Arrange the following Acts in correct chronological order, starting from earliest to latest:
(A) Chit Fund Act
(B) Export Import Bank of India Act
(C) Prevention of Money Laundering Act
(D) National Housing Bank Act
(E) Regional Rural Banks Act
Choose the correct answer from the options given below:

Correct option is A

Correct Answer: (a) (E), (B), (A), (D), (C)
Explanation: The chronological order of the enactment of these financial acts is as follows:

• Regional Rural Banks Act (E): Enacted in 1976 to provide sufficient banking and credit facilities for agriculture and other rural sectors.
  
• Export-Import Bank of India Act (B): Enacted in 1981 (established in 1982) to finance, facilitate, and promote India's foreign trade.
  
• Chit Fund Act (A): Enacted in 1982 to regulate chit funds and prohibit certain fraudulent schemes.
  
• National Housing Bank Act (D): Enacted in 1987 (established in 1988) to operate as a principal agency to promote housing finance institutions.
  
• Prevention of Money Laundering Act (C): Enacted in 2002 (PMLA) to prevent money laundering and provide for the confiscation of property derived from it.
  

Information Booster:

• RRBs ownership: Initially owned by the Central Government (50%), State Government (15%), and Sponsor Bank (35%).
  
• Apex Bodies: EXIM Bank is the apex financial institution for foreign trade, while NHB is the apex regulatory body for the housing finance sector (now regulated directly by RBI).
  
• PMLA Enforcement: The Directorate of Enforcement (ED) is responsible for investigating offenses under the PMLA.