Nagpur, Dec 9 – Chit Fund (Maharashtra Amendment) Bill, 2023, introduced by Deputy Chief Minister and Finance Minister Ajit Pawar in the Legislative Assembly. was passed on Friday.
Delays in disposal of appeals will be avoided as appellate authority from the state government has been vested in the Administrative Officer. It will also save time of the appellants.
While introducing the Bill, Pawar said that all chit funds are regulated by the government through the Chit Fund Act, 1982.
This Bill has been introduced to amend this Act. At present, the Finance Minister has the right of appeal. Due to the busy schedule of the Finance Minister, he cannot be given sufficient time to process the appeals.
In this background, in order to speed up the process, the authority of appeal is being given to the office of joint registrar, who is an officer of the rank of Deputy Commissioner of State Tax.
Running the chit fund sometimes creates controversies. At that time, companies running chit funds appeal to the joint registrar of chits in the state tax department under section 69. If not satisfied with the decision of the Joint Registrar of Chits, then as per Section 70, there is a provision to appeal against their decision to the Finance Minister within a period of two months. With this amendment, these powers will be vested in the lower level i.e. Joint Registrars and will help speed up the process of disposal of appeals,he added .
