..........Commenting on the chit fund scam in West Bengal, Mr. Gupta regretted that only 15 State governments had so far enacted laws for protecting the interests of depositors, at the instance of the Reserve Bank of India. The existing Act on chit funds covered only prize chits and money circulation schemes but there was no specific reference to the MLMS for goods and services. Such schemes — called pyramid or ponzi — should be regulated to prevent frauds. The Chid Fund Act should be amended to cover the MLMS, he said.............
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