The bill will be discussed in the state Assembly on June 18.
The West Bengal Assembly had in a special session last week passed the West Bengal Protection of Interest of Depositors in Financial Establishment Bill, 2013, to protect investors in chit fund companies.
The new Bill is a replacement of the Financial Establishments Bill, 2009, with added provisions relating to search, seizure and attachment of properties of such companies.
Copies of the bill, to be moved by Finance Minister Amit Mitra tomorrow for consideration and passage, were circulated among members on the first day of a two-day special session of the Assembly on Monday.
Somen Mitra, the one time pillar of the Trinamool Congress and now Congress candidate from Kolkata North constituency, can't help smiling. The SC's order directing the CBI to probe the Saradha scam is the fruit of his hard and lonely battle. On the day when 17 constituencies in the state go to polls, Mitra speaks to Rediff.com's Indrani Roy about the impact of the Saradha scam on the elections and his relationship with his former party chief.
Govt, however, is readying new Bill that will give it more teeth to deal with such scams.
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West Bengal Chief Minister Mamata Banerjee keen on framing a stringent act to prevent malpractices by chit fund firms.
The three points on which clarifications are sought include widening of powers of special designated courts and that no court could grant anticipatory bail and a suggestion by the Centre for adding a new provision for compounding offences.
The bill provides for severe punishment ranging from 1 year to 10 years and pecuniary fines ranging from Rs 2 lakh to Rs 50 crore to act as deterrent.
The iconinc Zaveri Bazaar in south Mumbai does business of around Rs 3 trillion a year.
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