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RS passes chit fund Bill
Why in news?
- Parliament on 28 Nov passed the Chit Funds (Amendment) Bill, 2019, was passed by Rajya Sabha via voice vote.
More in news
- It increases the limit of chit funds to Rs. 3 lakh for those run by up to four individuals and Rs. 18 lakh for those operated by more than four partners.
- Minister of State for said the Bill had increased the amount and commissions for foremen to account for inflation.
- The Lok Sabha cleared it on November 20.
Sources
The Hindu