Arunachal CS expresses concern over ‘illicit money’ flow

Itanagar: Arunachal Pradesh Chief Secretary Naresh Kumar on Monday chaired the 10th meeting of State Level Coordination Committee (SLCC) on regulation of the activities of non-banking financial companies (NBFCs) and Unincorporated Bodies (UBs).
RBI Regional Director Sanjeev Singha, Principal Secretary Home Rajeev Verma, Secretary Finance YW Ringu, representatives from Securities & Exchange Board of India Collective Investment Schemes (SEBI-CIS), Insurance Regulatory and Development Authority (IRDA), National Housing Bank (NHB) and others were among the participants in the meeting which was held via video conferencing.
During the meeting, the CS touched upon two very important issues which are of primary concern of the State Government. He expressed his concern over the growing flow of illicit money with regard to narcotics in India and which has made a way to the frontier state also in particular.
“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 North Eastern region, including Arunachal Pradesh,” he said.
Kumar asked the regulatory mechanism to help the state Government in identifying such “bad money” and its circulation to save the society at large.
Secondly, the CS informed the forum that the Centre is very keen that various social welfare related services reach directly to the beneficiaries.
He sought the help of the RBI and its other regulatory agencies to reach the last mile beneficiary through their financial and non-financial sector.
Review on status of enactment of Chit Fund Act, 1982 and Arunachal Pradesh Money Lenders Act and Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and framing of rules in respect of these Acts; the Banning of Unregulated Deposit Scheme Act, 2019; financial literacy of the public; investors awareness programmes, and other related matters were also discussed in the meeting.