Book 'illegal' chit fund companies: Punjab FM | chandigarh | Hindustan Times
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Book 'illegal' chit fund companies: Punjab FM

chandigarh Updated: Sep 16, 2014 22:27 IST

Punjab government on Tuesday ordered to book "illegal" chit fund companies operating in the state, saying it has not authorised any such company to operate.

Punjab finance minister Parminder Singh Dhindsa issued instructions to all Additional Deputy Commissioners (Development) in the state to book all chit fund companies in state as the state government has not authorised any chit fund company in Punjab, an official release said here.

Presiding over a meeting here, Dhindsa said under the Chit Fund Act 1982 (Central Act 1982), the government has notified Additional Deputy Commissioner (Dev) as Joint Registrar of Chits.

"Offences under this Act are cognizable and police can register cases under it," he said.

Presently there was no registered chit fund company with the state government.

Dhindsa said the meeting was called in view of the various fraud cases being reported in media.

He said in Punjab also, government has come to know that such money collecting schemes, multi layer marketing schemes were in operation which was banned under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.