what is chit fund
A CHIT FUND is a kind of savings scheme practiced in India.A chit fund company is a company that manages, conducts, or supervises a chit schemeâas defined in Section of the Chit Funds Act, 1982.According to Section 2(b) of the Chit Fund Act, 1982: chit fund company is a company that manages, conducts, or supervises a chit schemeâas defined in Section of the Chit Funds Act, 1982. According to Section 2(b) of the Chit Fund Act, 1982: