https://www.taxtmi.com/news?id=11106 Multi-level marketing schemes enrolling a vertical chain of investors or agents qualify as money circulation and are banned under the Prize Chits and Money Circulation (Schemes) Banning Act, 1978. A multi-agency Group prepared Model Rules titled Money Circulation Scheme (Banning) Rules to explicitly cover MLM, and the Ministry of Finance has sent these rules to the States for notification to enable state-level implementation and enforcement. en-us Tue, 30 Apr 2013 18:16:41 +0530 Tue, 30 Apr 2013 18:16:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=11106 Multi-level marketing schemes enrolling a vertical chain of investors or agents qualify as money circulation and are banned under the Prize Chits and Money Circulation (Schemes) Banning Act, 1978. A multi-agency Group prepared Model Rules titled Money Circulation Scheme (Banning) Rules to explicitly cover MLM, and the Ministry of Finance has sent these rules to the States for notification to enable state-level implementation and enforcement. News - Tue, 30 Apr 2013 18:16:41 +0530 https://www.taxtmi.com/news?id=11106