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

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)]...

Money circulation scheme

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)]...

Draw

Draw, 'draw' means the manner specified in the chit agreement for the purpose of ascertaining the prized subscriber at any installment of the chit. [Chit Funds Act, (40 of 1982), s. 2(i)]...

Money

Money, means current coin; metal stamped in pieces as a medium of exchange and measure of value. Hence, anything serving the same purpose as coin, late ME. In mod. use applied indifferently to coin and to such promissory documents representing coin as are currently accepted as a medium of exchange, Shorter Oxford English Dictionary; see also C.I.T. v. Kasturi & Sons Ltd., (1999) 3 SCC 346.Money, the Black's Law Dictionary 5th Edn., defines the word 'money' thus: 'In usual and ordinary acceptation. It means coins and paper currency used as circulating medium of exchange, and does not embrace notes, bonds, evidences of debt, or other personal or real estate, Lane v. Railey, 280 Ky 319, 133 SW 2d 74, 79, 81. See also Currency; Current money; Flat money; Legal tender; Near money; Scrip; Wampum. A medium of exchange authorized or adopted by a domestic or foreign Government as a part of its currency, VCC $1-2-1(24).' Stroud's Judicial Dictionary, 5th Edn., defines it as follows: 'Money as cu...

Money Bill

Money, means current coin; metal stamped in pieces as a medium of exchange and measure of value. Hence, anything serving the same purpose as coin, late ME. In mod. use applied indifferently to coin and to such promissory documents representing coin as are currently accepted as a medium of exchange, Shorter Oxford English Dictionary; see also C.I.T. v. Kasturi & Sons Ltd., (1999) 3 SCC 346.Money, the Black's Law Dictionary 5th Edn., defines the word 'money' thus: 'In usual and ordinary acceptation. It means coins and paper currency used as circulating medium of exchange, and does not embrace notes, bonds, evidences of debt, or other personal or real estate, Lane v. Railey, 280 Ky 319, 133 SW 2d 74, 79, 81. See also Currency; Current money; Flat money; Legal tender; Near money; Scrip; Wampum. A medium of exchange authorized or adopted by a domestic or foreign Government as a part of its currency, VCC $1-2-1(24).' Stroud's Judicial Dictionary, 5th Edn., defines it as follows: 'Money as cu...

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)]...

Discount

Discount [fr. dis and conte, Fr.], abatement; commonly a sum of money deducted from a money obligation in consideration of its payment before the stipulated time.Discount means the sum of money or the quantity of grain which a prized subscriber is, under the terms of the chit agreement, required to forego and which is set apart under the said agreement to meet the expenses of running the chit or for distribution among the subscribers or for both. [Chit Funds Act, (40 of 1982), s. 2(g)]Means the difference between the amount received or receivable by the infrastructure capital company or infrastructure capital fund or public sector company issuing the bond and the amount payable by such company or fund or public sector company on maturity or redemption of such bond. [Income Tax Act, 1961 (43 of 1961), s. 36(1) iii-a Expl.]...

Non-prized subscriber

Non-prized subscriber, does not include defaulting subscriber. [Chit Funds Act, 1982 (40 of 1982), s. 2(k)]...

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