IMPHAL, December 22: The 9th Session of the 10th Manipur Legislative Assembly concluded today with the House passing the Manipur Protection of Interest of Depositors (in Financial Establishments) Bill, 2014.
It may be mentioned that the 3-day winter Session which started from December 18 culminated with passing of only this Bill by the Assembly.
Two resolutions were adopted by the House, namely the repeal of `The employment of Manual Scavengers and construction of Dry Latrines (Prohibition) Act, 1993` and `Rectification of amendments to the Constitutions of India falling within the purview of clause (b) of the proviso to clause (2) of Article 368, proposed to be made by Constitution (One Hundred and Twenty `“ First Ammendment) Bill, 2014, as passed by both Houses of Parliament`.
Chief Minister of the State, Okram Ibobi Singh, who also holds the Finance Department, moved the Bill to be taken into consideration in the House.
Moving the Bill, O Ibobi maintained that there have been various reported cases of fraudulences practiced by financial establishments in the name of giving high interest rates to depositors within a short period of time.
The Bill will help in checking such malpractices and it has provision to give a penalty of 10 years imprisonment to those found guilty, he added.
Further he continued that the practice is widespread not only in the State but also in other parts of the country. He said that in recent time, there has been a rise in number of fake financial establishments in guise of private banks which target particularly the gullible middle-class depositors.
Ibobi recounted that even in his Thoubal Assembly Constituency there have been reports of fraudulent banks running away after duping the depositors. These depositors had invested their hard-earn money, some of them by selling off their paddy fields, he added.
Taking part in the discussion, Dr I Ibohalbi, MLA of Oinam A/C welcomed the Bill moved by the CM, and said that the need of the hour is to check the rampant frauds committed by bogus organisations to earn easy money.
He said the Saradha Group financial scandal is a case in point, and also an eye opener to take stringent measures against financial malpractices.
MLA L Ibomcha joining the discussion demanded that the quantum of penalty in such cases should be heavier than that has been mentioned in the Bill.
Samual Risom, MLA of Ukhrul Assembly Constituency also took part in the discussion.
Meanwhile during the Zero Hour of the Session, MLA Kh Joykishan of Thangmeiband A/C drew the attention of the House over the December 21 bomb blast in Khuyathong which killed three people and had left several injured.
Member, L Ibomcha also highlighted the non-inclusion of the names Meitei Pangal women who took part in the historic Nupi Lal.
He said their names are not included in the list of Nupi Lal fighters by the State Nupi Lal observation committee.
The State government must take a note on it, he added. He also pointed out that the result of staff nurse examination conducted in August last year has been left pending by the authority concerned.
Read more / Original news source: http://kanglaonline.com/2014/12/winter-session-of-state-assembly-ends-with-passing-of-protection-of-interest-of-depositors-bill/