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Prize Chits and Money Circulation Schemes Banning Act 1978 Complete Act

Title: Prize Chits and Money Circulation Schemes Banning Act 1978

State: Central

Year: 1978

Preamble1 - PRIZE CHITS AND MONEY CIRCULATION SCHEMES BANNING ACT 1978 Section1 - Short title and extent Section2 - Definitions Section3 - Banning of prize chits and money circulation schemes or enrolment as members or participation therein Section4 - Penalty for contravening the provisions of section 3 Section5 - Penalty for other offences in connection with prize chits or money circulation schemes Section6 - Offences by companies Section7 - Power to enter, search and seize Section8 - Forfeiture of newspaper and publication containing prize chit or money circulation scheme Section9 - Power to try offences Section10 - Offences under this Act to be cognizable Section11 - Act not to apply to certain prize chits or money circulation schemes Section12 - Transitional provisions Section13 - Power to make rules Section14 - Repeals and saving

Prize Chits and Money Circulation Schemes Banning Act 1978 Preamble 1

Title: Prize Chits and Money Circulation Schemes Banning Act 1978

State: Central

Year: 1978

THE PRIZE CHITS AND MONEY CIRCULATION SCHEMES (BANNING) ACT, 1978 [Act No. 43 Of 1978] [12th December, 1978] PREAMBLE An Act to ban the promotion or conduct of prize chits and money circulation schemes and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Twenty-ninth Year of the Republic of India as follows :

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

State: Central

Year: 1978

.....money or thing is derived from the entrance money of the members of such scheme or periodical subscriptions: (d) "prescribed" means prescribed by rules made under this Act: (e) "prize chit" includes any transaction or arrangement by whatever name called under which a person collects whether as a promoter, foreman, agent or in any other capacity, monies in one lump sum or in instalments by way of contributions or subscriptions or by sale of units, certificates or other instruments or in any other manner or as membership fees or admission fees or service charges to or in respect of any savings, mutual benefit, thrift or any other scheme or arrangement by whatever name called, and utilises the monies so collected or any part thereof or the income accruing from investment or other use of such monies for all or any of the following purposes; namely :- (i) giving or awarding periodically or otherwise to a specified number of subscribers as determined by lot, draw or in any other manner, prizes or gifts in cash or in kind, whether or not the recipient of the prize of gift is under a liability to make any further payment in respect of such scheme or arrangement; (ii) refunding to the.....

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

State: Kerala

Year: 1978

PRIZE CHITS AND MONEY CIRCULATION SCHEMES (BANNING) ACT, 1978 PRIZE CHITS AND MONEY CIRCULATION SCHEMES (BANNING) ACT, 1978 An Act to ban the promotion or conduct of prize and money circulation schemes and for matters connected therewith or incidental thereto. Be it enacted by Parliament in the Twenty ninth year of the Republic of India as follows:- 1. Short title and extent " (1) This Act may be called the Prize Chits and Money Circulation Schemes (Banning () Act, 1978. (2) It extends to the whole of India except the State of Jammu and Kashmir 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 subscriber shall, in his turn as determined by lot or by action or by tender or in such other manner as may be provided for in the chit agreement, be.....

Prize Chits and Money Circulation Schemes Banning Act 1978 Section 1

Title: Short Title and Extent

State: Central

Year: 1978

(1) This Act may be called The Prize Chits and Money Circulation Schemes (Banning) Act, 1978. (2) It extends to the whole of India except the State of Jammu and Kashmir.

Prize Chits and Money Circulation Schemes Banning Act 1978 Section 3

Title: Banning of Prize Chits and Money Circulation Schemes or Enrolment as Members or Participation Therein

State: Central

Year: 1978

No person shall promote or conduct any prize chit or money circulation scheme, or enrol as a member to any such chit or scheme, or participate in it otherwise, or receive or remit any money in pursuance of such chit or scheme.

Prize Chits and Money Circulation Schemes Banning Act 1978 Section 14

Title: Repeals and Saving

State: Central

Year: 1978

(1) The Andhra Pradesh Money Circulation Scheme (Prohibition) Act, 1965, as in force in the State of Andhra Pradesh, and in the Union territory of Chandigarh and the Madhya Pradesh Dhan Parichalan Skeem (Pratishedh) Adhiniyam, 1975, are hereby repealed. (2) Notwithstanding the repeal of any Act referred to in sub-section (1), anything done or any action taken under the provisions of any such Act shall, in so far as such thing or action is not inconsistent with the provisions of this Act, be deemed to have been done or taken under the provisions of this Act as if the said provisions were in force when such thing was done or such action was taken and shall continue in force accordingly until superseded by anything done or any action taken under this Act.

Prize Chits and Money Circulation Schemes Banning Act 1978 Section 13

Title: Power to Make Rules

State: Central

Year: 1978

(1) The State Government may, by notification in the Official Gazette and in consultation with the Reserve Bank, make rules for the purpose of carrying out the provisions of this Act. (2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for- (a) the office of the Reserve Bank to whom full information regarding any prize chit or money circulation scheme may be furnished under the first proviso to sub-section (1) of section 12, and the form in which and the period within which such information may be furnished; (b) the particulars relating to the winding up plan of the business relating to prize chits or money circulation schemes. 1[(3) Every rule made under this section shall be laid, as soon as may be after it is made, before the State Legislature.] ______________________ 1. Inserted by Delegated Legislation Provisions (Amdt.) Act (4 of 1986), Section. 2, Schedule. (15-5-86).

Prize Chits and Money Circulation Schemes Banning Act 1978 Section 12

Title: Transitional Provisions

State: Central

Year: 1978

.....as may be prescribed, full information regarding the chit or scheme along with a winding up plan prepared in accordance with the provisions of any rules that may be made by the State Government in this behalf under this Act: Provided further that if the State Government is satisfied, on an application made by the person conducting the prize chit or money circulation scheme, that the chit or scheme cannot be wound up within the period fixed in the winding up plan furnished to the State Government under the foregoing proviso, it may, in consultation with the Reserve Bank, permit such person to continue to conduct the business relating to the said chit or scheme for such further period as may be considered necessary having regard to the circumstances of the case and the interests of the members of the said chit or scheme. (2) The State Government may, in consultation with the Reserve Bank, approve the winding up plan furnished under sub-section (1) with or without modifications or reject the same and may grant or refuse to grant permission to continue to conduct that chit or scheme : Provided that no such winding up plan shall be modified or rejected without giving an.....

Prize Chits and Money Circulation Schemes Banning Act 1978 Section 11

Title: Act Not to Apply to Certain Prize Chits or Money Circulation Schemes

State: Central

Year: 1978

.....carry on any business other than the conducting of a prize chit or money circulation scheme whether it is in the nature of a conventional chit or otherwise; or (c) a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949, or a banking institution notified by the Central Government under section 51 of that Act or the State Bank of India constituted under section 3 of the State Bank of India Act, 1955, or a subsidiary bank constituted under section 3 of the State Bank of India (Subsidiary Banks) Act, 1959, or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, or a Regional Rural Bank established under section 3 of the Regional Rural Banks Act, 1976, or a co-operative bank as defined in clause (bii) of section 2 of the Reserve Bank of India Act, 1934; or (d) any charitable or educational institution notified in this behalf by the State Government, in consultation with the Reserve Bank.