Decks cleared for courtsto protect depositors

PATNA: The state government recently issued notification for the establishment of designated courts under the Protection of Interest of Depositors (PID) Act, 2002, in all the nine divisions. During the 19th State Level Co-ordination Committee (SLCC) meeting chaired by chief secretary Anjani Kumar Singh at secretariat on Thursday, the participants were informed about it.The meeting was convened by RBI's regional director, Bihar and Jharkhand, M K Verma.
Addressing a presser, Verma said during the meeting the state government ordered for providing all necessary infrastructural arrangements so that the PID Act could be properly implemented in the state to reduce the cases of economic offences. The forum deliberated on the steps required for expeditious disposal of cases currently pending with Economic Offences Unit (EOU). Altogether 88 cases have been registered in Bihar under the PID Act.
He said the Act can now be more effectively enforced but the Act alone is not enough to stop crimes against depositors. Market Intelligence needs to be strengthened to identify the companies flouting rules. People should also be aware of the loopholes and complain promptly to police or RBI about the companies trying to defraud them," he said.
The state government will examine the Model PID Act prepared by the RBI's central office and work on the need for incorporating some of its provisions in the present PID Act of Bihar.
The meeting decided the EOU will start conducting training programmes for law enforcement agencies. Verma said, "We have earlier conducted programmes for IGs and DIGs, but the upcoming training programmes will be conducted for junior police officers and SHOs. A standard operating procedure will also be handed over to the officials, which will guide them to press charges against criminals and work against different economic offences." RBI has also asked the state government to issue notices for awareness of the public. Awareness messages against economic offences will also be written on the walls of 80 government schools.
Verma requested people to register complaints under the PID Act without loss of time as it will provide them an opportunity to get speedy justice. He also said people should not fall for hype to earn a quick buck and instead check the background of the company seeking deposits from them. They should inform police if they find anything suspicious about any company. Mangers of banks and financial companies have also been asked to inform RBI if they come across any suspicious activity. All the new companies have also been directed to get themselves registered with 30 days of their opening.