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Hyderabad, Nov. 12 The Andhra Pradesh Federation of Chit Funds (APFCF) has sought the adoption of the Central Chit Fund Act 1982, even as the State Government introduced the A.P. Chit Funds Act (Amendment) Bill, replacing an Ordinance to regulate chit fund companies in the State today.

The Federation said certain clauses in the recent Ordinance were detrimental to the business interests of small and medium companies.

It urged the State Government to incorporate their suggestions in the Bill.

The Federation office-bearers asked the State Government to provide necessary infrastructure and wherewithal to the Registrar of Chits before conferring quasi-judicial status on his office.

At least 3,000 civil suits on chit funds come up before courts across the State every month, said Mr B. Suryaprakash Rao, President, Mr V. Venkateswara Rao, Chairman and Ch Janardhan Reddy, Secretary-General, of APFCF.

More Stories on : NBFCs | Industry Associations | Andhra Pradesh

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