Uttar Pradesh Governor Ram Naik has decided to refer the 'Uttar Pradesh Depositors Protection Bill 2016' passed in assembly early this month to the President.
"As some provisions of the Bill are under the concurrent list of the constitution, it needs approval of President," a Raj Bhavan release said.
The Bill was passed by the state assembly on March 8 and the Legislative Council on March 9.
The bill aimed at checking fraud committed by financial institutions and real estate companies, envisaging ten years' imprisonment.
Companies committing fraud through financial institutions and real estate have been brought within the ambit of the Bill and a provision of 10 years' imprisonment for those indulging in such activities, has been made in it.
