Chit Amount - Law Dictionary Search Results
Home Dictionary Name: chit amountChit amount
Chit amount, means the sum-total of the subscriptions payable by all the subscribers for any instalment of a chit without any deduction of discount or otherwise. [Chit Funds Act, 1982 (40 of 1982), s. 2(d)]...
Chit
Chit, means a transaction whether called chit, chit fund, Chitty, kuri or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical instalments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount.Explanation.--A transaction is not a chit within the meaning of this clause, if in such transaction,--(i) some alone, but not all, of the subscribers get the prize amount without any liability to pay future subscriptions; or(ii) all the subscribers get the chit amount by turns with a liability to pay future subscriptions. [Chit Funds Act, 1982 (40 of 1982), s. 2(b)]...
Prize amount
Prize amount, means the difference between the chit amount and the discount, and in the case of a fraction of a ticket means the difference between the chit amount and the discount proportionate to the fraction of the ticket, and when the prize amount is payable otherwise than in cash, the value of the prize amount shall be the value at the time when it becomes payable. [Chit Funds Act, 1982 (40 of 1982), s. 2(m)]...
Chit Fund Company
Chit Fund Company, 'chit fund company' means a company managing, conducting or supervising as foreman, agent or in any other capacity, chits as defined in s. 2 of the Chit Funds Act, 1982, (40 of 1982). [Prevention of Money Laundering Act, (15 of 2003), s. 2(h)]...
Chit agreement
Chit agreement, means the document containing the articles of agreement between the foreman and the subscribers relating to the chit. [Chit Funds Act, 1982 (40 of 1982), s. 2(c)]...
Chit business
Chit business, means the business of conducting a chit. [Chit Funds Act, 1982 (40 of 1982), s. 2(e)]...
Prize chit
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 utillilses 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 or gift is under a liability to make any further payment in respect or such scheme or arrangement;(ii)...
Chit
The embryo or the growing bud of a plant a shoot a sprout as the chits of Indian corn or of potatoes...
Due amounts due
Due amounts due, an amount 'due' normally refers to an amount which the creditor has a right to recover. Wharton in Law Lexicon defines 'due' as anything owing; that which one contracts to pay another. 'Amounts due' under, s. 71 are those amounts which the creditor could have recovered had he filed a suit, State of Kerala v. V.R. Kalliyanikibty, (1999) 3 SCC 657 (661). [Kerala Revenue Recovery Act, 1968, ss. 71, 702, 69(2)...
Principle amount
Principle amount, interest accrued and added to principal amount on date of suit is principal amount for purposes of interest and not amount of loan originally advanced, Indian Bank v. M/s Kamalalaya Cloth Store, AIR 1991 Ori 44....
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