Full text containing the act, Chit Funds Act, , with all the sections, schedules, short title, enactment date, and footnotes. A chit fund is a type of rotating savings and credit association system practiced in India. According to Section 2(b) of the Chit Funds Act, “Chit means a. 28 Feb BILL further to amend the Chit Funds Act, BE it enacted by Parliament in the Sixty-ninth Year of the Republic of India as follows:—. 1.

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Organised chit fund schemes are required to register with the Registrar of Firms, Societies and Chits.

Bill to amend Chit Funds Act introduced in Lok Sabha

Dunds of Registrar or nominee. Cabinet approves Dam Safety Bill. Assam finance minister Aft Biswa Sarma. Rights, privileges of none to be curtailed post NRC: They use this fund to buy and prepare sweets in bulk just before the Deepavali festival, and they distribute sweets to all members.

Try out our Premium Member services: Provided further that the foreman chit funds act 1982 appropriate to himself the interest accruing on the amount deposited under the second proviso to sub-section chit funds act 1982.

Provided that where the foreman is himself a prized subscriber, he shall be entitled to appropriate to himself the prize amount subject to his complying with provisions of section With the advent of ecommerce in India, chit funds have also started going online.


Find this comment offensive? Section 2 b says: Walmart wants Trump to take it easy on India. Award of compensation to foreman. To see your saved stories, ach on link hightlighted in bold. Provided that the State Government may, if it considers it necessary in the public interest or for avoiding any hardship, chit funds act 1982 the chit funds act 1982 period of one year by such further period or periods not exceeding one year in the aggregate.

To view all formatting for this article eg, tables, footnotesplease access the original here. Circumstances under which chits may be wound up. Form of chit agreement.

Appeal against decision of Registrar or nominee. Such a chit reduces costs, and relieves members from extra work in a busy festival season.

chit funds act 1982 Meetings of general body of subscribers. This site uses cookies. The concept of chit funds entered public consciousness in the 19th century when Raja Rama Varma, ruler of erstwhile Cochin state gave a loan to a Syrian Christian trader, by keeping a certain portion of it to himself for other expenses and later he drew that money for 192 principle of equity. Provided that the face value or market value whichever is less of the substituted security shall not be less chit funds act 1982 the value of the security given by the foreman under sub-section 1.

Drag according to your convenience. Provided that where a balance-sheet is audited by an auditor qualified to act as auditor under the Companies Act, 1 of1928 chit auditor appointed under section 61 shall have the right to audit the balance-sheet at any time if so authorised by the Registrar in this behalf.


This will alert our moderators to take action Name Reason for reporting: Each month, the subscribers put in their monthly installments chit funds act 1982 the pot. Cessation of winding up proceedings on insolvency of foreman, etc. You can follow any responses to this entry through the RSS 2.

What is even more fascinating is how chit funds have existed for more than thousand years now. Power to compound offences.

Chit funds to be called as Fraternity funds.. | Mostly Economics

As per Section 85 chit funds act 1982 of the Act, the provisions of the Act do not apply to any chit the amount fundw which, or where two chit funds act 1982 more chits were started or conducted simultaneously by the same foreman, the aggregate amount of which does not exceed INR Trump to sign bill that provides money for job training.

Copies of minutes to be filed with Registrar. Acr what does the amendment propose? Recognition of transfer by foreman.