Current Affairs - Economy - Discussion

The Chit Funds (Amendment) Bill, 2019 was passed by the Lok Sabha on November 20, 2019. The Bill raises the monetary limits for chit funds by three times. The maximum chit amount raised from Rs 1 lakh to Rs 3 lakh for those managed by individuals or less than four partners, and from Rs 6 lakh to Rs 18 lakh for firms with four or more partners. The maximum commission for the person managing the fund raised to 7% from the current 5%.