Chit Funds Current Affairs, GK & News

Chit Funds (Amendment) Bill, 2019

November 30, 2019

The Parliament has passed the Chit Funds (Amendment) Bill, 2019 as the upper house of the parliament, Rajya Sabha on Thursday, 28 November 2019 passed the bill. Earlier this month, at the lower house of the parliament, Lok Sabha, Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur introduce the bill to amend ..

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Chit Funds (Amendment) Bill, 2019

August 1, 2019

The Union Cabinet has approved the introduction of the Chit Funds (Amendment) Bill, 2019 in Parliament. If passed and made into a law, the bill aims to substantially lower the compliance requirements on the registered legal chit funds of India.? This will be beneficial to both the organizers and the subscribers of the chit fund. ..

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Banning of Unregulated Deposit Schemes Bill

July 10, 2019

The Union cabinet has approved the Banning of Unregulated Deposit Schemes Bill. The Bill which aims to tackle the menace of illicit deposit-taking activities in the country will replace the earlier promulgated Banning of Unregulated Deposit Schemes Ordinance, 2019. Why? The Union Cabinet aims to curb the menace of half-baked investment schemes and chit funds ..

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RBI allows NRIs to subscribe chit funds

June 12, 2015

Reserve Bank of Indian has allowed non-resident Indians (NRIs) to invest in chit fund to encourage flow of capital into the country. Decision in this regard was taken after RBI had revised the extant guidelines for subscription to the chit funds in consultation with the government. Henceforth, NRIs on non-repatriation basis will be allowed to ..

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