 "tax, black money, income tax, I-T, raid, fraud")
Real estate developers and jewellers will be in trouble now!
To curb black money and corruption, Government cleared 'Banning of Unregulated Deposit Schemes Bill, 2018' to ban unregulated deposits, by making even the act of running such Ponzi schemes an offence. The Cabinet also approved a Bill to facilitate the growth of chit funds, by distinguishing this segment from the banned “prize chits”. According to the new law, real estate developers that offer schemes with fixed returns till possession will come under "unregulated deposits".
Similarly, some jewellers, offer schemes in which the consumers pay 11 instalments while the company pay
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