20th August: Chit Funds Day has been celebrated by the Tamil Nadu Chit Fund Companies Association
Chit Funds Day has been celebrated by the Tamil Nadu Chit Fund Companies Association and the Incorporated Chit Funds Association on Saturday, the 20th August 2022 at the MMA Management Centre Chennai.
Mr. M.KrishnaBharathi, President of TNCFA welcomed the gathering. Mr. A.Chitrarasu , President of ICFA gave a presentation about Chit Funds and about the following demands of the Chit Funds Industry from the Government.
· The Registration department to improve the ease of compliance and also to quicken the disposal of arbitration cases and appeals.
· A separate classification for Chit Fund companies from the RBI as 'NBFC – Chit Funds' and also to remove the hassles in opening current accounts with certain private banks.
· The Income Tax department exempted income from Chits from tax as it is done in the case of interest on savings from banks. Also, to allow the discount foregone in the Chit when the Chit amount is used for buying or construction of a house.
· GST department to totally exempt the consideration(Commission) received by Chit Funds for the financial services rendered by them from GST as it is done in the case of consideration (interest) received by banks and NBFCs.
Mr.Su.Thirunavukkarasar, MP who was himself a chit customer was the chief guest at the function who inaugurated the celebrations. He urged the Chit Fund companies to expand their services to smaller towns and rural areas so, that the people there could get the financial services.
Mr. A.M.Vikrama Raja, President of Tamil Nadu Vanigar Sangangalin Peramaippu was the Guest of honour. He said that Chit Funds helped a lot of traders to start their business and also to expand and grow.
Mr.M.M.Parthiban, IRS , Principal Commissioner of GST & Central Excise, Chennai and Mr. M.K. Madhivanan IRS, Asst Commissioner of GST & Central Excise participated in the function and felicitated. The principal commissioner appreciated the Chit Funds for coming in handy for emergency needs of the middle and lower middle class of people. He advised the Chit Fund industry to approach the GST council and its members for redressal of their grievance in the matter of levy of GST.
Mr. P.Rajaji, CEO and Mr.E.Sreedhar, Vice President of Margadarsi Chits Pvt.Ltd., Mr. V.C.Praveen, Vice Chairman of SreeGokulam Chits and Past President of All India Association of Chit Funds.Mr.D.C. Elangovan, Managing Director of DNC Chits and Chairman of ICFA Advisory Board.Mr.V.Suresh, EDS riram Chits Mr.A.P. Arunachalam of Mayavaram Chits, Mr.Vaidhyanathan,Director, Balussery Chits have Participated in the celebrations.
Mr.K.S.Senthil Kumar, Secretary, TNCFA proposed Vote of thanks.Mr.AR.Umapathy, Secretary, ICFA and Mr.K.Parthiban of DNC Chits have made all the arrangements for the meeting.
TAMIL NADU CHIT FUND COMPANIES ASSOCIATION
INCORPORATED CHIT FUNDS ASSOCIATION
https://www.facebook.com/Tamil-Nadu-Chit-Fund-Companies-Association-110968200709339/
M.Krishnabharathy A.Chitrarasu
President – TNCFA President – ICFA
M- 94430 22139 M – 93800 44454
No comments:
Post a Comment