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Lok Sabha to discuss bill to amend law on chit funds business
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New Delhi, Nov. 18 -- The Lok Sabha is set to discuss on Monday a bill to amend the business of chit funds, a widely used collective investment scheme that offers access to funds as well as options to save.
The Chit Funds (Amendment) Bill, 2019 was tabled in Lok Sabha in August after a previous version of the bill lapsed subsequent to national polls in May. The new version incorporates recommendations from a parliamentary standing committee that examined the previous version. Finance Minister Nirmala Sitharaman is expected to move the Bill for discussion and passage.
The Bill seeks to streamline about 35,000 registered chit funds in the country by making certain provisions more current to help this segment grow. The government wants to ...
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