TODAY -

Government urged to effectively implement BUDS Act, 2019
Source: Chronicle News Service

Imphal, September 11 2022: Claiming that failure of the government to effectively implement Banning of Unregulated Deposit Schemes (BUDS) Act, 2019 and restrict the operation of unauthorised micro-finance institutions in the state are the root causes for financial distress besetting the people, Lamjingba Investors' Group, Thangmeiband has urged the government to implement the Act efficiently and punish the wrongdoers.

Speaking to media persons at Manipur Press Club here on Sunday, Group president Kh Samungou pointed out that setting up of numerous illegal micro finance institutes and looting of the people are commonplace in the state.

People who are trapped in the fraud of the micro finance institutes are not wrong, but those involved in looting the gullible people should be punished stringently.

Recalling the order issued by the government with regard to implementation of BUDS Act in the state with effect from February, 2021, Kh Samungou contended that the failure to effectively implement has caused troubles to thousands of people.

Actions could not be taken against private banks run by private individuals as they seem to have connection with leaders in the government.

The government should take up actions sincerely, he asserted.

Urging All Manipur Lamjingba Investors' Association to stop their acts by joining hands with Lamjingba MD S Jackey, Somorjit exhorted not to hinder the process taken up by competent authority against Jackey.


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