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The Prize Chits and Money Circulation Schemes (Banning) Act, 1978

Central

An Act to ban the promotion or conduct of prize chits and money circulation schemes and for matters connected therewith or incidental thereto.

Act number
43 of 1978
Ministry
Ministry of Finance
Department
Department of Financial Services
Enacted
12 Dec 1978

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

14 sections

  1. Section 1Short title and extent.
  2. Section 2Definitions.
  3. Section 3Banning of prize chits and money circulation schemes or enrolment as members or participation therein.
  4. Section 4Penalty for contravening the provisions of section 3.
  5. Section 5Penalty for other offences in connection with prize chits or money circulation schemes.
  6. Section 6Offences by companies.
  7. Section 7Power to enter, search and seize.
  8. Section 8Forfeiture of newspaper and publication containing prize chit or money circulation scheme.
  9. Section 9Power to try offences.
  10. Section 10Offences under this Act to be cognizable.
  11. Section 11Act not to apply to certain prize chits or money circulation schemes.
  12. Section 12Transitional provisions.
  13. Section 13Power to make rules.
  14. Section 14Repeals and saving.