Shillong, Sept 21: Meghalaya Chief Minister incharge finance Mr Conrad K Sangma today introduced the Meghalaya Protection of Interest Depositors (in financial establishment) Bill, 2018 in the Meghalaya Legislative Assembly.
The Chief Minister mention in the statement of object and reason for bring this bill, it has become necessary to have a strong law in the state in order to protect the interest of the depositors in financial institutions are unauthorized and mobilizing funds from the public or depositors with suspect or fraudulent.
Since the present law, that is, the (Meghalaya Protection of interest of depositors in financial institution) Act 2006 s not fully equipped in dealing with such institution, therefore, there is a need to repeal the existing act, with the new act.
The financial expenditure will be involved from the consolidated fund of the state of Meghalaya for the implementing the provision of the proposed legislation on account of creation of special court , special public persecutors and such others connected matters.
This bill that was introduce today by the Chief Minister in the floor of the house will be debated in the floor of the house during this current session before considering for passing the bill to become an Act.
