https://www.taxtmi.com/caselaws?id=172899 Prize chits and money circulation schemes were treated as exploitative arrangements that collected small sums from many subscribers, promised speculative returns, and diverted savings from productive use. On that basis, a complete prohibition under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 was justified as a reasonable restriction in the interest of the general public, and the challenge under Articles 19(1)(g) and 19(6) failed. The distinction between conventional chits and prize chits, and the exemptions for specified public, charitable, and educational institutions, was held to rest on a rational classification with a nexus to the Act's object, so the Article 14 challenge also failed. Parliament was held competent to enact the law in pith and substance. en-us Wed, 24 Sep 1980 00:00:00 +0530 Thu, 03 Sep 2015 12:39:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172899 Prize chits and money circulation schemes were treated as exploitative arrangements that collected small sums from many subscribers, promised speculative returns, and diverted savings from productive use. On that basis, a complete prohibition under the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 was justified as a reasonable restriction in the interest of the general public, and the challenge under Articles 19(1)(g) and 19(6) failed. The distinction between conventional chits and prize chits, and the exemptions for specified public, charitable, and educational institutions, was held to rest on a rational classification with a nexus to the Act's object, so the Article 14 challenge also failed. Parliament was held competent to enact the law in pith and substance. Case-Laws Indian Laws Wed, 24 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172899