{"id":223100,"date":"2019-12-10T19:30:18","date_gmt":"2019-12-10T14:00:18","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=223100"},"modified":"2019-12-10T18:23:43","modified_gmt":"2019-12-10T12:53:43","slug":"transparency-in-chit-fund-schemes","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/10\/transparency-in-chit-fund-schemes\/","title":{"rendered":"Transparency in chit fund schemes"},"content":{"rendered":"<p style=\"text-align: justify;\">The Ministry of Finance, Department of Financial Services, has informed that to facilitate orderly growth of the Chit Funds sector, to remove bottlenecks being faced by the Chit Funds industry, and to enable greater financial access to people, <strong>the Chit Funds (Amendment) Bill, 2019 was introduced in Lok Sabha on 05-08-2019. The Bill was passed by the Lok Sabha on 20-11-2019 and by the Rajya Sabha on 28-11-2019.<\/strong><\/p>\n<p style=\"text-align: justify;\">This was stated by Anurag Singh Thakur, Union Minister of State for Finance &amp; Corporate Affairs, in a written reply to a question in Rajya Sabha today.<\/p>\n<p style=\"text-align: justify;\"><strong>The Bill provides for amendments to the Chit Funds Act, 1982 to provide for the use of the terms \u201cFraternity Funds\u201d and \u201cRotating Savings and Credit Institution (ROSCA) as alternate names for chit funds, so that legitimate\/ registered chit funds are distinguished from illegal \u201cPrize Chits&#8221;, helping in image make-over and brand building.<\/strong> Prize Chits are entirely different and are banned under separate legislation, namely the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.<\/p>\n<p style=\"text-align: justify;\">Similarly, the Minister said, the Bill provides for amendments to replace the term \u201cchit amount&#8221; by \u201cgross chit amount\u201d and the term \u201cprize amount&#8221; with \u201cnet chit amount&#8221;, to remove confusion with respect to illegal prize chits.<\/p>\n<hr \/>\n<p><strong>Ministry of Corporate Affairs<\/strong><\/p>\n<p><strong>[Press Release dt. 10-12-2019]<\/strong><\/p>\n<p style=\"text-align: right;\"><strong>[Source: PIB]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ministry of Finance, Department of Financial Services, has informed that to facilitate orderly growth of the Chit Funds sector, to remove 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