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Sachet (Be Alert): Is Your Deposit Scheme Illegal?

As we all know, lakhs of investors (repeatedly) lose crores of rupees... to dubious and illegal deposits.

Greed is the most common cause behind this.

Another important reason, that makes it easy for fraudsters to find numerous gullible investors, is the lack of "genuine" information.

If you are greedy, then 'you' are the ONLY solution. No one else can protect you from the swindlers.

But, if you are looking for the "right" information, there is now one easy answer — Sachet — a website designed to curb illegal collection of deposits.

Sachet is a hindi word that means 'to alert or warn'.

The website Sachet (URL : www.sachet.rbi.org.in) aims to
a) provide information regarding entities permitted to accept deposits from general public
b) enable people to conveniently lodge complaints with the appropriate regulator and track the same
c) share information about unscrupulous entities illegally accepting deposits.

Use SACHET before making any deposit and safeguard your hard-earned money.

Sachet is the initiative by SLCC (or State Level Coordination Committee). This is a joint forum comprising 
- Regulators [such as RBI, SEBI, IRDA, NHB, PFRDA, Registrar of Companies (RoCs) etc.] and 
- Enforcement Agencies of the States [such as Home Department, Finance Department, Law Department, Economic Offences Wing (EOW) etc.]

Each state has a SLCC, which endeavours to "control the incidents of unauthorized acceptance of deposits by unscrupulous entities". The focus is both on prevention and education.

In recent times, there have been increasing number of cases of wrongful acceptance of deposits by shady companies / individuals. They exploit and misuse the loopholes in the existing laws. Hence, in May 2014, SLCCs were reconstituted... to put a stop to such criminal activities. People are encouraged to share details, pertaining to such instances, with SLCC so that others don't end up as unfortunate victims.

Sachet has been recently launched by Dr. Raghuram G. Rajan, Governor, Reserve Bank of India who commented that “Initiating quick follow up and taking cases to logical conclusion by punishing the guilty is paramount to deter entities in future from carrying out unlawful activity. I hope ‘Sachet’ would help regulators in doing this as much as it would help members of public in depositing their hard earned money with genuine entities by giving them timely information about these entities.

Sachet answers many of your every day queries about deposits such as

- List of entities that have been approved to raise deposits from public
- Can individuals, HUFs, partnerships / proprietorship firms accept deposits
- Whether you can deposit money with Credit Co-operative Societies
- Under what terms and conditions can jewellers take monthly instalments from public 
- SEBI rules on Collective Investment Schemes (CIS) 
- Whether Chit Funds are legal or "cheat" funds  
- Warning against money circulation or ponzi schemes
- Where to lodge your complaint if a company defaults in payment of interest / principal
- Precautions to take when you are lured by promises of (extraordinarily) high interest rates
- What to do if you have a grievance pertaining to your deposits
- Role of National Company Law Tribunal (NCLT) in protecting the interest of depositors
- List of Non-Banking Finance Companies (NBFCs) permitted by RBI to take deposits
- Maximum rate of interest and tenure that NBFCs can offer on their deposits
- How to ensure that you make a proper deposit with an authorized NBFC
- Action to be taken if NBFCs commit a default

As mentioned earlier, one important feature of Sachet is the ease of lodging a complaint. In this regards, a simple online form has been provided on the website. Accordingly,
- You can file your complaint, against any specific entity that has cheated you, with the regulator concerned (If you don't know under which regulator your case falls, you can still file a complaint) 
- Once filed, you can track the latest status of your complaint
- Given the complexities involved, no time frame has been specified in resolving the complaint. But, enforcement agencies promise to take immediate action on all complaints

Further, you can also 'Help Your Regulator' by sharing information (even anonymously) on any suspected unauthorized deposits by dubious entities. This would enable the Enforcement Agencies to take timely action and prevent further crimes.

It would be in our best interest to take full advantage of the Sachet facility, initiated by RBI and various other regulators / enforcement agencies.

An Investment In Knowledge Pays The Best Interest ~ Benjamin Franklin

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