Which of the following statements is/are correct about the Chit funds? 1. Chit funds are essentially saving institutions and have regular members who make periodical subscriptions to the fund. 2. Chit fund business is regulated under the Central Chit Funds Act, 1982 which was recently amended by the Chit Funds (Amendment) Bill, 2019 and the rules framed under this Act by the various state governments for this purpose. Select the correct answer using the codes given below: - Study24x7
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Which of the following statements is/are correct about the Chit funds? 1. Chit funds are essentially saving institutions and have regular members who make periodical subscriptions to the fund. 2. Chit fund business is regulated under the Central Chit Funds Act, 1982 which was re...

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A

1 only

B

2 only

C

Both 1 and 2

D

Neither 1 nor 2

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