retrospective effect could not be given, yet the government went ahead with the law. The law also empowers officials to visit any premises, search documents and seize and confiscate property of offenders. Asked about the development, Leader of the Opposition Surya Kanta Mishra said the law would have to be brought to the Assembly and he would give his views in the House.