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of <h1>Chit Funds (Amendment) Bill 2019: New Terms and Clarity to Differentiate Legitimate Chits from Illegal Schemes.</h1> The Ministry of Finance introduced the Chit Funds (Amendment) Bill, 2019, to enhance transparency and growth in the chit funds sector. Passed by the Lok Sabha and Rajya Sabha in November 2019, the Bill amends the Chit Funds Act, 1982, allowing the use of terms like Fraternity Funds and Rotating Savings and Credit Institution (ROSCA) to distinguish legitimate chit funds from illegal prize chits. It also revises terminology, replacing 'chit amount' with 'gross chit amount' and 'prize amount' with 'net chit amount,' to prevent confusion with banned prize chits under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.
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