NEW DELHI: Finance Minister Arun Jaitley today announced that the government has prepared a draft bill to regulate the multi-state Chit Fund Companies in the country.
Replying to the debate on Banking Regulation (Amendment) Bill, 2017, in the Lok Sabha, the Finance Minister said that chit fund companies offer 1 to 2 per cent extra interest to attract people to deposit their money with them and they play with their hard earned money.
Showing solidarity with the demands of the Members across the party lines, Mr Jaitley said that matter has been raised by the Members highlighting the plight of the depositors in the chit fund companies, adding that the draft bill will be brought in the House soon in the form of a bill.
Without taking name of any such companies, Mr Jaitley said that the separate bills for the chit companies operating in a single state may be brought in by the state governments concerned, but for the Centre will bring the ill for the companies working in more than one state to regulate them.
He also said that to keep the pensioners and older people safe from such companies, the government has brought in Pradhan Mantri Vaya Vandana Yojana where elders will get a fixed interest of 8 per cent and effective interest of 8.3 per cent for a longer period. (AGENCIES)
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