ITANAGAR, 5 Jul: Chief Secretary Naresh Kumar has expressed concern over the growing flow of illicit narcotics money in the country as well as in Arunachal.
Chairing a state level coordination committee meeting on ‘Regulation of activities of non-banking financial companies and unincorporated bodies for the state of Arunachal Pradesh’ via videoconference on Monday, the CS said, “The problem of narcotics money coming to Arunachal Pradesh has become very acute now. It will have a long-term negative impact on the youth of the Northeastern region, including Arunachal Pradesh.”
He asked “the regulatory mechanism” to help the state government “in identifying such bad money and circulation of bad money to save the society at large.”
Kumar said that the Centre is very keen that various social welfare-related activities reach the beneficiaries directly, and sought the help
of the RBI and its other regulatory agencies to “reach the last mile beneficiary through their financial and non-financial sectors.”
The status of enactment of the Chit Fund Act, 1982, the Arunachal Pradesh Money Lenders Act and the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, besides banning of the Unregulated Deposit Scheme Act, 2019, creating financial literacy among the public, organizing investors’ awareness programmes, and other related matters were also discussed in the meeting.
The videoconference was attended by RBI Regional Director Sanjeev Singha, Principal Home Secretary Rajeev Verma, Finance Secretary YW Ringu, and representatives from the Securities & Exchange Board of India Collective Investment Schemes, the Insurance Regulatory and Development Authority, and the National Housing Bank. (CS’ PR Cell)
