Government
is aware of a number of multi-level marketing companies operating in
the country are disguised as those selling products but they are
inherently operating money circulation scheme. Some complaints have been
received, in the light of which, the Government, in Department of
Financial Services, has constituted an Inter- Ministerial Group
consisting of representatives from Department of Financial Services,
Ministry of Corporate Affairs, Reserve Bank of India, Securities
Exchange Board of India, Department of Consumers Affairs, CIEB
(Department of Revenue) and SFIO to –
(i) Draft Model Rules on the Multi Level Marketing Companies and on the prohibited scheme under the prize Chits and Money Circulation Schemes (Banning) Act, 1978.
(ii) Frame clarificatory guidelines on how to distinguish between genuine direct sales from disguised money circulation scheme.
This information was given by Minister of State for Corporate Affairs Shri R.P.N. Singh in reply to a written question in the Rajya Sabha today.
(i) Draft Model Rules on the Multi Level Marketing Companies and on the prohibited scheme under the prize Chits and Money Circulation Schemes (Banning) Act, 1978.
(ii) Frame clarificatory guidelines on how to distinguish between genuine direct sales from disguised money circulation scheme.
This information was given by Minister of State for Corporate Affairs Shri R.P.N. Singh in reply to a written question in the Rajya Sabha today.
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