Section 4(1) in Jammu and Kashmir Chit Funds Act, 2016
(1)No chit shall be commenced or conducted in the State without obtaining the previous sanction of the Government or of such officer as may be empowered by Government in this behalf, and unless the chit is registered in the State in accordance with the provisions of this Act :Provided that a sanction obtained under this sub-section shall lapse if the chit is not registered within twelve months from the date of such sanction or within such further period or periods not exceeding six months in the aggregate as the Government may, on application made to it in this behalf, allow.
