Tag: Chit Funds Amendment Bill

New Delhi: The Union Cabinet on Wednesday approved introduction of the Chit Funds (Amendment) Bill, 2019 in Parliament to streamline the sector and reduce the regulatory or compliance burden of registered chit funds industry. The Bill will also put in place mechanism to ensure transparency in chit fund schemes and protect subscribers. Announcing the decision, […]

New Delhi: Paving way for raising chit fund collections by three times and ensuring orderly growth of the sector, the Rajya Sabha on Thursday passed the Chit Funds (Amendment) Bill, 2019 by voice vote. The bill has already been passed by the Lok Sabha. Besides raising the monetary limit in collections, the Bill also provides […]