scheme.
6. These schemes are neither of a self-liquidating nature nor do they have characteristics of mutual benefit schemes, though they are so called ... conventional chit fund scheme. I have already indicated that the scheme run by the accused was not a conventional scheme falling under sub-para
amount of instalment till the maturity of
the scheme. the scheme.
6. These schemes are neither 6. Conventional chits are of self-
of a self ... fund scheme and a conventional chit fund scheme. I have already indicated that the scheme run by the accused was not a conventional scheme falling
gambling aroused by the prize element which was essential to constitute "prize chit". Dealing with the concept of prize chit sought ... following report to make about a prize chit :
"Prize chits. - In the 'prize chit', there is a foreman who ostensibly charges
page 525. A lottery has been described as a scheme for distributing prizes by lot or chance. Therefore, if there is a scheme under which ... displayed in order to enable the person competing for the prize to obtain the prize, then it would still be a lottery and would constitute
Code and under
Sections 3 , 5 and 6 of Prize Chits and Money Circulation Schemes
(Banning) Act, 1978 and Section 3 of Maharashtra Protection ... Sanchaita Investments is on Sections 3 and 4 of
Prize Chits and Money Circulation Schemes (Banning) Act, 1978. He
further relied on para
articles."
"A lottery has been described as a scheme for distributing
prizes by lot or chance."
"In Webster's Dictionary ... scheme to regulate
State Lotteries and made following observations :-
In Section 2(b) lotteries are defined to be a scheme
for distribution of prizes
Code and under
Sections 3 , 5 and 6 of Prize Chits and Money Circulation Schemes
(Banning) Act, 1978 and Section 3 of Maharashtra Protection ... Sanchaita Investments is on Sections 3 and 4 of
Prize Chits and Money Circulation Schemes (Banning) Act, 1978. He
further relied on para
Code and under
Sections 3 , 5 and 6 of Prize Chits and Money Circulation Schemes
(Banning) Act, 1978 and Section 3 of Maharashtra Protection ... Sanchaita Investments is on Sections 3 and 4 of
Prize Chits and Money Circulation Schemes (Banning) Act, 1978. He
further relied on para
fairly be said that the distribution of the prize, the allocation of the prize, in the particular case was due to two causes ... Halsbury Vol. 18, p. 239, 1957, Edition, as a scheme for distribution prizes by lot or chance. He also pointed out that this definition
Section 3 and 4 of the Prize
Chit and Money Circulation Scheme (Banning) Act, 1978.
They were sentenced to suffer R.I. for one year ... offence punishable under Sections 3 and 4 of the Prize
Chit and Money Circulation Scheme (Banning) Act, 1978.
Judgment of the conviction was confirmed
