The Chit Funds Act, 1982 section 90: Repeal and saving

In force · As amended up to 2026-08

90. Repeal and saving.— (1) The Andhra Pradesh Chit Funds Act, 1971 (Andhra Pradesh Act 9 of 1971), the Kerala Chitties Act, 1975 (Kerala Act 23 of 1975), the Maharashtra Chit Funds Act, 1974 (Maharashtra Act LV of 1974), the Tamil Nadu Chit Funds Act, 1961 (Tamil Nadu Act 24 of 1961), as in force in the State of Tamil Nadu and in the Union territories of Chandigarh and Delhi, the Uttar Pradesh Chit Funds Act, 1975 (Uttar Pradesh Act 53 of 1975), the Goa, Daman and Diu Chit Funds Act, 1973 (Goa, Daman and Diu Act 16 of 1973) and the Pondicherry Chit Funds Act, 1966 (Pondicherry Act 18 of 1966), are hereby repealed and the provisions of section 6 of the General Clauses Act, 1897 (10 of 1897), shall apply to such repeal as if each such Act so repealed were a Central Act. Chit Funds Act, 1973 (Goa, Daman and Diu Act 16 of 1973) and the Pondicherry Chit Funds (2) Notwithstanding such repeal, the Acts mentioned in sub-section (1) shall continue to apply to chits in operation on the commencement of this Act, in the same manner as they applied to such chits before such commencement. THE SCHEDULE [ See section 24] PART I.—FORM OF BALANCE SHEET |Liabilities|Assets|| |---|---|---| |1. Capital Authorised . . . . . Issued . . . . . . Paid-up . . . . . . 2. Reserve Fund . . . . . 3. Deposits . . . . . 4. Borrowings . . . . . 5. Foreman's liability in tickets prized 6. 1[net chit amount] payable . . . . 7. Defaulted subscribers' amount payable . . . . . 8. Advance subscription received . 9. Liability to non-prized subscribers (Arrears from non-prized subscribers to be indicated) . . . . 10. Amount payable in terminated chits . 11. Auction profit payable to non-prized Subscribers . . . . . 12. Other liabilities . . . . 13. Profit and loss account . . . TOTAL|1. Cash Rs. 2. Balances with banks: Rs. (a) Current account . . . Rs. Rs. Rs. (b) Deposit account . . . Rs. 3. Investments: Rs. (a) In chits . . . . Rs. Rs. (b) In government securities . Rs. Rs. (c) Others . . . . Rs. Rs. 4. Share amount due from prized subscribers: Rs. (a) Secured . . . . Rs. Rs. (b) Unsecured . . . . Rs. Rs. 5. Arrears due from prized subscribers: Rs. (a) Secured . . . . . Rs. (b) Unsecured . . . . Rs. Rs. 6. Amount due in terminated chits: Rs. (a) Secured . . . . . . Rs. (b) Unsecured . . . . . Rs. Rs. 7. Chit prize amount paid earlier Rs. 8. Loans and advances to subscribers . . . . . . 9. Litigation expenses . . . 10. Premises . . . . . . 11. Furniture and fixture . . . 12. Stamps in stock . . . . . 13. Other assets . . . . . . 14. Profit and loss account . . . Rs. TOTAL|Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs.| |||Rs.| Particulars to be specified in respect of amounts shown against 4, 5 and 6. Total chit amounts of the chits in fore, i.e., running chits. - (i) Amounts due from directors or officers of the company or any of them either jointly or severally with any other person. - (ii) Amounts due by companies or firms in which the directors of the company are interested as directors, partners or in the case of private companies, as members. 1. Subs. by Act 41 of 2019, s. 3, for "chit amount" (w.e.f. 1-1-2020). PART II. — FORM OF PROFIT AND LOSS ACCOUNT |Expenditure|Income|| |---|---|---| |1. To interest paid on deposits, borrowings, etc. . . . . . . . 2. To salaries, allowances, bonus and provident fund . . . . 3. To directors' sitting fees . . . 4. To rent, taxes, insurance, lighting . 5. To law charges . . . . . 6. To postages, telegrams and stamps . 7. To auditors' fees . . . . . 8. To filing fees . . . . . 9. Ro depreciation and repairs . . . 10. To stationery, printing and advertisement . . . . . . 11. To other expenditure . . . . 12. To balance of profit . . . . TOTAL|1. By foreman's commission . . . Rs. 2. By bonus . . . . . . 3. By interest . . . . . . Rs. 4. By indivisible income in auction profit . Rs. 5. By rent . . . . . . Rs. 6. By net profit on sale of investments . . Rs. 7. By other receipts . . . . . Rs. 8. By loss . . . . . . Rs. Rs. Rs. Rs. Rs. Rs. Rs. TOTAL| Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs.| |||Rs.|

Source: India Code

Section 90. Repeal and saving

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