The West Bengal Assembly on Thursday passed amendments to the West Bengal Protection of Interest of Depositors in Financial Establishments (Amendment) Bill, 2015 which seeks to protect depositors’ interests from money collection schemes in the State. The Bill now awaits the Presidential assent in order to become an Act.
“Out of six suggestions by the Union Home Ministry, five have been accepted. This includes insertion of a new section that disallows a defaulter [deposit taking company] from seeking anticipatory bail,” State Finance Minister Amit Mitra said.
The Bill grants powers to enter premises of the accused, conduct search, seizure, confiscation and attachment of property and its sale through public auction to refund depositors’ money.
