Money Circulation Scheme
Legal definition for Indian law research
Definition
Money circulation scheme, means any scheme, by whatever name called, for the making of quick or easy money, or for the receipt of any money or valuable thing as the consideration for a promise to pay money, on any event or contingency relative or applicable to the enrolment of members into the scheme, whether or not such money or thing is derived from the entrance money of the members of such scheme or periodical subscriptions. [Prize Chits and Money Circulation Scheme (Banning) Act, 1978, (43 of 1978), s. 2(c)]
To be a money circulation scheme, a scheme must be for the making of quick or easy money on any event or contingency relative or applicable to the enrolment of the members into the scheme. The scheme has necessarily to be judged as a whole, both from the viewpoint of the promoters and also of the members, State of West Bengal v. Swapan Kumar Guha, AIR 1972 SC 949 (976). [Prize Chits and Money Circulation Schemes (Banning) Act, 1978 , s. 2(c)]
To be a money circulation scheme, a scheme must be for the making of quick or easy money on any event or contingency relative or applicable to the enrolment of the members into the scheme. The scheme has necessarily to be judged as a whole, both from the viewpoint of the promoters and also of the members, State of West Bengal v. Swapan Kumar Guha, AIR 1972 SC 949 (976). [Prize Chits and Money Circulation Schemes (Banning) Act, 1978 , s. 2(c)]
Definitions are for legal research. Always verify meaning in the context of the statute, judgment, or jurisdiction cited.