Section 22(2) in Jammu and Kashmir Chit Funds Act, 2016
(2)If, owing to the default of the prized subscriber, the prize amount due in respect of any draw remains unpaid until the date of the next succeeding instalments, the foreman shall deposit the prize amount forthwith in a separated account in an approved bank mentioned in the chit agreement and intimate in writing the fact of such deposit and the reasons therefore to the prized subscriber and the Registrar :Provided that where any prized subscriber does not collect the prize amount in respect of any instalments of a chit within a period of two months from the date of the draw, it shall be open to the foreman to hold another draw in respect of such instalments.
