The Prize Chits and Money Circulation Schemes(Banning) Act, 1978

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The Prize Chits and Money Circulation Schemes(Banning) Act, 1978

THE PRIZE CHITS AND MONEY CIRCULATION SCHEMES(BANNING) ACT, 1978 ACT NO. 43 OF 1978 AN ACT TO BAN THE PROMOTION OR CONDUCT OF PRIZE CHITS AN

D MONEYCIRCULATION

[12th December, 1978.]

BE it enacted by Parliament in the Twenty-ninth Year of the Republic of India as follows:-

1.

Short title and extent.

1.

Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

(2)

and Kashmir.

2.

Definitions.

2. Definitions. In this Act, unless the context otherwise requires,-

(a) "conventional chit" means a transaction whether called chit, chit fund, kuri or by any other name by or under which a person responsible for the conduct of the chit enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or certain quantity of grain instead) by way of periodical instalments for a definite period and that each such...

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