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THE CHIT FUNDS ACT, 1982

Title : THE CHIT FUNDS ACT, 1982

Year : 1982



(1) The State Government may, in consultation with the Reserve Bank, by notification in the Official Gazette, make rules for giving effect to the provisions of this Act.

(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-

(a) The form and manner in which an application for obtaining the previous sanction may be made under sub-section (2) of section 4;

(b) The additional particulars that a chit agreement may contain under clause (q) of sub-section (1) of section 6;

(c) The particulars that may be included in the minutes of the proceedings of a draw under section 17;

(d) The method of valuation by the Registrar in a grain chit for the purpose of furnishing security under section 20;

(e) The procedure that may be followed by the Registrar in releasing the security furnished by the foreman under section 20;
 
(f) The registers and books and the form in which such registers and books may be maintained by the foreman under section 23;
 
(g) The time within which the balance-sheet and the profit and loss account in respect of a chit business shall be filed under section 24;

(h) The rate at which interest shall be payable on the defaulted installments by a defaulted subscriber under section 28; 

(i) The particulars that may be included in an application for the winding up of chits under section 49;
 
(j) The procedure to be followed for the winding up of chits under Chapter X;

(k) The fees payable under section 63; 

(l) The auditing of balance-sheet and the profit and loss accounts of chit business and the issue of audit certificates;
 
(m) The form and manner in which a dispute shall be referred to the Registrar under section 64;

(n) The procedure to be followed by the Registrar or his nominee for settling the disputes referred to him under section 64;

(o) The matters referred to in clause (f) of sub-section (1) of section 67;

(p) The conditions subject to which and the amount on the payment of which composition of offences may be made under section 81;

(q) The form and manner in which an appeal may be preferred under this Act and the fees payable for such appeal;

(r) The issue and service of notices or other process under this Act;
 
(s) The procedure for, and the manner of, receiving any sum payable under this Act;

(t) Any other matter which is required to be or may be prescribed. 

(3) Every rule made under this section shall be laid, as soon as may be after it is made, before each House of the State Legislature where it consists of two Houses, or, where such Legislature consists of one House, before the House.



(1) The Andhra Pradesh Chit Funds Act, 1971 (Andhra Pradesh Act 9 of 1971), the Kerala Chitties Act, 1975 (Kerala Act 23 of 1975), the Maharashtra Chit Funds Act, 1974 (Maharashtra Act LV of 1974), the Tamil Nadu Chit Funds Act, 1961 (Tamil Nadu Act 24 of 1961), as in force in the State of Tamil Nadu and in the Union territories of Chandigarh and Delhi, the Uttar Pradesh Chit Funds Act, 1975 (Uttar Pradesh Act 53 of 1975), the Goa, Daman and Diu Chit Funds Act, 1973 (Goa, Daman and Diu Act 16 of 1973), and the Pondicherry Chit Funds Act, 1966 (Pondicherry Act 18 of 1966), are hereby repealed and the provisions of section 6 of the General Clauses Act, 1897 (10 of 1897), shall apply to such repeal as if each such Act so repealed were a Central Act.

(2) Notwithstanding such repeal, the Acts mentioned in sub-section (1) shall continue to apply to chits in operation on the commencement of this Act, in the same manner as they applied to such chits before such commencement.

THE SCHEDULE
(See section 24)

PART I
FORM OF BALANCE-SHEET

S.No
Liabilites

 S.No  
Assets


1.CapitalRs. 
 1
Cash
 Rs.

AuthorisedRs.
 2.
Balance with banks


IssuedRs.

(a) Current account
(b) Deposit account
Rs.   
Rs.

 Rs.

Paid upRs.
 3.
Investments

2.
Reserve FundRs.
 
(a) In chits
(b) In Government securities
(c) Other
Rs.
Rs.
Rs.


 Rs.
3.
DepositsRs.
 4.
Share amount due from prized subscribersRs.

4.
BorrowingsRs.

(a) Secured
(b) Unsecured
Rs.
Rs.

 Rs.
5.
Foreman's liability in tickets prizedRs.
 5.
Arrears due from prized subscribers:

6.
Prize amount payableRs.

(a) Secured
(b) Unsecured
Rs.
Rs.

Rs.
7.
Defaulted subscribers amount payable
Rs.
 6.
Amount due in terminated chits


 
 
8.
Advance subscription receivedRs.

(a) Secured
(b) Unsecured
Rs.
Rs.

Rs.
9.
Liability to non-prized subscribers (Arrears from non-prized Subscribers to be indicated)Rs.
 7.
Chit prize amount paid earlier
Rs.
10.
Amount payable in terminated chits
Rs.
 8.
Loans and advances to subscribers
Rs.
11.
Account profit payable to non-prized subscribers
Rs. 
 9.
Litigation expenses
Rs.
12.
Other liabilitiesRs.
 10.
Premises

Rs.
13.
Profit and loss accountRs.
 11.
Furniture and fixture
Rs.



 12.
Stamps-in-stock

Rs.



 13.
Other assets
Rs.



 14.
Profit and loss account
Rs.

Total
Rs.

Total

Rs.








Total chit amounts of the chits in force i c running chits


Particulars to be specified in respect of amounts shown against 4, 5 and 6.





(i) Amounts due from directors or officers of the company or any of Them either jointly or severally with any other person.
(ii) Amounts due by companies or firms in which the directors of the companies, as members.


PART II
FORM OF PROFIT AND LOSS ACCOUNT


S.No.
   Expenditure
S.No. 
Income

1.To interest paid on deposits, borrowings, etc Rs. 1.By foreman's Commission
Rs.
2.
To salaries, allowances, bonus and provident fund Rs. 2.By bonusRs.
3.
To directors sitting fees Rs. 3.By interestRs.
4.
To rent, taxes, insurance, lightingRs. 4.By indivisible income in auction profitRs.
5.
To law chargesRs. 5.By rentRs.
6.
To postages, telegrams and stampsRs. 6.By net profit on sale of investmentsRs.
7.
To auditors' feesRs. 7.
By other receipts
Rs.
8.
To filing fees
Rs.
 8.
By loss
Rs.
9.
To depreciation and repairsRs.



10.
To stationery, printing and advertisement
Rs.



11.
To other expenditureRs.



12.
To balance of profit
Rs.










Total
Rs.

Total
Rs.

APPENDIX

Commencement of The Chit Funds (Amendment) Act, 2001

Notification No. S.O. 980 (E), dated 1st October, 20011

In exercise of the powers conferred by sub-section (2) of section 1 of the Chit Funds (Amendment) Act, 2001 (10 of 2001), the Central Government hereby appoints 1st October, 2001, as the date on with the provisions of the said Act shall come into force in the following States and Union Territories:-

S.No.
State
1.Assam
2.
Bihar
3.
Goa
4.
Himachal Pradesh
5.
Karnataka
6.
Madhya Pradesh
7.
Manipur
8.
Meghalaya
9.
Orissa
10.
Punjab
11.
Rajasthan
12.
Sikkim
13.
Tamil Nadu
14.
Tripura
15.
Uttar Pradesh
16.
West Bengal

 
S.No.
Union Territory
1.Andaman and Nicobar Islands
2.
Chandigarh
3.
Dadra and Nagar Haveli
4.
Daman and Diu
5.
Lakshadweep Islands
6.
Pondicherry

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1. Published in the Gazette of India, Extra., Pt. II, Sec. 3 (ii), dated 1st October, 2001.

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Last updated on October, 2016

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