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Andhra Pradesh
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Hyderabad
Cabinet nod for changes to Chit Fund Act
Special Correspondent
HYDERABAD:
The State Cabinet on Friday approved amendments to the Andhra Pradesh Chit Fund Act, 1971 to safeguard the interests of subscribers and investors on the recommendations by the Group of Ministers.
The amendments to the Act include prescribing Rs. 1 lakh as minimum paid capital for doing chit fund business and 100 per cent security of the amount in place of existing 50 per cent. The duration of the chits would be maximum of five years. Ten per cent of the net annual profit would be in reserve fund.
The amendment also favours adopting higher penalties for offences as provided in the Central Act and imposing restrictions on the companies not to conduct any other financial business. It also recommended dispute settlement mechanism by the officers of Registration Department.
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