SAHAKARA SINDHU
Department Of Cooperation, Government of Karnataka

Money Lenders / Pawn Brokers    ||    Chit Funds

 

CHIT FUND

 
  • List of Nominees for the year 2011-12, 2012-13 and 2013-14 to deside disputes under Chit Fund Act

For more details contact :

H. Balashekar ,JRCS (Legal Cell) ,
Contact No :080-22268436,
Email : jrcs-legal-ka@nic.in

M.P.Manjunath, ARCS(Money Lending Squad)
Contact No :080-22269636/37 Ext : 223,
Email : arcs-ml1-ka@nic.in

      Chit Fund Act-1982 is a Central Act to provide for the Regulations of the Chits Fund Business and for the matters related thereon.

      Any person or company intends to carry chits business shall obtain prior sanction order (P.S.O.) as per Section 4 of Chit Fund Act and also shall obtain Commencement Certificate (C.C.) as required under Section 9 of Chit Fund Act.

      For the application of previous sanction to commence or conduct a chit under sub section 2 of section 4, they have to pay as fees to the extent of 0.25% of the Chit amount or Rs.250 which ever is higher if the Chit amount is upto Rs.5.00 lakhs and if the Chit amount is Rs.5.00 lakhs and above then the fee to be paid is 0.5% of the Chit amount or Rs.10,000 which ever is lower.

      Depending upon the Chit Aggregate Chit Value powers are delegated to different officers as detailed below :

Sl.No
Category Of Officers
Aggregate Chit Value of Total Chits
Powers delegated under the Acts & Rules
1
All Assistant Registrars of Chits of the Sub-Divisions Chit Value upto Rs.15 lakhs Sections: 4(1), (2), (3) & (4), 6(2), 8(2), 11(2), 14, 47(4) & 49.

Rule: 3

2
All Deputy Registrars of Chits of the Districts Chit Value of above Rs.15 lakhs Sections: 4(1), (2), (3) & (4), 6(2), 8(2), 11(2), 14, 47(4) & 49.

Rule: 3

3
Registrar of Chits All Chits irrespective of their value Sections: 74 & 81

Rules: 37 & 41

Particulars of progress under Chit Fund Act as at the end of 31-3-2017


(Rs.in lakhs)
Sl. No
State
2016-17
1
Total Chit Fund Insititutions
1223
2
Total Chit Groups
11,886
3
Total Chit Amount
464.05
4
Total Fees collected from the Chit Fund Institutions
73.5

Penal Provisions:

      If any person contravenes or abets the contravention of the provisions of the Chit Funds Act, shall be punishable with imprisonment for a term which may extend to two years or with fine which may extend to Rs.5,000/- or with both (as per section 76 of the Act).Top