The Chit Funds Act, 1982

The Chit Funds Act, 1982 was enacted to regulate the operations of Chit Funds in India. The Act provides for the registration of Chit Funds and lays down the procedures for conducting auctions, determining the prize money, and winding up the Chit Funds. The Act also lays down the duties and responsibilities of the Chit Fund foreman and provides for the establishment of a Chit Funds Regulatory Authority. The Act aims to protect the interests of the subscribers and prevent fraudulent practices in the operation of Chit Funds.