Sunday, March 16, 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

Surrounded by destroyed homes and buildings, Palestinians gather for iftar, the fast-breaking meal, in Beit Lahia, northern Gaza Strip, on Saturday

Surrounded by destroyed homes and buildings, Palestinians gather for iftar, the fast-breaking meal, in Beit Lahia, northern Gaza Strip,...

CM to raise ILP demand with HM today

From CK Nayak NEW DELHI, March 15: The long-pending demand for Inner Line permit in Meghalaya is likely to...

USTM one of the best universities in NE: CM

From Our Special Correspondent NEW DELHI, March 15: Chief Minister Conrad K Sangma has defended the University of Science...

Govt drops plan to remove Katakey

By Our Reporter SHILLONG, March 15: The state government’s reported plan to remove Justice (retired) BP Katakey from the...