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Registration-Chit Fund Scheme

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Last Updated On: 17/02/2014  

Chit Fund Scheme in Himachal Pradesh

          Under Section-61(I) of Chit Fund Act. 1982, the state Govt. has appointed the Inspector General of Registration i.e. Director of Land Records, as Ex-officio Registrar Chit Fund and Addl. Distt. Magistrates as Deputy Registrar of Chit Fund in their respective Districts w.e.f. 1.12.1984, vide letter No. Fin-2-C (A)4-1/81, dated 26 November, 1984.

          The main objective of the scheme is to ensure uniformity throughout the country and put a stop to the numerous mal-practices perpetrated by the persons who are responsible for conducting the chit business.

          The Registrar accords permission to run the chit business to the company in accordance with section-4 of Chit Fund Act, 1982. The Registrar will register the Chit/Agreement, (executed between Subscribers and Foreman) after obtaining sufficient security as contained in section 20 of the chit fund Act, 1982.

          The Registrar will charge the fee prescribed in rule-42 under proper receipts for commencement of new chits. The fees for commencement of the chit and other various purposes is being charged as prescribed under rule-42(appendix-II) of Chit Fund Rules, 1984.

          A certified copy of minutes of proceedings of every draw shall be obtained by the Registrar within 21 days from the date of draw in accordance with section-18 of the Act for which the foreman has to deposit the fee as prescribed at Sr. No.5 of the table of fees under Rule-42.

          This department has so far permitted seventeen chit fund companies (list attached) to run their chit business after obtaining the Certificate of Incorporation from the Registrar of Companies, Punjab, Himachal Pradesh and Chandigarh situated at Jalandhar.

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