Chit Funds Act, 1982

No.40 of 1982 [19th August, 1982.] An Act to provide for the regulation of chit funds and for matters connected therewith. Be it enacted by Parliament in the Thirty-third Year of the Republic of India as follows:- Comment: "The dominant purpose of the Act is to regulate the chit and control the activity of the foreman and protect the interests of the subscribers. The pith and substance of the Act is that it provides for a special contract. The legislation provides for a special kind of contract and thus squarely falls within Entry 7 of List III of Schedule VII. "M/s. Shriram Chits & Investment (P.) Ltd. v. Union of India, AIR 1993 SUPREME COURT 2063