I want advice on price chit and money circulation banning act 1978

5 years ago

there is a system where you need to pay rs 2200 as help, donation, charity or beg to 6 people and you get enrolled in this system after that you will have to find 4 people to pay rs 2200 each, if these 4 people pay rs 2200 each then you can take back your investment of rs 2200 and rest of the amount will get distributed among 6 people as it keeps going at the last level you will receive a grand total of rs 57 Lacs as help, donation, charity or beg from the people....so my question is, is it illegal under prize chit and money circulation banning act 1978 ? or is legal ?

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Rajender Prasad

Responded 5 years ago

A.YOU HAVE NOT GIVEN THE REAL FACTS ONLY PROCEDURE.. For details, pl. contact some advocate through vidhikarya.com

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Shanti Ranjan Behera

Responded 5 years ago

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A.Dear Client,
You need to look the following for your benefit.
The Prize Chits and Money Circulation Scheme(Banning) Act,1978,
The Chit Fund Act,1982
3.Money Circulation Scheme(Banning) Rules, 2012
They are available in Hindi.
Shanti Ranjan Behera,
Advocate

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ARPIT BATRA

Responded 5 years ago

A.Pl be aware of such illegal acts.

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Deepak Yashwantrao Bade

Responded 5 years ago

A.Dear client Better to avoid to become member of such illegal scheme.its fictional schemes and never existed.if such kind of money growth is possible then why tata birla ambani invest into such scheme.try to vigilant not sleepy..It's all
ridiculously fake

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Kishan Dutt Kalaskar

Responded 5 years ago

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A.Dear Sir,
Yes, any form of circulation by any name comes within the definition as defined in the said Act. Better to avoid to become member of such illegal scheme.

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