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

Which of the following statement about 'Chit Fund' in India is/are cor

1.	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
Answer» 1 only 2 only Both 1 and 2 only Neither 1 nor 2 Solution :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.