New Delhi: The government will try to get the Chit Fund (Amendment) Bill 2019 passed on the very first day of the winter session of Parliament. The purpose of this bill is to remove the obstacles that the industry is facing while facilitating the smooth development of the chit fund sector. The bill will ensure transparency in chit fund schemes and protect its customers.
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The Chit Fund (Amendment) Bill 2019 is among the 12 pending Bills which have been listed for discussion and passing in Parliament. There are currently 43 Bills pending in Parliament. Of these, 27 bills have been listed for introduction, consideration and passage, while seven bills are to be withdrawn. Union Finance Minister Nirmala Sitharaman will bring a bill for amendment in the Chitfund Act 1982, which will be tried after passing it.
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This bill was introduced in the Lok Sabha on August 5 in the Manasutra session of Parliament itself. The Union Cabinet gave its approval in July to introduce this bill in Parliament. This bill will lead to regulatory and compliance burden in the area of chit fund. In the bill, 'Fraternity Fund' and 'Recurring Savings and Credit Institutions' have been added to Annex (B) of Section-2 of the Act which defines Chit.