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Section76
The Chit Funds Act, 1982

Penalties

In force From 02 Apr 1984 Act 40 of 1982 As on 15 Oct 2026

Act 40 of 1982 Ministry Finance Enacted 19 Aug 1982 In force 02 Apr 1984 Cited by 1 provision

Section 76 of the Chit Funds Act, 1982 deals with penalties. Whoever contravenes or abets the contravention of any of the provisions of sections 4, 5, 8, 9, 11, 12, 13, 14, 19, 20, 22, 24, 30, 31, sub-section (4) of section 33, sections 46, 47 or sub-section (5) of section 61 shall, on conviction, be punishable with imprisonment for a term which may extend to The Act came into force on 02 Apr 1984.

(1) Whoever contravenes or abets the contravention of any of the provisions of sections 4, 5, 8, 9, 11, 12, 13, 14, 19, 20, 22, 24, 30, 31, sub-section (4) of section 33, sections 46, 47 or sub-section (5) of section 61 shall, on conviction, be punishable with imprisonment for a term which may extend to two years or with fine which may extend to five thousand rupees or with both.

(2) Any foreman,--

(a) who fails to file any document required to be fied under this Act within the period specified therefor or within such further time as may be allowed; or

(b) who fails to comply with the requirements of the chit agreement regarding the date, time and place at which the chit is to be drawn or who fails to comply with the requirements of any direction given under sub-section (3) of section 38; or

(c) who contravenes or fails to comply with any other requirement under this Act,

shall, on conviction, be punishable with fine which may extend to three thousand rupees.

(3) Whoever wilfully makes a statement in any document required to be filed under this Act which is false in any material particular shall, on conviction, be punishable with imprisonment for a term which may extend to two years or with fine which may extend to five thousand rupees or with both.

Section 76, The Chit Funds Act, 1982 (Act 40 of 1982).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 4 Prohibition of chits not sanctioned or registered under the Act
  2. s. 5 Prohibition of invitation for subscriptions except under certain conditions
  3. s. 8 Minimum capital requirements for the commencement, etc., of a chit, and creation of a reserve fund, by a company
  4. s. 9 Commencement of chit
  5. s. 11 Use of words "chit", "chit fund", "chitty", "kuri", "fraternity fund", or "Rotating Savings and Credit Institution"
  6. s. 12 Prohibition of transacting business other than chit business by a company
  7. s. 13 Aggregate amount of chits
  8. s. 14 Utilisation of funds
  9. s. 19 Restriction on opening of new place of business
  10. s. 20 Security to be given by foreman
  11. s. 22 Duties of foreman
  12. s. 24 Balance sheet
  13. s. 30 Amounts due to defaulting subscribers
  14. s. 31 Prized subscriber to furnish security
  15. s. 33 Foreman to demand future subscriptions by written notice
  16. s. 38 Meetings of general body of subscribers
  17. s. 46 Inspection of chit books and records by Registrar
  18. s. 47 Power of Reserve Bank to inspect chit books and records
  19. s. 61 Appointment of Registrar and other officers

Referred to by 1

  1. s. 77 Penalty for second and subsequent convictions

Questions about Section 76

What does Section 76 of the Chit Funds Act deal with?

Section 76 of the Chit Funds Act is headed "Penalties". Whoever contravenes or abets the contravention of any of the provisions of sections 4, 5, 8, 9, 11, 12, 13, 14, 19, 20, 22, 24, 30, 31, sub-section (4) of section 33, sections 46, 47 or sub-section (5) of section 61 shall, on conviction, be punishable with imprisonment for a term which may extend to

How do I find court cases under Section 76 of the Chit Funds Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Chit Funds Act 1982 76, section 76 Chit Funds Act 1982, section 76 of the Chit Funds Act. People searching for it also type chit fund act 76. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 76 of the Chit Funds Act, and has it changed?

Its own text turns on section 4 (Prohibition of chits not sanctioned or registered under the Act), section 5 (Prohibition of invitation for subscriptions except under certain conditions), section 8 (Minimum capital requirements for the commencement, etc., of a chit, and creation of a reserve fund, by a company), section 9 (Commencement of chit), and on 15 further provisions, so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When did Section 76 of the Chit Funds Act come into force?

Section 76 of the Chit Funds Act, cited as Chit Funds Act 1982 76, came into force on 02 Apr 1984, having been enacted on 19 Aug 1982. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 15 Oct 2026. This page is not a substitute for legal advice.