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TypeBare Act JurisdictionCentral Government

Chit Funds Act, 1982 Section 86

Banks not to conduct chit business.—

~1 min read
https://sooperkanoon.com/act/442333

Bare act section · Research

About this section

Chit Funds Act, 1982 Section 86 is part of Chit Funds Act, 1982 - Banks not to conduct chit business.—. Read the section text below and explore Indian court judgments that cite it.

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Section Text

1) Notwithstanding anything contained in this Act, no bank shall commence or carry on chit business after the commencement of this Act.

(2) Where a chit had been started by any bank before such commencement, such chit may be continued after such commencement until it is completed, and the provisions of the chit agreement and such laws, if any, as were applicable to it immediately before the commencement of this Act shall apply to such chit.

Explanation.—For the purposes of this section “bank” means an approved bank or a co-operative bank as defined in clause (bii) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934).

Frequently asked questions

What does Chit Funds Act, 1982 Section 86 provide?

Section Section 86 of the Chit Funds Act, 1982 (Banks not to conduct chit business.—) is reproduced on this page as part of the Chit Funds Act, 1982. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Chit Funds Act, 1982 Section 86?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Chit Funds Act, 1982 Section 86. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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