Odisha News Insight

State to curb Unauthorized Fund collection Activities

Odisha-Govt-LogoA meeting of the State Level Coordination Committee (SLCC) constituted to curb the unauthorized fund collection activities in the State was held under the chairmanship of Shri Gokul Chandra Pati, Chief Secretary, and Government of Odisha on Friday in Reserve Bank of India, Bhubaneswar.

It was decided in the meeting that, the Registrar of Cooperative Societies will monitor the implementation of the order of the Central Registrar of Cooperative Societies prohibiting the Multi-State Cooperative Societies operating in the State from accepting deposits from nominal members. A robust MIS mechanism will be developed in the State so that information regarding unauthorized collection of public deposits by fraudulent companies can be generated from the grass-roots level itself. An overall strategy will be developed for creating mass public awareness by involving all concerned agencies like RBI, SEBI, NABARD, Economic Offence Wing and other Departments of the State Government. This will include preparation of quality publicity material for awareness campaign, training of trainers, distribution / dissemination of information on unauthorised collection of public deposit and strengthening of enforcement mechanism in the State.

The SLCC meets at quarterly intervals to discuss the overall strategy for gathering market intelligence on unauthorised collection of public deposits and formulating ways to take coordinated action against such unscrupulous entities by all regulators and law enforcing agencies. SLCC also formulates strategy on creating public awareness about the risks involved in depositing money with various unauthorised and fraudulent entities.

The members of the committee including Addl. Chief Secretary, Finance Department, Regional Director, RBI, Bhubaneswar, Regional Director (Eastern Region), SEBI, Principal Secretaries of Home and Law Department, ADGP, Crime Branch, Director, Institutional Finance, Registrar of Companies and representatives of Institute of Chartered Accountants of India attended the meeting.

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