RBI allows NRIs to invest in chit funds

Last Updated: Thursday, June 11, 2015, 18:55

The Reserve Bank Thursday allowed non-resident Indians (NRIs) to invest in chit funds on non-repatriation basis without any ceiling, a move that will encourage flow of capital into the country.

SC notice to Centre, RBI, SEBI on PIL on regulating chitfunds

Last Updated: Tuesday, November 19, 2013, 14:02

The Supreme Court on Tuesday issued notice to the Centre, RBI and SEBI seeking their response on a PIL for putting in place a proper mechanism to regulate functioning of chit funds in the country.

Regulators set up forum to rein in chit funds

Last Updated: Wednesday, August 7, 2013, 22:54

In view of a series of chit fund frauds, financial regulators Wednesday decided to set up a separate forum for coordination and sharing information to rein in such investment schemes.

Chit funds funding Maoists, opposition: Mamata

Last Updated: Wednesday, June 26, 2013, 17:59

West Bengal Chief Minister Mamata Banerjee on Wednesday warned people against investing in chit funds and said the money was being used to fund Maoists and opposition parties.

Parl panel to submit report on ponzi schemes in Mo

Last Updated: Friday, May 31, 2013, 21:08

A Parliamentary panel looking into chit funds and ponzi schemes in the backdrop of Saradha scam in WB, will give its recommendations on preventing recurrence of such incidents to Parliament in the forthcoming Monsoon session.

Parl panel to submit report on ponzi schemes in Monsoon session

Last Updated: Friday, May 31, 2013, 17:55

A Parliamentary panel looking into chit funds and ponzi schemes in the backdrop of Saradha scam in West Bengal, will give its recommendations on preventing recurrence of such incidents to Parliament in the forthcoming Monsoon session.

FM for plugging regulatory gaps in financial sector

Last Updated: Wednesday, May 22, 2013, 13:56

Amid outcry over Ponzi schemes causing huge losses to common people, Finance Minister P Chidambaram on Wednesday said there are regulatory gaps and efforts are being made to frame a new law to oversee financial sector.

Chit funds pumped in unrealistic salaries: Bhutia

Last Updated: Monday, May 6, 2013, 18:19

Former India football captain Bhaichung Bhutia Monday said if only the chit fund scam was unearthed earlier, teams like his United Sikkim would have hired good players on realistic salaries.

Will publish posters against CPI(M) canards: Mamata

Last Updated: Sunday, May 5, 2013, 00:36

West Bengal CM Mamata Banerjee mocked her predecessor Buddhadeb Bhattacharjee`s comment that the former Left Front regime had kept chit funds at bay and promised to publish `posters` against canards by the Marxist party.

`Don`t confuse `Ponzi schemes` with chit funds`

Last Updated: Friday, May 3, 2013, 19:38

Against the backdrop of alleged chit fund scam in West Bengal, All India Association of Chit Funds representing the Rs 30,000 crore industry in the country today appealed to public not to confuse `Ponzi schemes` with chit funds.

New bill on chit funds by WB govt sparks off debate

Last Updated: Sunday, April 28, 2013, 10:35

With the Mamata Banerjee regime readying to crack the whip on the chit funds by bringing a new bill, a debate has begun whether it will stand up to judicial scrutiny.

No service tax can be levied on chit business: Delhi HC

Last Updated: Saturday, April 27, 2013, 18:33

The Delhi High Court has quashed the Centre's notification to levy service tax on chit-fund business, saying the act of a foreman, who conducts auction of chit amount among contributors, does not fall under the definition of "service" provided in the Finance Act.