The following are the achievements of the Karnataka Chitsters Association:
However, it was re-imposed in the year 2007 - 08 & our Association along with Chit Fund Karnataka is fighting for non imposition of Service Tax & as of now the matter is in the Supreme court. The Department has given an abatement of 30 % on service Tax after giving lot of representations.
When the RBI categorized our Chit Fund industry as NBFC & seeked for Amendment of the minimum capital to be as Rs 25 Lac (Now 2 Crores). Our Association along with Karnataka chitsters Association fought & was successful in removing such condition by catagorising our Chit Industry as Residuary Miscellaneous Non Banking Finance Companies, from Miscellaneous Non Banking Finance Companies.
When the Chit fee for Prior Sanction was increased from Rs 100/- per group to 1% of Chit value in our state, our Association filed a Writ Petition in the High Court of Karnataka & obtained a great relief in reducing the the fee to obtain Prior Sanction for each group.