Chit Funds (Amendment) Bill passed

The Lok Sabha on Wednesday passed the Chit Funds (Amendment) Bill, 2019 that seeks to regulate chit fund operations and protect the interests of investors, especially from the economically weaker sections of the society. The Bill seeks to amend the Chit Funds Act, 1982 which was passed by a voice vote. The proposed changes include rise in maximum commission of the person who manages the fund from 5% to 7% of the chit amount.