Chit Fund Acts

Chit funds in India are governed by various state or central laws. Organised chit fund schemes are required to register with the Registrar or Firms, Societies and Chits.

 

 

  • Kerala: Kerala Chitties Act 1975

 

  • Tamil Nadu: Tamil Nadu Chit Funds Act, 1961

 

  • Karnataka: The Chit Funds (Karnataka) Rules, 1983

 

  • Andhra Pradesh: The Andhra Pradesh Chit Funds Act, 1971

 

  • New Delhi: The Chit Funds Act,1982 and Delhi Chit Funds Rules, 2007

 

  • Maharashtra: Maharashtra Chit Fund Act 1975

Organised chit funds

In North India, a common type of chit fund uses small paper slips with each member’s name, gathered in a box. When all members are at a monthly or weekly meeting, the one in charge—in front of the other members—picks a slip from the box. The member so selected gets that day’s collection. Afterwards, that persons name slip is discarded. Thereafter, he comes to the meetings and pays his share, but his name isn’t selected again.

Author: Kumar

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