As per Union Minister Nirmala Sitharaman, there are many Ponzi apps out there, and we’re working with the concerned ministry and Reserve Bank of India to clamp down on them in a way that has never been done before.
Nirmala Sitharaman, Minister of Finance, is working with the concerned ministries and the Reserve Bank on a campaign to clamp down on ponzi apps: N SITHARAMAN OFFICE TWITTER Image
On Sunday, Union Minister Nirmala Sitharaman said the government is cracking down on Ponzi apps like never before in coordination with the Ministry of Electronics and Information Technology (MeitY) and the Reserve Bank of India (RBI). However, she noted that no proposal to control social media’s “financial influencers” is yet before the committee.
While there may be three or four persons offering us extremely objective good advice, she argues that the other seven out of ten are likely motivated by some other factor, and hence investors should be wary of influencers.
At the Thinkers Forum in Tumakuru (Karnataka), Sitharaman observed, “If there are three-four people giving us objective advice, there are seven others out of ten who are probably driven by some other considerations.” New apps are also appearing, calling out to users and promising that they can accomplish a wide range of tasks. This is how much you can buy with your cash. So that we don’t have those Ponzi apps, taking away hard-earned money, we’re working with the relevant Ministry, the Ministry of Electronics and Information Technology (MeitY), and the Reserve Bank to crack down on them like never before.
Sitharaman issued a warning to the public. Sitharaman warned investors and the public to be wary of Ponzi apps, explaining that potential victims should conduct thorough research before investing. Both social and financial influencers exist; nevertheless, we must exercise caution by conducting thorough research before making significant investments.
ADVERTISEMENT CONTINUE READING BELOW
There is currently no initiative to control social media’s “financial influencers.“
When asked about the possibility of social or financial influencers being subject to regulation, she stated, “I do not have any proposals before me for regulating them at this stage.”
The purpose of the Banning of Unregulated Deposit Schemes Act, 2019, is to make it illegal for unlicensed businesses to solicit funds from the public in the hopes of swindling the poor and naive out of their life savings. Any deposit taker who knowingly and willfully solicits a deposit in violation of Section 3, shall be subject to a penalty of imprisonment for a term of not less than one year nor more than five years.
The proposed legislation has various exemptions, such as funds collected by real estate firms and from friends and relatives, but gives depositors priority claim over the recovered funds.
The government says it wants this to assist in combat the problem of illegal deposit-taking operations, which prey on the poor and naive by taking advantage of loopholes in the current regulatory framework and a lack of stringent administrative actions.
5 Best Cryptocurrency Exchanges in USA June 2023
Best Crypto Exchanges in USA: Are you looking to invest in Cryptocurrency and finding it difficult to choose between the Best Cryptocurrency Exchanges in the USA? Your search end here, In this Piece of Article, we will help you find the Best Crypto Exchange in the US by understanding and comparing the company fundamentals according…
Continue Reading 5 Best Cryptocurrency Exchanges in USA June 2023
SBI E-Mudra Loan: SBI E Mudra Loan – Apply Online, Interest rate, Process, Eligibility & Loan Amount (June 2023)
SBI E Mudra Loan – SBI E-Mudra / PM-SVANidhi Loan – SBI E-Mudra Loan: State Bank of India is now providing the facility of giving loan amounts up to Rs. 50,000; SBI will provide the facility of giving loan amounts to all the citizens of the country who are doing small business. Citizens can now apply…
Indian Shares Surge on Positive Growth Figures & Diminishing Rate Hike Expectations – INDIAN STOCK MARKET NEWS 1st June 2023
On Thursday, Indian shares were on the rise due to the positive impact of better-than-anticipated domestic growth figures on the market sentiment, and also as Asian equities gained momentum on the back of diminishing expectations of a rate hike by the U.S. Federal Reserve in the coming month. At 11:40 in the morning IST, the…
ADVERTISEMENT CONTINUE READING BELOW
SBI E-Mudra Loan: SBI E Mudra Loan – Interest rate, Apply Online, Process, Eligibility
SBI E-Mudra Loan – SBI E-Mudra / PM-SVANidhi Loan – SBI E-Mudra Loan: State Bank of India is now providing the facility of giving loan amounts up to Rs. SBI will provide the facility of giving loan amounts to all the citizens of the country who are doing small business. Citizens can now apply for a 50…
ADVERTISEMENT CONTINUE READING BELOW
KIWI Axis Bank UPI Credit Card: Join The Waitlist Now
Kiwi, a credit card platform, recently unveiled its all-inclusive solution for customers called “Credit on UPI.” This pioneering app is certified by the NPCI and has partnered with banks to issue Rupay Cards, allowing customers to experience the seamless benefits of “Credit on UPI.” The company’s latest launch aims to establish a massive direct-to-consumer (D2C)…
Continue Reading KIWI Axis Bank UPI Credit Card: Join The Waitlist Now
Tesla, Procter Gamble, and Abbott have reported earnings for 2022-23; check Performance Here.
Recently, Tesla, Morgan Stanley, Philip Morris, P&G, and Abbott reported earnings: The performance of this list over the past year has been -7.35%. Over the same period, the S&P 500 has declined by 3.24%. Financial stocks make up 30.00% of the list, Consumer Noncyclical stocks make up 20.00% of the list, Technology stocks make up…
