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    Which of the following statements about Chit Fund in India is/are correct?

    1. It is a kind of savings scheme.
    2. There are no Acts regulating the activities relating to Chit Funds in India.

    Select the correct answer using the code given below :

  • 1 only
  • 2 only
  • Both 1 and 2
  • Neither 1 nor 2