Jammu: The Legislative Assembly Monday passed a Bill regarding J&K Protection of Interests of Depositors (in Financial Establishments) Act 2018. The Bill is aimed at protecting the interests of the depositors in the Financial Establishments of the State.
Explaining the statement of objects and reasons of the Bill, the Finance Minister, Dr Haseeb Drabu said the existing Jammu and Kashmir Protection of Interests of Depositors (In Financial Establishments) Act lays down various measures for protection of interests of depositors in the Financial Establishments in the J&K State.
The Minister said that the proposed Bill intends to amend and update the laws on the subject, with better and stringent provisions, for protecting the interests of depositors in the Financial Establishments in the State.
Legislators, Mubarak Gul, G M Saroori, Devender Singh Rana, Mian Altaf Ahmad, Altaf Ahmad Wani, Ali Mohammad Sagar and Nawang Rigzin Jora took part in the discussion and supported the Bill.
Earlier, the Bill was introduced in the Legislative Assembly by Minister for Rural Development, Panchayati Raj, Law and Justice, Abdul Haq Khan on behalf of Minister for Finance, Dr Haseeb A Drabu.
After thorough discussions, the Bill was passed through voice vote.
The Bill was later also passed by the Upper House also where it was moved by Minister for Rural Development, Panchayati Raj, Law and Justice, Abdul Haq Khan.