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ai in fashion and retail ✌️【365vc.net】✌️Small investments, big profits. Join today and grow your wealth quickly and safely!The Centre has floated a draft Bill to bar all persons or entities not authorised by the financial sector regulators and not registered under any law from public lending.

ai in fashion and retail ✌️【365vc.net】✌️Start at ₹500, enjoy reliable and high monthly returns. Your financial growth starts here!The new law, which will extend to the digital sector, where unathorised lending apps proliferate, will include provisions for imprisonment of up to 10 years and hefty penalties for violations, with some of the offences to be treated as non-bailable.The move is expected to complement the digital lending guidelines published by the ReserveBank of India(RBI) two years ago to curb unfair practices by regulated entities.Comments and suggestions on the draft Banning of Unregulated Lending Activities (BULA) Bill have to be submitted to the department of financial services by February 13, 2025, the government said in a statement on Thursday.Frauds by loan apps have become a big concern for the government.

ai in fashion and retail ✌️【365vc.net】✌️Start investing in blockchain with just ₹500. Transparent, secure, and highly rewarding!To check these practices, a list of 442 loan apps provided by RBI through the ministry of electronics and information technology (MeitY) has been given to Google for white-listing earlier this year.

Google had then reviewed 3,500 loan apps and removed around 2,200 digital lending apps (DLAs) from its Play Store.The draft Bill also proposes that investigations be handed over to the Central Bureau of Investigation (CBI) if the lender, borrower, or properties are located in more than one state or outsideIndia, and if the total value of the amount involved is of such magnitude as to significantly affect the public interest.One of the main issues in the digital lending domain is that the consumers are not aware of the real lenders as there is no physical interaction in the lending transaction.

Unregulated entities used this to camouflage as authorised lenders, affecting the entire ecosystem.

“BULA, with the proposed central repository of all the regulated lenders, intends to establish a foundation for ethical lending,” said Mayank Arora, director-regulatory, at Nangia Andersen India.

“The intent of the proposed legislation is strong, as we see criminalisation of offences and punishments for persons involved as accomplices, apart from persons directly involved,” Arora added.ai in fashion and retail Best Investment Funds for High Returns