Chit Funds Current Affairs, GK & News
In basic terms, a chit reserve is a course of action that a gathering of individuals touch base at to contribute cash in a characterised way at intermittent interims into a pool or a kitty. Amid the procedure of accumulation, any part can draw a single amount through different ways like a fortunate draw, a ....Read More
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 ..
Category: India Nation & States Current Affairs
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. ..
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 ..
Category: Government Schemes Current Affairs
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 ..
Month: Current Affairs - June, 2015