<h1>Cabinet Approves Amendments to Banning of Unregulated Deposit Schemes Bill, 2018; Targets Fraudulent Schemes with Strict Penalties.</h1> The Union Cabinet, led by the Prime Minister, approved amendments to the Banning of Unregulated Deposit Schemes Bill, 2018, following recommendations from the Standing Committee on Finance. The Bill aims to curb illicit deposit schemes by banning unregulated deposit activities and introducing severe penalties for violations. It categorizes offences related to unregulated and fraudulent deposit schemes and mandates asset attachment for repayment to depositors. The Bill also proposes an online database for monitoring deposit activities and entrusts state governments with implementation. These measures address the widespread issue of fraudulent schemes, particularly affecting the financially vulnerable, as highlighted in past budget speeches.