Manipur Assembly passes Bill to stop financial scam

Imphal:Manipur Assembly today passed the Manipur Protection of Interests of Depositors (in Financial Establishments) Bill 2014 to stop financial scam and looting of money by fraudulent means.
Chief Minister Okram Ibobi Singh said though the matter is a central subject under the directive of the Supreme Court various state governments had enacted laws to protect people from being looted by promising high interests.
A similar Bill passed earlier by the state Assembly was not signed by the President and it was suggested that the Odisha model was one of the best in the country. By including  of the provisions of the Odisha model an amen-ded Bill was presented in the state Assembly. There are provisions to punish people who dupe people for about ten years, Mr Ibobi said.
Two Bills related to esta-blishments of two new Universities were, however, withdrawn and a House Committee was formed which would submit a report within the next three months.(PTI)