Bill to protect depositors cleared

Excelsior Correspondent
SRINAGAR, Sept 5: State Cabinet today cleared the introduction of Jammu and Kashmir Protection of Interest of Depositors (in financial establishments) Bill, 2012 in the State Legislature and enhancement of ceiling in respect of socially and educationally backward classes for availing reservation.
Official sources told EXCELSIOR that after thorough discussion on the draft of Jammu and Kashmir Protection of Interest of Depositors Bill, 2012 moved by the Finance Department with the approval of Finance Minister, Abdul Rahim Rather, the Cabinet cleared its introduction in the State Legislature for passage.
“The bill is likely to be introduced in the forthcoming session of State Legislature being held from October 1”, sources said, adding “the bill is aimed at enactment of legislation to check duping of public by financial establishments”
Sources said that large number of unauthorized and unknown financial establishments have duped the innocent public of hard earned savings worth tens of crores of rupees by suddenly closing their operations in the State during the past some years
The Cabinet also accorded approval to the creation of staff for the Katra Development Authority and enhancement of ceiling in respect of socially and educationally backward classes for availing reservation.
It also cleared several proposals relating to use of forest land for non-forest purposes.

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