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Section 11 – The Prize Chits and Money Circulation Schemes (Banning) Act,1978

The Prize Chits and Money Circulation Schemes (Banning) Act,1978

Section 11. Act not to apply to certain prize chits or money circulation schemes

Nothing contained in this act shall apply to any prize chit or money circulation scheme promoted by-

(a) A state Government or any officer or authority on its behalf;

(b) A company wholly owned by a State Government which does not carry on any business s other than the conducting of a prize chit or money circulation scheme whether it is in the nature of a conventional chit or otherwise; or

(c) A banking company as defined in clause (c) of section 5 of the Banking Regulation Act,1949, or a banking institution 10 of 1949 (10 of 1949) notified by the central Government under section 51 of that act or the state Bank of India constituted under section 3 of the state Bank of India Act,1955 (23 of 1955), or a subsidiary bank constituted under section 3 of the State Bank of India (Subsidiary Banks) Act,1959 (38 of 1959), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and transfer to Undertakings) Act,1970 (5 of 1970), or a Regional Rural Bank established under section 3 of the regional Rural Banks act,1976 (21 of 1976), or a co-operative bank as define din clause (bii) of section 2 of the Reserve Bank of India act,1934 (2 of 1934); or

(d) Any charitable or educational institution notified in this behalf by the State Government, in consultation with the Reserve bank.

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The Prize Chits and Money Circulation Schemes (Banning) Act,1978

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