Refer Chit Fund Bill to select committee to bring more clarity: Cong in Rajya Sabha

The Congress on Tuesday demanded that the Chit Funds (Amendment) Bill, 2019 be referred to a select committee of Rajya Sabha.

The Bill to amend the Chit Funds Act, 1982 seeks to facilitate the orderly growth of chit fund sector to remove bottlenecks and enable greater financial access to people.

The Bill has been passed by Lok Sabha earlier this month.

It was moved in Rajya Sabha for its consideration and passage by Minister of State for Finance Anurag Thakur. He urged the members to pass Bill, saying it does not mix ponzi schemes and unregulated chit funds with regulated chit funds.

Congress member P Bhattacharya said, "The parliamentary standing committee on fiance's recommendations have not been mentioned here. You have not given us the committee report. You have good intention. Can you not send this bill to a select committee to review the report (suggestions) of the parliamentary standing committee."
Amar Patnaik of the BJD said, "An integrated approach is not there in the bill. There was lack of regulatory control and investors awareness (which led to frauds)."