Legal glossary
“net chit amount”
Defined in 1 Acts. A definition holds for the Act that gives it; the same word can mean something else in another Act.
The Chit Funds Act, 1982 · s. 2
(jb) "net chit amount" means the difference between the gross chit amount and the discount, and in the case of a fraction of a ticket means the difference between the gross chit amount and the discount proportionate to the fraction of the ticket, and when the net chit amount is payable otherwise than in cash, the value of the net chit amount shall be the value at the time when it becomes payable;]
Read section 2