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LATEST NEWS UPDATES | Assured return offers by realtors and jewellers to be treated as Ponzi -Sidhartha

Assured return offers by realtors and jewellers to be treated as Ponzi -Sidhartha

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published Published on Feb 22, 2018   modified Modified on Feb 22, 2018
-The Times of India

NEW DELHI: The proposed law to crack down on Ponzi schemes will bar real estate developers that offer fixed returns till possession as well as schemes from jewellers as the government believes that they are “unregulated deposits”.

The clampdown on realtors, jewellers and other deposit-seeking entities is part of the Banning of Unregulated Deposit Schemes Bill, which was cleared by the Cabinet on Wednesday and is expected to be introduced in Parliament shortly.

The bill requires all deposit-seekers, including entities that are already regulated, to register with the designated authority provided under the proposed law.

Several unheard-of real estate developers, starved of cash from lenders, offer “assured returns” of 12-14% till possession or even seek investments with the promise of attractive returns.

Similarly, many jewellers, including some renowned names in the business, have schemes that allow consumers to pay 11 instalments with the 12th coming from the company. The money can then be used to buy jewellery during a specified period.

There are others which require consumers to pay instalments for at least 10 months and, depending on the duration of the deposits, offer discounts of 50-60% of the monthly contribution.

Senior government officials told TOI that these schemes are nothing but deposits and need to be regulated.

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The Times of India, 22 February, 2018, https://timesofindia.indiatimes.com/business/india-business/assured-return-offers-by-realtors-and-jewellers-to-be-treated-as-ponzi/articleshow/63020682.cms


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