Haryana government decides to ban chit fund

Haryana government has decided to ban chit fund and money circulation companies to save innocent people from falling prey to fake schemes. After the notification of the new law, companies, firms, people and business organizations doing money circulation business will not be able to invest in the state.

This decision was taken in the cabinet meeting held on Wednesday under the chairmanship of Chief Minister Manohar Lal Khattar. The cabinet has given its approval to the Haryana Dhan Parcharan Yojana (Banning) Act, 2022.

Chief Minister Manohar Lal Khattar has said that these rules will be applicable from the date of gazette notification. The police department will coordinate with the state, central and other agencies besides the Reserve Bank of India to implement the new rules.

A nodal officer will also be appointed to look after the matters related to money circulation schemes. Strict action will be taken against companies, firms and business organizations if found guilty of duping people under the Chit Mulayam and Dhan Parishad Scheme (Prohibition) Act, 1978.

It may be mentioned here that there is a network of chit fund companies which are still present in different parts of the state.

The mastermind scams of chit fund companies like Golden Forest LS and Future Maker have come to the fore in the past where thousands of people were duped in the name of investment.

It is worth noting that not only in Haryana, but even today all the chit fund companies are continuing the business of loot by luring the general public, which needs to be cracked down.

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