Curb on Fraudulent MLM Companies

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..... Curb on Fraudulent MLM Companies
News and Press Release
Dated:- 30-4-2013

Multi Level Marketing (MLM) Schemes involving enrollment of a vertical chain of investors/agents constitute "Mon .....

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..... ey Circulation" and are banned under the Prize Chits & Money Circulation (Schemes)Banning Act, 1978 which is implemented by the States. Giving this information in written reply to a question in the Ra .....

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..... jya Sabha, Shri Sachin Pilot, Minister of Corporate Affairs, said that in order to facilitate effective control of MLM, a Group of Officers from Ministries of Finance, Corporate Affairs & Consumer Aff .....

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..... airs along with representatives of Reserve Bank of India, Central Economic Intelligence Bureau (CEIB) and the Serious Fraud Investigation Office (SFIO) have prepared Model Rules called Money Circulati .....

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..... on Scheme (Banning) Rules, to explicitly cover MLM under the said Act. Ministry of Finance (Department of Financial Services) has sent the rules for notification to the States. KKP/sg (Release ID :9 .....

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..... 5360)
News - Press release - PIB .....

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