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Black money Bill under way

Lucknow, Oct. 19: The Centre may bring in a comprehensive Bill in Parliament to check black money generation in the country.

The Bill might be introduced in the next session of Parliament, said Anandrao Adsul, minister of state for finance (expenditure, banking and insurance).

The Centre is seriously concerned about the thriving black money market in the country and this a definite move on its part.

Adsul was in the city to review the functioning of public sector banks in Uttar Pradesh.

There are no exact figures as to the quantum of black money in the country but it has taken gigantic proportions, Adsul added. Only a comprehensive money laundering Bill could help save the situation, he said. However, he refused to give further details at this stage.

On lowering of interest rates on employees’ provident fund (EPM), he said that it was a sensitive issue but “day by day the rate of interest has to come down if we have to keep pace with developing countries”. The low interest rates would be good for the economy, he observed.

The minister has mooted a proposal for the appointment of one more deputy governor of Reserve Bank of India. At present, there are three deputy governors and the fourth one would take care of co-operatives only.

The idea was to end the dual control on cooperative banks both by the state governments and the RBI. The government feels that only RBI should control and regulate the functioning of cooperative banks. Agriculture credit too would come under the purview of the fourth deputy governor.

About the functioning of non-banking finance companies (NBFCs), the minister said that most of the chit fund companies had actually become “cheat fund companies”. He said that some changes had been brought out in the law dealing with these companies to safeguard the interests of investors. Guidelines were being framed to regulate these companies and to scrutinise their working.

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