1. |
Starting any chit group without registration of Bye-laws by the R.C.F.
Delhi. |
Imprisonment for a
term which may extend to one year or with fine which may extend to Rs.500/- or both. |
| 2. |
Inviting the public to subscribe in a chit group, the Bye-laws of which
are not registered with R.C.F. |
3. |
To conduct any auction or draw of a chit group without obtaining a
certificate of commencement from the R.C.F. Delhi. |
4. |
For not filing chit agreement with the R.C.F. Delhi. |
Punishable with
fine which may extend to one hundred rupees. |
5. |
For not filing minutes of proceedings with the R.C.F. Delhi within the
stipulated time. |
6. |
For not filing copy of the entry with the R.C.F. Delhi regarding
substitution/removal of subscriber within the stipulated period |
7. |
For not filing a copy of entry with the RCF regarding substitution of
subscribers within the stipulated period. |
8. |
For not filing entry of transfers name with RCF Delhi within the
stipulated time. |
9. |
For not filing the consent of all the non-prized and non-paid subscribers
regarding premature termination of chit and assent of non-prized subscribers regarding
withdrawal of one of the foreman of the chit, if there are more than one foreman of the
company within the stipulated period. |
10. |
For not furnishing a copy each of Bye-laws and chit agreement to the
subscribers of that chit group within the stipulated period. |
11. |
For not furnishing proper security duly pledged with the RCF Delhi before
the commencement of chit group. |
12. |
To deal with such security by way of transfer, charge, mortgage or other
encumbrance during the currency of the chit group, without the approval of the RCF Delhi. |
13. |
i) for not paying chit amount to the prized subscriber after sufficient
surety has been received from him.
ii) for not depositing the unpaid chit amount in the Statutory Deposit A/C. of an approved
bank in case the prized subscriber fails to furnish sufficient surety. |
| 14. |
For
not maintaining proper registers and books of accounts in the prescribed form. |
| 15. |
For
not furnishing sufficient security for further subscriptions to the satisfaction of
R.C.F., Delhi if the foreman is the prized subscriber. |
| 16. |
For
not depositing the unpaid amount of subscription in the Statutory Deposit A/C. of an
approved bank in respect of a non-prized subscriber. |
| 17. |
For
not depositing all consolidated future installments realised from a prized subscriber in
an approved bank and using such amount for some other purpose other than for payment of
future subscriptions. |
| 18. |
For
not allowing a subscriber to examine chit record. |
| 19. |
For
not preserving all the records of a chit for a period of six years from the date of
termination of chit. |
| 20. |
For
not allowing any officer authorised by the Director, Chit Fund, Delhi to inspect the chit
books and records. |
| 21. |
For
not providing assistance and facilities to any chit auditor authorised by the R.C.F. Delhi
to conduct audit of accounts. |
| 22. |
Failure
to comply with the chit agreement regarding date, time and venue of the conduct of the
auction. |
| 23. |
For
making false statements willfully in any document required for the purpose of any of the
provisions of the Act and Rules. |
Imprisonment for a
term which may extend to one year or with fine which may extend to Rs.500/- or both |
