Monday, March 17, 2025

Govt bans prize chits, money schemes

Date:

Share post:

spot_img

SHILLONG: The State Government has banned prize chits and money circulation schemes in consultation with Reserve Bank of India.
A notification relating to Meghalaya Prize Chits and Money Circulation Scheme ( Banning) Rules 2015  in this regard was laid in the Assembly by Chief Minister Mukul Sangma on Wednesday.
As per the notification, there is prohibition to promote, run, or participate in money circulation scheme, compensation plan and inducing enrolment of new members.  There will be inquiry by police if there are violations of the rule and the violators can be prosecuted.
The notification said that if a promoter commits default, “he shall within a period of six months from the date of such default refund the money and subscriptions collected till the date of default”.

spot_img

Related articles

Mindless pollution: Teenagers shocked over sorry state of Umkaliar river

SHILLONG, March 16: Operation Clean-Up (OCU), a citizens’ group comprising concerned individuals, groups, and institutions committed to cleaning...

Dust, vehicle emissions add to Byrnihat’s ‘poisonous’ air

SHILLONG, March 16: Byrnihat, an industrial town in the Assam-Meghalaya border, is facing an air crisis that is...

Now, NEHU VC seeks support from non-teaching staff

SHILLONG, March 16: Having failed to convince the students to back him in order to restore normalcy in...