Srinagar: The Jammu and Kashmir Administrative Council (AC) on Friday approved the Banning of Unregulated Deposit Schemes Rules 2022 to protect the interests of depositors.
“The AC approved the Jammu and Kashmir Banning of Unregulated Deposit Schemes Rules, 2022, under the Banning of Unregulated Deposit Schemes Act, 2019,” an official spokesman said.
The Act provides a comprehensive mechanism to ban unregulated deposits and to protect the interests of depositors.
The Banning of Unregulated Deposit Schemes Act, 2019, puts a ban on the promotion, operation, and advertisement of unregulated deposit schemes, which lead to fraudulent default in the repayment or return of deposit amount on maturity, the spokesman said.
A prize chit or a money circulation scheme is also banned under the provisions of the Act, he added.
The Jammu and Kashmir Banning of Unregulated Deposit Schemes Rules, 2022, lay out the provisions and scope of powers and duties of the competent authority under the Act; powers vested while conducting investigation or inquiry; powers relating to absconding persons; power to seize properties; power to appoint legal practitioner and others; the power of government to empanel agencies for forensic or digital audit, valuation or sale of assets; valuation reports to be obtained while releasing properties attached; and ceiling for Self Help Groups.
Mwanwhile, AC accorded approval to naming of schools, roads and buildings after martyrs and eminent persons, officials said.
The AC approved naming of schools, roads and buildings after martyrs and eminent persons under the ongoing “Azadi Ka Amrit Mahotsav” celebrations, an official spokesperson said.
“As a mark of respect and acknowledgement of the exceptional contributions towards the security and development of the Union territory, the identified institutions will be renamed after the martyrs and living legends from Jammu and Kashmir,” the spokesperson said.
He said in Jammu province, the institutions will be renamed after Martyr Const. Rajinder Kumar, Martyr Const. Raj Kumar, Martyr Ct Naseeb Singh, Martyr SPO Jalal Din, Martyr Ct. Shamim Ahmed, Martyr HC. Raghu Nath, Martyr Sep. Joginder Singh, Martyr Havaldar Sartool Singh, Martyr Ct. Raj Kumar, and Martyr Ct. Jagdev Singh.
Similarly, in Kashmir region, the institutions will be named after Late Sarwanand Kaul Premi, Martyr Reyaz Ahmad Lone, Martyr Rfn. Mohammad Safeer Khan, Martyr Para Trooper Shabir Ahmad Malik, Martyr Rfn. Abdul Hameed Chara, Martyr HC Abdul Rashid Kalas, Martyr Sgct. Ghulam Mustafa Barah, and Martyr HC Sheraz Ahmad, the spokesperson said.
