Parliament passes Chit Fund (Amendment) Bill 2019

Parliament passes Chit Fund (Amendment) Bill 2019

Agency News

New Delhi, Nov 28: To curb chit fund scams and protect small investors, the Chit Fund (Amendment) Bill 2019 was approved by Parliament on Thursday with the Rajya Sabha passing it by a voice vote.

The Upper House unanimously adopted the Bill amending the Chit Fund Act, 1982. The Lok Sabha has already passed the Bill.

Minister of State for Finance Anurag Thakur, responding to the discussion that started two days ago, said Prime Minister Narendra Modi had tried to create an inclusive financial system keeping in mind the small and poor investors.

The Bill makes provision for raising the amount of individual investors to Rs three lakh from Rs one lakh, while companies have been made to deposit an amount of Rs 18 lakh from Rs 13 lakh.

Apart from this, a provision has been made to increase the commission of foremen from five per cent to seven per cent. (UNI)