The Lok Sabha on Monday took up discussion on a bill that seeks to reduce the regulatory or compliance burden of the registered chit funds industry as well as protecting the interest of the chit subscribers.
The Chit Funds (Amendment) Bill, 2019 was moved for passage in the House by Minister of State for Finance and Corporate Affairs Anurag Thakur. The bill seeks to amend the Chit Funds Act, 1982, which provides for the regulation of chit funds, which are an indigenous business in India and have conventionally satisfied the financial needs of low-income households.
Participating in the debate, Trinamool Congress MP Kalyan Banerjee said that the Parliament has passed the Banning of Unregulated Deposit Schemes Bill, 2019 and there was no need for a new bill. He also called for a speedy investigation in cases relating to chit funds and said matters should not be kept pending for any "political" reasons.