TODAY -
Manipur government enforce new financial protection law
Nagaland Post | Imphal, Jul 29 (NPN)
In a move to check financial establishments cheating investors and depositors, Manipur government has enforced a law with the state Governor gave his assent to Manipur Protection of Interests of Depositors (in Financial Establishments) Act, 2012 last week.
There has been a rapid growth of financial establishments, not covered by the Reserve Bank of India Act, 1934 (Central Act II of 1934) in Manipur. These financial establishments were receiving deposits from the public, mostly middle class and poor classes on the promises of high rates of interest and easy gains.
However, many of the financial establishments have defaulted to return to the public, the deposits on maturity and thereby cheating the depositors of their legitimate due. Manipur government has been receiving representations from associations of depositors and public to have a legal mechanism to protect the interests of depositors.
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* This Post is uploaded on July 30, 2012
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