Received the assent of the president on the 22nd june 1 961. Statutory bodies pension funds act act 8 of 1978 1 july 1978 arrangement of sections section 1. Be it enacted by parliament in the thirtythird year of the republic of india as follows. Act n7817 of 6 january 1978 on data processing, data files. Statutory bodies pension funds act act 8 of 1978 1. Amended by transfer of powers and duties of the state president act 97 of 1986. The prize chits and money circulation schemes banning. If chit fund companies are financial entities, why are they not regulated by rbi. The act specifically creates inspector general positions and offices in more than a dozen specific departments and agencies.
Chit funds chitty kuri miscellaneous nonbanking company. Now, a chit fund company needs to obtain a certificate of incorporation cin from. Under the act, the central government can choose to notify the act in different states on different dates. Karnataka act no 2 of 2008 the chit funds karnataka amendment act, 2007 arrangement of sections sections. The interest act 1978 bare acts at, a website for indian laws and bareacts, legal advice and law documents in india. Increase of writingdown allowances for certain industrial buildings. Eft services include transfers through automated teller machines, pointofsale terminals, automated clearinghouse systems. I did good research and thought of sharing my knowled. Conventional chits are defined under section 2 sub clause a and defines it as a transaction whether called chit, chit fund, regionally as kuri or any other name carried on by a person by entering into an agreement with a definite number of persons who shall invest a certain some of money whether in lump sum or in instalments.
Road fund act, 1997 act 536 e such monies as the minister responsible for finance in consultation with the minister may determine with the approval of parliament. Those chit funds which are registered under this act can legally carry on chit fund business. Be it enacted by parliament in the twentyninth year of the republic of india as follows. Chit funds act, 1982 bare acts law library advocatekhoj.
Home actsofparliamentfromtheyear the prize chits and money circulation schemes banning act, 1978 the prize chits and money circulation schemes banning act, 1978 language undefined. A chit fund is a type of rotating savings and agreement among different persons i. Finance act 1978 1978 chapter 42 an act to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance. Public trustee act 1978 part 1 preliminary current as at 22 march 2016revised version page 9 authorised by the parliamentary counsel public trustee act 1978 an act about the public trustee part 1 preliminary 1 short title this act may be cited as the public trustee act 1978. Chit fund act 1982 is a central act to provide for the regulations of the chits fund business and for the matters related thereon. An act to provide for the establishment of the national. Chit, defaulting subscriber, approved bank, discount. Interplay between civil liability contribution act 1978 and. The chits funds act,1982 statement of objects and reasons 1a. Changes brought by chit funds amendment bill, 2019. Any grant or transfer of moneys to the housing loans fund specified in the second schedule to the financial procedure act 1957 and for the purpose of that fund as specified in section 5 of the housing loans fund act 1971 act 42, subject to such terms and conditions as the minister may impose. Government of kerala published the chit fund rules 201204062012 notification government order nog.
An act to amend and consolidate the law relating to government and other provident funds. In this act, unless the context otherwise requires. What does electronic fund transfer act of 1978 mean in finance. The kerala chitties amendment act, 1978 act no 19 of 1978 came into force on 0305 1978 amendment insertion of new section 70 a power to exempt the kerala finance act,2002 wherever 20% of subscribers resides, there must have the office of chitty company. The andhra pradesh chit funds act, 1971 the andhra pradesh chit funds act, 1971 act no. Any person or company intends to carry chits business shall obtain prior sanction order p. Government of kerala taxes c department notification g. Twentysecond dear of the republic of india as follows. A society intend to register under the act must follow the following procudre.
States are responsible for notifying rules and have the power. Be it enacted by parliament in the sixtyninth year of the republic of india as follows. An act to provide for the regulation of chit funds and for matters connected there with. This chapter is the state budget act and may be cited by that name. The prize chits and money circulation schemes banning act, 1978, indian bare acts at, a website for indian laws and bareacts, legal advice and law documents in india. Act n7817 of 6 january 1978 on data processing, data files and individual liberties amended by the act of 6 august 2004 relating to the protection of individuals with regard to the processing of personal data annotated text in order to simplify the reading of this act, a reference in an article to another article is shown. Amendment of section 84 statement of objects and reasons under section 70 of the chit funds act, 1982 central act 40 of 1982 any. In 1979, the electronic fund transfer act efta, also known as regulation e, was implemented to protect consumers when they use electronic means to manage their finances.
Short title, extent and commencement 1 this act may be called the chit funds act, 1982. Protection of businesses amendment act 114 of 1979 protection of businesses amendment act 71 of 1984 protection of businesses amendment act 87 of 1987 international cooperation in criminal matters act 75 of 1996. Get free access to the complete judgment in saravana chit fund co. In this act, unless the context otherwise require, aapproved bank means the state bank of india constituted under section 3 of the state bank of india act, 1955 23 of 1955, or a subsidiary bank constituted under section 3 of the state bank of india subsidiary banks act, 1959 33 of 1959, or a corresponding new bank constituted under section 3 of. Chit fund business is regulated under the central act of chit funds act, 1982 and the rules framed under this act by the various state governments for this purpose. Information related to sections of the act, power of court to allow interest and interest payable under certain enactments is also given. Penalty for contravening the provisions of section 3. Electronic fund transfers are defined as transactions that use computers, phones or magnetic strips to authorize a financial institution to credit or debit a customers. Firms, societies and chits, government of uttarakhand, india. Thus,registration and regulation of chit funds are carried out by state governments under the rules framed by them.
Whew it is expedient to provide for the regulation of. An act to provide for the regulation of chit funds and for matters connected therewith. Banning of prize chits and money circulation schemes or enrolment as members or participation therein. In this act, unless the context otherwise requires agreement means the document which contains the terms and conditions agreed to and adopted by the subscribers and the chit fund company. Chit funds act, 1982 in 1982, the ministry of finance enacted the chit funds act to regulate the sector.
Statutory bodies pension funds act act 8 of 1978 1 july 1978 arrangement of sections 1. Be it enacted by the legislative assembly of pondicherry in the seventeenth year of the republic india as follows. Amendment of section 40 application of section 31 building societies of corporation tax act, 1976, for certain years of assessment of finance act, 1977. Monies for the fund shall be paid into bank accounts opened for the purpose by the road fund management board established under section 5 of this act. An act to provide for the regulation of chit funds in the union terri tory of pondicherry. According to section 2b of the chit funds act, 1982. Be it enacted by parliament in the seventieth year of the republic of india as follows. In exercise of the powers conferred by section 89 of the chit funds act, 1982 central act, 40 of 1982, the government of andhra pradesh, in consultation with the reserve bank of india, hereby makes the following rules. Organised chit fund schemes are required to register with the registrar of firms, societies and chits. The act classifies chits into conventional chits and prize chits. Central government has not framed any rules of operation for them. According to section 2b of the chit funds act, chit means a. Introduction section 11 civil liability contribution act 1978 the act provides for a right of action where a party to litigation believes another person may also or instead be liable in respect of the same damage suffered by the claimant.
The liability of the fund or an agent regarding any tariff contemplated in subsections 4a, 5 and 6 shall be based on the tariffs for health services provided by public health establishments contemplated in the national health act, 2003 act no. Chit fund companies are regulated under the chit fund act, 1982, which is a central act, and is implemented by the state governments. The dominant purpose of the act is to regulate the chit and control the activity of the foreman and protect the interests of the subscribers. Users can get information about the act, its short title, objectives, extent, commencement and definition. It shall come into force on such date as the central government may, by notification in the official gazette, appoint, and different dates may be appointed for different states. 33 of act 7197 by the repeal of chapters i and iii to the extent that they apply to fund raising organisations, branches of such organisations and any other organisation. I an act to provide for the regulation of chit funds in the pstae of tamil nadu. Singh, ips director general state vigilance bureau. The inspector general act of 1978 is a united states federal law 92 stat. It extends to the whole of india except the state of jammu and kashmir.
Meaning of electronic fund transfer act of 1978 as a finance term. Establishment of the national housing fund 1 there is hereby established a fund to be known as the national housing fund in this. Act 642 of 1978 an act to revise and consolidate the laws relative to the probate of decedents estates, guardianships, conservatorships. Provisions in relation to customs, customs duties and eec levies. The electronic fund transfer act was passed by the u.
The saradha group financial scandal was a major financial scam and alleged political scandal caused by the collapse of a ponzi scheme run by saradha group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly but incorrectly referred to as chit funds in eastern india. Section 2b of the under chit fund act 1982 defines chit as. The suit was based on a kuri trancaction chit fund. Amendment of section 8 suspension of shipping investment allowance of finance act, 1973. Electronic fund transfer act the electronic fund transfer act efta 15 usc 1693 et seq. National welfare act 100 of 1978 south african government. Copies of chit agreement to be given to subscribers.
Electronic fund transfer act of 1978 financial definition of. Dec 09, 2015 in bloomberg v lp v malling precast ltd, a judgment that well illustrates the decline of business common sense as an aid to contractual interpretation, fraser j considered the interplay between section of the civil liability contribution act 1978 and a clause limiting liability in a contractors collateral warranty. 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. Chit fund is defined as per the section 2b of the chit fund act, 1982. An act to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance. Be it enacted by the parliament of the democratic socialist republic of sri lanka as follows. A chit fund is a type of rotating savings and credit association system practiced in india. Fund raising amendment act 115 of 1991 fund raising amendment act 43 of 1994 nonprofit organizations act 71 of 1997 note. Chit funds act 1982 defines a chit fund company as a company which conducts, manages and supervises a chit fund scheme. The finance ministry is amending the chit funds act to insulate small savers from ponzi schemes floated by firms such as saradha and rose valley.
Be it enacted by the legislature of the state of andhra pradesh in. This act may be cited as the employees trust fund act, no. Prize chits and money circulation schemes banning act, 1978 pdf file act no. There are over 10,000 registered chit fund in india. Congress passed the electronic fund transfer actalso known as regulation ein response to the growth of atms and electronic banking, and the federal reserve board frb, the. Before that, chit funds were not governed by any central law. A chit fund company is a company that manages, conducts, or supervises such a chit fund, as defined in section of the chit funds act, 1982. Registrar of firms, societies and chits government of. All enrolled chit funds ought to contain both of the words chit fund chitty or kuri as a major aspect of their name.
The act specifies various names which may be used to refer to a chit fund. Short title and commencement 1 these rules may be called the kerala chit funds rules 2012. Recently, while working with one of my clients, i was introduced with the concept of chit funds. I was aware of sarada chit fund scam but not completely aware of working behind the chit fund. Congress in 1978 and signed by president jimmy carter, to establish the rights and liabilities of consumers as well as the responsibilities of all participants in electronic funds transfer activities.