New Delhi: Parliament on Thursday passed a bill which provides for raising the monetary limits for chit funds to three fold and hiking commission for foreman.
The Chit Funds (Amendment) Bill, 2019 was passed by voice vote in Rajya Sabha. The bill got Lok Sabha's nod on November 20.
The maximum chit amount is proposed to be 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 foreman, who is responsible for managing the chit, is proposed to be raised from 5 per cent to 7 per cent. The bill also allows the foreman a right to lien against the credit balance from subscribers.
Meanwhile, the Lok Sabha on Thursday passed a bill to grant ownership rights to residents living in Delhi's 1,731 unauthorised colonies. The bill was passed by a voice vote and some amendments moved by opposition members were defeated.