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Which of the following statement about '...

Which of the following statement about 'Chit Fund' in India is/are correct ?
1. It is a kind of saving scheme.
2. There are no Acts regulating the activities relating to Chit Funds in India
Select the correct answer using the code given below

A

1 only

B

2 only

C

Both 1 and 2 only

D

Neither 1 nor 2

Text Solution

Verified by Experts

The correct Answer is:
A
A chit fund company is a company that manages, conducts, or supervises a chit scheme-as defined in Section of the Chit Funds Act, 1982. According to section 2(b) of the Chit Fund Act, 1982.
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