Madhya Pradesh Govt. committed to protecting interests of citizens depositing money with financial institutions
Bhopal: Chief Minister Shri Shivraj Singh Chouhan in a letter to Union Minister of State for Corporate Affairs (independent charge) Shri Sachin Pilot has informed that Madhya Pradesh government is committed to protecting interests of citizens depositing money with financial institutions. Effective steps have also been ensured in this regard. As far as notification of Union Government’s Model Rules is concerned, it will be cone only after receipt of comments/suggestions from Reserve Bank of India.
The Chief Minister has written this letter in reply to Shri Pilot’s letter dated February 22, 2013 in which it was urged for early notification of Money Circulatoin Scheme (Banning) Rules 2012 under Prize Chit and Money Circulation Scheme (Banning) Act 1978. The draft rules have been sent to the Regional Director Reserve Bank of India on February 15, 2013 for their comments/suggestions as required under sub-section (1) of the section 13 of Prize Chits and Money Circulation Scheme (Banning) Act 1978. These are awaited. The State Government will be in a position to notify these rules after receiving comments/suggestions from the Reserve Bank of India.
In his letter, the Chief Minister informed that the State Government is committed to protecting interests of citizens depositing money with financial institutions. For this, the State Government has implemented Madhya Pradesh Nikshepakon Ke Hiton Ka Sanrakshan Adhiniyam-2000. The State Government has also notified rules under the Act. Collectors have been appointed as competent authorities regarding Act’s provisions. Besides, the State Government has also designated special courts for the purpose of provisions of the Act.
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