“Money
Circulation Scheme” has the same meaning as defined under Sec. 2 (c) of Prize
Chits and Money Circulation Schemes (Banning) Act, 1978.
Section 2 (c)
states:
“Money
Circulation Scheme” means any scheme, by whatever name called, for the making
of quick or easy money, or for the receipt of any money or valuable thing as
the consideration for a promise to pay money, on any event or contingency
relative or applicable to the enrolment of members into the scheme, whether or
not much money or thing is derived from the entrance money of the members of
such scheme or periodical subscriptions.”
NOTES:
A. Any scheme which generates or accrues
quick and easy money for the participants.
B. A promise to pay exorbitant interest/
consideration for the contribution of money in the scheme.
C. Amount/ benefits are contingent upon the enrolment of new members.
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