https://www.taxtmi.com/caselaws?id=172899 The Prize Chits and Money Circulation Schemes (Banning) Act, 1978 imposes a complete prohibition on prize chits and money circulation schemes as a public-interest measure. Prize chits are characterised as exploitative arrangements that solicit small subscriptions, offer speculative prizes, benefit promoters and divert savings from productive use; total prohibition is treated as justified where lesser controls cannot prevent that harm. Conventional chits and prize chits form distinct classes, while exemptions for publicly controlled or government-supervised charitable and educational institutions rest on a rational classification. The legislation is also characterised in pith and substance as suppressing a harmful financial arrangement with lottery-like features, rather than regulating lotteries alone. 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 The Prize Chits and Money Circulation Schemes (Banning) Act, 1978 imposes a complete prohibition on prize chits and money circulation schemes as a public-interest measure. Prize chits are characterised as exploitative arrangements that solicit small subscriptions, offer speculative prizes, benefit promoters and divert savings from productive use; total prohibition is treated as justified where lesser controls cannot prevent that harm. Conventional chits and prize chits form distinct classes, while exemptions for publicly controlled or government-supervised charitable and educational institutions rest on a rational classification. The legislation is also characterised in pith and substance as suppressing a harmful financial arrangement with lottery-like features, rather than regulating lotteries alone. Case-Laws Indian Laws Wed, 24 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172899