The Union Cabinet has approved this bill to reduce the regulatory or compliance burden of the registered Chit Funds Industry.

2019

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Introduction of Chit Funds (Amendment) Bill, 2019
B	Chit Fund (Amendment) Bill, 2018
C	Chit Fund Bill, 2018
D	Chit Funds Act, 1982

Explanation:

Detailed explanation-1: -Chit Fund Business in India is regulated by Chit Funds Act, 1982. It extends to the whole of India except the state of Jammu and Kashmir. No chit fund shall be conducted without obtaining the previous sanction of the state government.

Detailed explanation-2: -The Chit Funds (Amendment) Bill, 2019 was introduced in Lok Sabha on August 5, 2019. The Bill seeks to amend the Chit Funds Act, 1982. The 1982 Act regulates chit funds, and prohibits a fund from being created without the prior sanction of the state government.

Detailed explanation-3: -Similarly, Chit Fund Companies are regulated by the respective State Governments and Nidhi Companies are regulated by Ministry of Corporate Affairs, Government of India.

Detailed explanation-4: -An Act to provide for the regulation of chit funds and for matters connected therewith. BE it enacted by Parliament in the Thirty-third Year of the Republic of India as follows:- CHAPTER I PRELIMINARY 1. Short title, extent and commencement. -(1) This Act may be called the Chit Funds Act, 1982.

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