Lok Sabha passes bill to amend Chit Funds Act

The Lok Sabha on Wednesday passed a bill that seeks to reduce the compliance burden of the registered chit funds and inserts 'fraternity fund' and 'rotating savings and credit institution' among the names which may be used to refer to chit fund.

The Chit Funds (Amendment) Bill, 2019 was passed by a voice vote after a reply by Minister of State for Finance and Corporate Affairs Anurag Thakur. The amendments moved by the opposition were negatived.

The Bill, which seeks to amend the Chit Funds Act, 1982, was introduced in the last Parliament session.