From THE HINDU group of publications
Sunday, December 24, 2000
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From THE HINDU group of publications Sunday, December 24, 2000 |
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Chit Fund Amendment
The Chit Funds (Amendments) Bill, 2000 has been passed by the Rajya Sabha.
The Bill proposes to raise the ceiling aggregate chit amount up to Rs six lakh and a safety aspect for depositors. The present limit is Rs one lakh for chits conducted by firms or associations with at least four members. In case of other chit funds, the aggregate chit fund amount is to be raised from Rs 25,000 to Rs one lakh. -- BL Research Bureau
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