Section 13
Power to make rules.
The Prize Chits and Money Circulation Schemes (Banning) Act, 1978
About this Act
An Act to ban the promotion or conduct of prize chits and money circulation schemes and for matters connected therewith or incidental thereto.
(1) The State Government may, by notification in the Official Gazette
and in consultation with the Reserve Bank, make rules for the purpose of carrying out the provisions of
this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for--
(a) the office of the Reserve Bank to whom full information regarding any prize chit or money circulation scheme may be furnished under the first proviso to sub-section (1) of section 12, and the form in which and the period within which such information may be furnished;
(b) the particulars relating to the winding up plan of the business relating to prize chits or money circulation schemes.
1[(3) Every rule made under this section shall be laid, as soon as may be after it is made, before the State Legislature.]
(2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for--
(a) the office of the Reserve Bank to whom full information regarding any prize chit or money circulation scheme may be furnished under the first proviso to sub-section (1) of section 12, and the form in which and the period within which such information may be furnished;
(b) the particulars relating to the winding up plan of the business relating to prize chits or money circulation schemes.
1[(3) Every rule made under this section shall be laid, as soon as may be after it is made, before the State Legislature.]
Notes
1. Ins. by Act 4 of 1986, s. 2 and the Schedule (w.e.f. 15-5-1986).