Address levy of tax collected from chit fund companies

: The Chit fund industry has appealed the Centre to address the levy of tax collected from the companies as it may impact the growth of the trade.
"The issue of the levy of tax to the chit fund industry should be addressed immediately. It will not only impact the work of chit fund industry but also curtail the financial inclusion cause..", All India Association of Chit Funds, General Secretary, T S Sivaramakrishnan said.
The Government should "enact" suitable laws so that the chit fund industry "grow", he said in a statement.
Noting that the industry largely serves the lower and middle income groups, he said, " it will be possible for the industry to grow only with legislative and administrative support".

Sivaramakrishnan and senior officials were here to announce the Golden Jubilee celebrations of the Incorporated Chit Funds Association scheduled to be held tomorrow.
Tamil Nadu Tourism Minister 'Vellamandi' Natrajan, Noted political and economic analyst S Gurumurthy would take part in the event to be held in Tiruchirapalli.