The Congress is now hoping that the matter will be addressed in the rules of the legislation.
The Congress seems to have buyer's remorse with the passage of the Banning Unregulated Deposits Scheme Bill. While the party and the united opposition supported the government on the last day of the Budget session in the Lok Sabha, putting up stiff opposition to the Trinamool Congress, the party is now rethinking its position as the Bill does not allow for borrowing between personal relatives for exigencies.
Sources said Congress backed the Bill "without the application of the mind", and its top brass fears that the legislation could be harsh on the middle class. Even borrowings of small farmers could be affected massively.
The Bill could not be introduced in the Rajya Sabha. The Centre has subsequently, brought in an ordinance.
"The ordinance makes it absolutely necessary for everyone to register before taking a deposit and creating a central repository of all the registered entities which can take deposits. So whosoever are not registered is not a regulated entity," said President Kovind as he announced the executive order.
The Congress is now hoping that the matter will be addressed in the rules of the legislation.
On February 13, the Opposition protested in the Well of the House when the Bill was taken up. Congress's Adhir Ranjan Chowdhury was the first to speak on the matter from the party and launched a severe attack on the TMC while he supported the Bill. "People who looted lakhs of poor in Bengal are here calling others thieves," he said, which led to a war of words among the Bengal MPs. CPI MP Mohammed Salim, too, accused the TMC, and this eventually led to several MPs breaking away from the united protest against the government.
Clarifying the matter, the Department of Financial Services said on Sunday sent out some tweets stating that small businesses will be exempt from the Bill. It said, "Banning of Unregulated Deposit Ordinance-2019, exempts Individual, Firm, Companies & LLP etc. for taking any loan and deposit for their course of business as per section 2(4) e,f,l and other provisions."
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