The Union Cabinet on Wednesday approved the introduction of Chit Funds (Amendment) Bill, 2019 in Parliament, in order to fulfil the objectives of reducing the regulatory or compliance burden of the registered Chit Funds Industry as well as protecting the interest of the Chit subscribers.
Last year on February 20, the Union Cabinet had given its nod to introduce the Chit Funds (Amendment) Bill in the parliament.
Since 2016, the Union Government was in the process of drafting a central law to protect people investing in chit fund schemes by bringing in legislation on the same.
Former Union Finance Minister Arun Jaitley had in the 2017-18 Budget announced that the government will amend the 'Multi-state cooperative Act' as there was an urgent need to protect the poor from dubious chit fund schemes, operated by unscrupulous entities.
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