Tuesday 28 December 2010

AgriGold is collecting deposits sans RBI permission

AgriGold has been collecting deposits from the poorest of the poor daily at a minimum of Rs. 10 a day. They have no voice and could not go to anyone to demand back their money. There are hundreds of people who are waiting to get back their money from AgriGold. They do not know whom to approach.
Some apologists say that there have been no complaints against AgriGold but that does not make a wrong right. Collecting money without RBI permission from the public under any name is a crime.
The Reserve Bank of India in letter No. DFC (COC) 386/44/83-84, dated 24.2.1984 addressing the chief secretaries of all State Governments in the country authorising suitable officers to search for documents relating to acceptance of deposits in contravention of provisions of Section 45 S of the Reserve Bank of India Act, 1934 for effective implementation of the provisions of the Act. The RBI Governor authorised the police officers not below the rank of Inspector to apply any court having jurisdiction to issue a search warrant under the CrPCfor issue of a warrant to search for documents relating to acceptance of deposits in contravention of the provisions of Section 45 S of the RBI Act.
In another Notification, the RBI Governor also authorised the police officers not below the rank of Inspector, to take a complaint in writing in respect of any offence punishable under the sub-section (5-A) of Section 58B of the RBI Act to any court having jurisdiction.
While the fact is that the police officers should take initiative and file criminal cases against companies like AgriGold, the police would not move an inch to bring the culprits to book for the reasons better known to them.
It is high time people realised these facts and keep themselves off from such fraudulent companies and deposit their money in scheduled banks.

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