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Home > Related Acts > Chit Funds Act, 1982
Chit Funds Act, 1982
Section 2(b) of the Chit Fund Act, 1982 defines a chit as under:-
"Chit means a transaction whether called chit, chit fund, chitty, kuri or by any other name by or under which a person enters into an agreement with a specified number of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical installments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount.
Explanation: - A transaction is not a chit within the meaning of this clause, if in such transaction,-
(i) some alone, but not all, of the subscribers get the prize amount without any liability to pay future subscriptions; or
(ii) all the subscribers get the chit amount by turns with a liability to pay future subscriptions."
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