Lok Sabha passes bill to raise chit fund amount by three times
Updated : November 21, 2019 10:12 AM IST
The Lok Sabha on Wednesday approved The Chit Funds (Amendment) Bill, 2019 to raise the monetary limits for chit funds by three times.
The maximum commission for the 'foreman', who is responsible for managing the chit, is proposed to be raised from 5 percent to 7 percent.
The bill proposes to raise the maximum chit amount from Rs 1 lakh to Rs 3 lakh for those managed by individuals or less than four partners and from Rs 6 lakh to Rs 18 lakh for firms with four or more partners.
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