The foreman shall maintain in his registered office, or, as the case may be, in the place or the principal place of his business, or, where the foreman has any branch office, sub-office or any place of business for the conduct of chit business in a State other than the State in which his registered office or the principal place of his business is situated, in such branch office, sub-office or place of business in respect of the business conducted in that State--
(a) a register containing--
(i) the names and full particulars of the subscribers in each chit together with the number of tickets held by each subscriber;
(ii) the dates on which the subscribers signed the chit agreement; and
(iii) in the case of an assignment of a ticket by a subscriber, the name and full address of the assignee with the date of assignment and the date on which the assignment had been recognised by the foreman;
(b) a book containing the minutes of the proceedings of each draw;
(c) a ledger containing--
(i) the amounts paid by the subscribers in each chit and the dates of such payments;
(ii) the amounts paid to the prized subscribers and the dates of such payments; and
(iii) in the case of any deposit in an approved bank mentioned in the chit agreement, the date and the amount of such deposit;
(d) a register in the prescribed form showing the amounts deposited in approved banks as required under the provisions of this Act in respect of all chits conducted by the foreman at his office; and
(e) such other registers and books in such form as may be prescribed by the State Government within whose jurisdiction the chit is conducted.
(a) a register containing--
(i) the names and full particulars of the subscribers in each chit together with the number of tickets held by each subscriber;
(ii) the dates on which the subscribers signed the chit agreement; and
(iii) in the case of an assignment of a ticket by a subscriber, the name and full address of the assignee with the date of assignment and the date on which the assignment had been recognised by the foreman;
(b) a book containing the minutes of the proceedings of each draw;
(c) a ledger containing--
(i) the amounts paid by the subscribers in each chit and the dates of such payments;
(ii) the amounts paid to the prized subscribers and the dates of such payments; and
(iii) in the case of any deposit in an approved bank mentioned in the chit agreement, the date and the amount of such deposit;
(d) a register in the prescribed form showing the amounts deposited in approved banks as required under the provisions of this Act in respect of all chits conducted by the foreman at his office; and
(e) such other registers and books in such form as may be prescribed by the State Government within whose jurisdiction the chit is conducted.
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · Act to override other laws, memorandum, articles, etc.Section 4 · Prohibition of chits not sanctioned or registered under the Act.Section 5 · Prohibition of invitation for subscriptions except under certain conditions.Section 6 · Form of chit agreement.Section 7 · Filing of chit agreement.Section 8 · Minimum capital requirements for the commencement, etc., of a chit, and creation of a reserve fund, by a company.India Code, Government of India. Text fetched 19 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.