MAMATA BANERJEE'S ACHIEVEMENT -PART I

       Saradha chit fund scam: SC issues notice to Centre, CBI, Mamata govt:

 

 The Supreme Court on 18th July,2013, issued notice to the centre, West Bengal government, CBI and Securities and Exchange Board of India on a petition seeking transfer of the Saradha chit fund scam investigation to the premier probe agency.

The apex court bench, headed by Chief Justice Altamas Kabir, issued notice on a PIL that had also sought Central Bureau of Investigation (CBI) probe in the functioning of all other chit fund companies in the country as it contended that most of them were indulging in illegal activities.
The West Bengal government, present as a caveator, said they were opposing the PIL as the Calcutta High Court is monitoring the investigation into the Saradha chit fund scam by a special investigating team.

The Supreme Court issued notice on a PIL that had also sought CBI probe in the functioning of all other chit fund companies in India.

"We are not concerned with it," the court said, directing that the notices were returnable within three weeks. The court has been moved by two PIL petitioners Subrata Chattoraj and Pritam Kumar Singha Ray.

 Union Finance Minister P Chidambaram on Tuesday said the West Bengal government will soon get comments of the Centre on the bill passed by the state assembly for protection of investors in chit fund schemes. "The Ministry of Finance has given its comments to the Ministry of Home Affairs (MHA). I think they (MHA) are awaiting comments from one or two other ministries, perhaps the Ministry of Company Affairs," Chidambaram said in reply to a question regarding the bill passed by West Bengal.
West Bengal Finance Minister Amit Mitra had today met Chidambaram and discussed the issue. Chidambaram said he shared the comments given by his ministry on the bill.
"Then I rang up the Home Secretary and requested him to collect the comments from all ministries quickly and in next couple of days try to send it to Government of West Bengal," the Finance Minister said. The Home Ministry, which is the nodal agency in such matters, circulates the Bill to the ministries concerned, gets their comments and then conveys it to the state government.

West Bengal Finance Minister Amit Mitra had today met Chidambaram and discussed the issue.

"So the comments of the Government of India will be compiled by the MHA and will be sent to the government of West Bengal," Chidambaram added. In April, West Bengal Protection of Interest of Depositors in Financial Establishment Bill, 2013 was passed by the assembly following the Saradha chit scam in which thousands of people were duped of their savings.
After meeting Chidambaram, Mitra said the Trinamool Congress government got the bill passed by the assembly within a month after people were duped of their savings.

A Parliamentary panel looking into chit funds and ponzi schemes in the backdrop of Saradha scam in West Bengal, will give its recommendations on preventing recurrence of such incidents to Parliament in the forthcoming Monsoon session. "We have completed deliberations on the ponzi schemes and will submit our recommendations to Parliament in the next Monsoon session," a member of the Parliamentary Standing Committee on Finance said after the meeting.
The panel heard the views of the SEBI Chairman UK Sinha on various measures required to check misuse of collective investment schemes by unscrupulous businessmen. Besides Sinha, a delegation of All India Chit Fund Association represented its point of view before the committee which is headed by the former finance minister and senior BJP leader Yashwant Sinha.
The panel had also begun examining the issue in presence of top officials of finance ministry and corporate affairs ministry and representatives of SEBI, RBI, Enforcement Directorate and Central Board of Direct Taxes (CBDT) on May 17. It had also asked the Finance Ministry to submit a written reply to the various concerns raised by the member of the committee.

The panel heard the views of the SEBI Chairman UK Sinha on various measures required to check misuse of collective

The panel also heard separately, RBI Governor D Subbarao, last Friday on the various issues related to the ponzi schemes. Some of the Members of the committee had earlier pressed for a blanket ban on investment schemes promising unreasonable returns and demanded enactment of a law to have a single regulator to deal with all kinds of chit funds.

IS THIS THE GREAT PORIBORTAN IN BENGAL?