From Our Correspondent
JOWAI: The All Jaintia Youth Welfare Organization (AJYWO) has demanded proper implementation of The Meghalaya Protection of Interest of Depositors (In Financial Establishments) Act 2006 in order to protect the people of the State from various Non-Banking Financial companies (NBFCs) from cheating and duping them.
According to the AJYWO, Meghalaya, particularly Jaintia Hills and Garo Hills is a State which is badly affected by various non banking financial companies who had reportedly duped many depositors.
“In order to protect its own people the Government should properly implement the TMPIDA and also strengthen the Act which is weak” the AJWYO stated in a release issued here. The AJYWO alleged that all most all NBFCs operating in the State are collecting money from people without the permission either from the Security and Exchange Board of India (SEBI) or from the Reserve Bank of India (RBI), not even from the State government or from the District Administrations.
“This is nothing but negligence on the part of the government as these NBFC’s were cheating the public daily and thereby affecting the economy of the people”, the AJYWO added.
“We urge the government to take immediate steps to protect its people from all sorts of cheating and duping by these NBFCs”, the AJYWO further stated while adding that they will approach the Court of Law to challenge all these NBFCs operating in the State if the Government failed to take any initiative measures.