(New Delhi) Parliament Raises Chit Amount to ₹ 3 Lakhs by Passing Chit Funds Bill
Parliament on Thursday passed a bill which seeks to raise the monetary limits for chit funds and commission for foreman.
The Chit Funds (Amendment) Bill, 2019 was passed by voice vote in Rajya Sabha. The bill got Lok Sabha’s nod on November 20.
The maximum chit amount is proposed to be raised from Rs 1 lakh to Rs 3 lakh for those managed by individuals or less than four partners, and from Rs 6 lakh to Rs 18 lakh for firms with four or more partners.
The maximum commission for foreman, who is responsible for managing the chit, is proposed to be raised from 5 per cent to 7 per cent. The bill also allows the foreman a right to lien against the credit balance from subscribers.
The bill also introduces words such as fraternity fund, rotating savings and credit institution to make chit funds more respectable.
Tag: Chit Fund
Parliament Raises Chit Fund Amount to ₹ 3 Lakhs
BJP Demands CBI Inquiry Into Chit Fund[Ponzi] Schemes
[New Delhi] BJP Demands CBI Inquiry Into Chitfund Companies.It Is Alleged that these firms are being run by a nexus of journalists, bureaucrats and politicians.
BJP member Nishikant Dubey in Lok Sabha said people in states like West Bengal have been hit by chit fund companies as they take deposits illegally.
Parliamentarian said “All chit fund companies should be closed and CBI should do an inquiry. Jail people who are behind these
Without taking any name”, He said after 2011 in West Bengal, the number of companies increased rapidly.
Taking a dig at West Bengal Chief Minister Mamata Banerjee, he alleged that in such cases, when a bureaucrat was called by the CBI for questioning, people sat on dharna.
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