Chit fund banned

SHILLONG, JUNE 18: The state cabinet on Thursday approved Meghalaya Prize Chit and Money Circulation Scheme (Banning) Scheme, 2015 to curb such menace of exploitation by chit fund operators and nip it in the bud before gullible public falls prey to it.

“We have approved the proposal in the interest of the general public and money depositors,” chief minister Mukul Sangma told newsmen after a cabinet meeting on Thursday.

He said, “There has been number of instances where many of our people have been subjected to loss of their own hard-earned money and properties because of exploitation of this particular ‘modus-operandi’ through various programmes called price chit fund and money circulation scheme.”

In view of this menace, Sangma said, the state government has considered it necessary to have this law to be put in place so that it becomes operational in banning the prize chit fund and money circulation scheme to protect the interest of the depositors and the general public.- By Our Reporter