Lawgist13Power to make rules
(1) The State Government may, by notification in the Official Gazette and in consultation with the Reserve Bank, make rules for the purpose of carrying out the provisions of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for--
(a) the office of the Reserve Bank to whom full information regarding any prize chit or money circulation scheme may be furnished under the first proviso to sub-section (1) of section 12, and the form in which and the period within which such information may be furnished;
(b) the particulars relating to the winding up plan of the business relating to prize chits or money circulation schemes.
1[(3) Every rule made under this section shall be laid, as soon as may be after it is made, before the State Legislature.]
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1. Ins. by Act 4 of 1986, s. 2 and the Schedule (w.e.f. 15-5-1986).
- 1 Short title and extent
- 2 Definitions
- 3 Banning of prize chits and money circulation schemes or enrolment as members or participation therein
- 4 Penalty for contravening the provisions of section 3
- 5 Penalty for other offences in connection with prize chits or money circulation schemes
- 6 Offences by companies
- 7 Power to enter, search and seize
- 8 Forfeiture of newspaper and publication containing prize chit or money circulation scheme
- 9 Power to try offences
- 10 Offences under this Act to be cognizable
- 11 Act not to apply to certain prize chits or money circulation schemes
- 12 Transitional provisions
- 13 Power to make rules
- 14 Repeals and saving
