 Online edition of India's National Newspaper Wednesday, Jul 23, 2008 ePaper | Mobile/PDA Version |
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Andhra Pradesh
HYDERABAD: The State Government has decided to adopt the Chit Funds Act of 1982 enacted by the Union Government in full, without making any amendments to it as planned earlier. Talking to reporters here on Tuesday, Finance Minister K. Rosaiah said the Group of Ministers which went into the issue of suggesting amendments to the Central Act to suit the local situations in the State, had finally resolved drop the proposal. All the changes suggested by the State Government turned out to be unacceptable to the Union Government. With this, the Government also decided to defer its plan to introduce its own legislation to control and streamline chits funds business in the State. One amendment contemplated was to allow chit fund companies to keep 50 per cent of the deposits in cash and the other 50 per cent as fixed deposits in banks. However, the Union Government, citing provisions of the Central Act, insisted that the deposits received from the depositors should be kept in banks as fixed deposits “to the tune of cent per cent,” he said.
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