The Chit Funds Act

Advisory role of Reserve Bank

Appeals

Powers of Registrar to give extension of time for filing documents

Penalties

Penalty for second and subsequent convictions

Application of fine

Offences by companies

Cognizance of offences

Power to compound offences

Power to enter and search any place and to seize any documents

Officers to be public servants

Power to delegate

Act not to apply to certain chits

Banks not to conduct chit business

Power to exempt

Protection of action taken under the Act

Power to make rules

Repeal and saving


MISCELLANEOUS


The State Government may, in consultation with the Reserve Bank, by
notification in the Official Gazette, and subject to such conditions as may be specified in the notification,
exempt any person or class of persons or any chit or class of chits from all or any of the provisions of this
Act.

LAWGIST

# 87 Power to exempt