https://www.taxtmi.com/news?id=13981 Chit funds are registered and implemented by State Governments under the Chit Funds Act, 1982, while fraudulent schemes fall under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 with investigation and prosecution powers resting with the States. The Companies (Incorporation) Rules, 2014 require company names to indicate financial activities for firms whose principal business is financing, leasing, chit fund, investment or securities. The Ministry has ordered SFIO investigations under company law in addition to State actions, and an annexure lists investigated companies. en-us Tue, 24 Feb 2015 16:45:42 +0530 Tue, 24 Feb 2015 16:45:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=13981 Chit funds are registered and implemented by State Governments under the Chit Funds Act, 1982, while fraudulent schemes fall under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 with investigation and prosecution powers resting with the States. The Companies (Incorporation) Rules, 2014 require company names to indicate financial activities for firms whose principal business is financing, leasing, chit fund, investment or securities. The Ministry has ordered SFIO investigations under company law in addition to State actions, and an annexure lists investigated companies. News - Tue, 24 Feb 2015 16:45:42 +0530 https://www.taxtmi.com/news?id=13981