LawgistThe Chit Funds Act
85Act not to apply to certain chits
Nothing in this Act shall apply in respect of
(a) any chit started before the commencement of this Act; or
(b) any chit the amount of which, or where two or more chits were started or conducted simultaneously by the same foreman, the aggregate amount of which does not exceed 1[such amount as may be specified, by notification in the Official Gazette, by the State Goverment].
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1. Subs. by Act 41 of 2019, s. 9, for “one hundred rupees” (w.e.f. 1-1-2020).
MISCELLANEOUS
- 73 Advisory role of Reserve Bank
- 74 Appeals
- 75 Powers of Registrar to give extension of time for filing documents
- 76 Penalties
- 77 Penalty for second and subsequent convictions
- 78 Application of fine
- 79 Offences by companies
- 80 Cognizance of offences
- 81 Power to compound offences
- 82 Power to enter and search any place and to seize any documents
- 83 Officers to be public servants
- 84 Power to delegate
- 85 Act not to apply to certain chits
- 86 Banks not to conduct chit business
- 87 Power to exempt
- 88 Protection of action taken under the Act
- 89 Power to make rules
- 90 Repeal and saving
