It has been the continuing effort of the AIACF to petition the government to make changes to how chit funds are treated by the law. Working towards this goal, the focus is now on reforming some of the larger problem areas for chit funds. Working with experts and consultants, the following recommendations have been made to the government and copies of the same have been shared with the press.
1. Reducing the GST from 12% to 5%
2. Exemption from the provisions of Sec 269ST (only to registered chit fund companies)
3. Introducing a Bill for amendments to the Chit Act in the Parliament