Rules & regulation of Chit funds - General Economics & Indian Economy

Q.  Consider the following statements

1. The Reserve Bank of India (RBI) has decided to permit non-resident Indians (NRIs) to subscribe to the chit funds without limit on a non-repatriation basis.
2. Chit funds are managed by SEBI.

Which of the above statements is/are not correct?
- Published on 10 Jun 15

a. Only 1
b. Only 2
c. Both
d. None

ANSWER: Only 2
 
Chit funds are governed by the Chit Fund Act 40/1982 and regulated by the respective state governments.

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