A chit fund is a type of rotating savings and credit association system practiced in India. According to Section 2(b) of the Chit Funds Act, “Chit means a. 6 Dec Name: All enrolled chit funds ought to contain both of the words ‘Chit Fund’ “Chitty ‘ or “kuri” as a major aspect of their name. No other individual. order and the Execution Petition. Respondent No. 1 filed Execution Petition in the year for execution of the award made under Section 64 of Chit Fund Act .

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This site uses cookies. An organizer, a company or a trusted relative or neighbor, brings aact group together and administers the activities of the group. Cases cited for the legal proposition you have searched for.

Sushanta Chatterjee Alias Susanto Chatterjee v. Board Of Revenue, Allahabad 0.


The above judgment was rendered prior to Chit Fund Actcame Appellate Tribunal- For Forfeited Property 0. The organizer is compensated each month for their efforts. Our algorithms sense that you may get better results by trying out the same excerpt in our CaseIQ TM interface.

Allahabad High Court Financial Intelligence Unit — India. Such a chit reduces costs, and relieves members from extra work in a busy festival season. It is alleged by the Section 30 of the Chit Fund Act inter alia deals Heard learned counsel for the petitioner as Manipur High Court 3.


Calcutta High Court Variations of the system omit the auction part, instead drawing a winner by picking a chit out of a box. Notify me of new posts via email. Login Register Follow on Twitter Search. Preparation of Deepavali sweets may be a time consuming and costly activity for individuals.

Chit funds to be called as Fraternity funds.. | Mostly Economics

Can’t display summary as content is Scanned, Please open the judgment to see full content. Sikkim High Court 8.


National Company Law Appellate Tribunal 0. Branch Manager Tulunadu Chits Pvt.

Chit fund – Wikipedia

This Forum on passed the following order: An example is the Deepavali sweets fund, which has a specific at date about a week before Deepavali. Monopolies and Restrictive Trade Practices Commission. My saved default Read later Folders shared with you. Appellate Tribunal For Forfeited Property 2. In Kerala, chitty chit fund is a common phenomenon practiced by all sections of the society.

Debts Recovery Appellate Tribunal 0. TM to find other cases containing similar facts and legal issues. Section 30 of the Chit Fund Act Cunds Commission Of India.