The Incorporated Chit Funds Association has urged the Centre to make certain amendments to the Chit Funds Act for hassle-free business.
A resolution adopted to this effect at the golden jubilee celebrations held here on Sunday, said that the Act, which came into force in 1982, needed to be amended in tune with the modern-day business trend. Another resolution pleaded for due recognition to chit fund institutions on a par with other institutions like the Trust or Mutual Benefit Fund units. A delegation of chit funds companies would visit New Delhi to impress upon the Centre the need for immediate action in this regard. Another resolution wanted the management institutes and the Education Department to include chit funds company in the curriculum of Master Business Administration (MBA) course and other finance-related courses.
Earlier, Mudit Kapoor, Associate Professor, Indian Statistical Institute, called upon the chit funds companies to encourage the youth to participate in the chit funds activities. “Many youths do not have faith in the chit funds process. Chit funds cater to the needs of poor persons. Awareness should be created,” he said. He introduced a couple of youths who had evolved a technology for promoting online chit funds mode.
K. Meena, former Vice-Chancellor of Bharthidasan University, spoke on the role of chit funds in catering to the needs of the people.
P. Sridhar, Deputy Commissioner of Income Tax, spoke on the post-demonetisation scenario. He appealed to the people to be transparent in their transactions.
Sailaja Kiron, Managing Director of Margadarsi Chits, M.V. Vaidyanathan, president of the Association spoke.
