On the concluding day of monsoon sessions today, AP Assembly has passed two important bills-AP Special Courts Bill and Depositors’ Protection Bill-1999.

This Special Courts bill is intended for speedy time bound trial on disproportionate assets cases. According to this new bill, if the state investigating agency serves notices to any person, he/she has to prove that the assets are legally acquired. If, the concerned person fails to prove within four weeks time, then the government will attach his properties and the investigating agency will forward the case to special courts to be constituted by the statement government for this purpose.

Special courts will have to deliver verdict in a fixed time frame. Transfer or sale of properties is not allowed after receiving notice from the investigating agency. If part of properties is genuine they will be spared and government will attach rest of the illegal properties. All statement government employees, peoples’ representatives will come under the scanner with this new bill.

Statement government also passed Depositors’ Protection Bill-1999 with amendments. This bill is intended to safeguard the interests of depositors.

Financial organizations like chit fund companies, money lending agencies etc. have to submit the details of nature of their proposed business etc. to the district collector and SP within one week of commencement of business. They also have to submit their business reports once in three months to the district collector and SP. If fails, Rs. 50,000 fine be levied.

This bill also ensures timely return of deposits and interest to the depositors. If, fails all the involved ranging from the employee who processed the application form to promoter, manager, officers of the organization will be subjected to a maximum punishment of 10 years jail term and Rs.5 lakhs fine. Non-bailable arrest warrant notices will be issued to the offenders. Courts can grant bail only after hearing the arguments of public prosecutor.

Government will attach the properties of the offenders and also those who benefits with the deposits collected from the depositors in case if cheating. Special courts will be empowered to attach the properties of the offenders. YSR Congress party walked out of the floor for speaker not allowing them to debate on price rice in the house. Hence, the bills were passed in the absence of YSR Congress party.