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Lok Sabha passes bill to raise chit fund amount by 3 times

Thursday, November 21, 2019, 8:14 AM

A bill to raise the monetary limits for chit funds by three times and the commission for the person managing the fund to 7% from the current 5 was approved by LS. The Chit Funds Bill, 2019 also introduces words such as "fraternity fund", "rotating savings" and "credit institution" to make chit funds more respectable, said Minister of State for Finance Anurag Thakur.

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