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CHIT FUND SCHEME
Bengaluru man joins chit fund, pays Rs 12,500 for 40 months, wins Rs 5 lakh but receives only Rs 20,000; consumer court orders company to pay Rs 4.08 lakhA Bengaluru man who paid Rs 12,500 every month for 40 months into a Rs 5 lakh chit fund scheme received only Rs 20,000 after winning his bi...- "Nagendra's resignation victory for Dalits, not BJP alone", says Karnataka LoP R AshokaKarnataka Leader of Opposition (LoP) R Ashoka on Saturday said that Congress leader B Nagendra's resignation from the state cabinet was the...
- Chit fund: How it works, red flags and your rights as an investorDo not invest in chit funds without knowing how it works. Here is all you need to know about investing in them.
- Amended Chit Fund Act brings tighter norms, transparency. Should you use chit funds as savings tool?Now chit funds are trying to carve out a cleaner identity, a campaign that culminated in a slew of amendments to the Chit Fund Act. These c...
- Parliament approves chit funds amendment billThe bill seeks to increase the limits for aggregate fund collections in chit funds to thrice the current limits and allows the chit fund fo...
- Bill introduced to raise cap on chit fund collectionsMinister of state for finance and corporate affairs Anurag Singh Thakur said a government-constituted key advisory group (KAG) and the parl...
- How GeNext and new entrants are working to upgrade chit fundsThe sector is facing competition from alternative savings/investment products, which are better packaged and marketed more aggressively.
- Government proposes stringent law to check ponzi, unregulated depositsThe Union Cabinet chaired by Prime Minister Narendra Modi today gave its approval to introduce Banning of Unregulated Deposit Schemes Bill,...
- Who killed the chit fund? Poor-friendly savings scheme falls to bad PR, strict regulationThe Rs 35,000-crore chit fund industry – which runs mostly on cash — is living in constant fear of coming under the income tax scanner.
- Chit funds resurface in Bengal in agricultural schemes avatarThe consumer affairs department has started a campaign against these chit funds which are operating on a small scale in various parts of Be...
- Budget 2015: Now chit fund foremen to pay service taxAccording to the Union Budget 2015-16, presented in the Parliament today by Finance Minister Arun Jaitley, chit fund foremen would have to ...
- Drop any move to scrap the Chit Fund ActThe Standing Committee of Parliament on Finance is inclined to seek scrapping the Chit Fund Act of 1982, in the wake of the Saradha and sim...
- Parliamentary panel for single regulator to monitor chit fund schemesThe Parliamentary Standing Committee on Finance closely scrutinised the functioning of such schemes which recently led to a series of suici...
- 'Don't confuse 'Ponzi schemes' with chit funds'Tamil Nadu Chit Fund Companies Association President Y S Mathivanan said people wrongly associated ponzi schemes with chit funds.
- State govts responsible for regulating Chit funds: OfficialsThe Centre today said it has no role in governing Chit fund business, which is regulated by state governments.
- Govt inspecting 87 chit-funds, multi-level marketing cos: MCAAs many as 87 companies have come under the scanner for alleged irregularities related to chit fund schemes and money circulation in the ga...
- Mutual funds & insurance companies eye chit funds to expand reachMutual funds and insurance companies have found a new ally in chit funds, a traditional savings scheme, for reaching out to small-town inve...
- Chit fund act extended to Gujarat, Kerala, four other statesNagaland, Haryana, Tripura, and Arunachal Pradesh are the other states that will come under the Act, providing a cushion for small savers w...
- Chit funds popular among self-employed and salaried class: IFMR StudyChit funds, the age old form of finance, are said to be popular among the low income groups, self employed and salaried class.
- Chit funds caught in a cleft stickVishi schemes, community saving schemes popularly known as kuries outside Gujarat, and small unregistered chit funds that invest in stock m...
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