Executive Summary:
This notification from the Government of the National Capital Territory of Delhi, dated March 26, 2019, concerns the Chit Fund Act of 1982. It appoints the Special Secretary, Finance Department, as the Appellate Authority under the Act and assigns additional duties related to chit operations. It also appoints the Deputy Secretary, Finance Department, as the ex-officio Registrar of Chits.
Key Points / Main Content:
Appointment of Appellate Authority:
* The Special Secretary, Finance Department, is appointed as the ex-officio Appellate Authority under the Chit Fund Act, 1982, with immediate effect. This supersedes the previous notification dated June 20, 2017.
* The Special Secretary will also perform the duties of the Director of Chits as per the Madras Chit Funds Act, 1961, regarding chit operations within the National Capital Territory of Delhi when the Chit Fund Act, 1982 is in operation.
Appointment of Registrar of Chits:
* The Deputy Secretary, Finance Department, is appointed as the ex-officio Registrar of Chits in the National Capital Territory of Delhi.
* The Deputy Secretary will discharge the duties imposed on the Registrar as defined by the Chit Fund Act, 1982.
Impact Analysis:
Special Secretary, Finance Department:
* Impact: Assumes the role of Appellate Authority under the Chit Fund Act, 1982, and takes on additional responsibilities related to chit operations as per the Madras Chit Funds Act, 1961.
* Action Required: Must be prepared to handle appeals related to the Chit Fund Act, 1982, and fulfill the duties of the Director of Chits.
Deputy Secretary, Finance Department:
* Impact: Appointed as ex-officio Registrar of Chits in Delhi.
* Action Required: Must perform the duties and responsibilities of the Registrar as outlined in the Chit Fund Act, 1982.
Chit Fund Operators and Participants in the National Capital Territory of Delhi:
* Impact: Affected by the regulatory oversight and decisions made by the newly appointed Appellate Authority and Registrar of Chits.
* Action Required: Should be aware of the new appointments and understand how to engage with the Appellate Authority and Registrar of Chits for compliance and issue resolution.
Key Entities Referenced
National Capital Territory of Delhi: A Union Territory and metropolitan region in India containing New Delhi.
Chit Fund Act, 1982: An Act of the Parliament of India to regulate chit funds.
Finance Department: A department of the Government of the National Capital Territory of Delhi.
Madras Chit Funds Act, 1961: An Act pertaining to chit funds, as extended to the National Capital Territory of Delhi.
Lieutenant Governor of the National Capital Territory of Delhi: The head of the National Capital Territory of Delhi.
Special Secretary, Finance Department: An ex-officio Appellate Authority under the Chit Fund Act, 1982.
Director of Chits: An ex-officio Director under the Madras Chit Funds Act, 1961
Deputy Secretary, Finance Department: Appointed as ex-officio Registrar of Chits in the National Capital Territory of Delhi
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GOVERNMENT OF INDIA
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EXTRAORDINARY
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PUBLISHED BY AUTHORITY
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GOVERNMENT OF THE NATIONAL CAPITAL TERRITORY OF DELHI
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1878 DG/2019 (1)2 DELHI GAZETTE : EXTRAORDINARY PART IV]
FINANCE (REVENUE-1) DEPARTMENT
NOTIFICATION
Delhi, the 26th March, 2019
No. F. 3(10)/Fin.(Rev.-I)/2018-19/DS-VI/123.—In supersession of previous notification dated 20.06.2017 and
in exercise of the powers conferred by section 74 of the Chit Fund Act, 1982 (40 of 1982) as extended to the National
Capital Territory of Delhi, the, Lieutenant Governor of the National Capital Territory of Delhi, hereby appoints Special
Secretary, Finance Department as ex-officio Appellate Authority under the said Act with immediate effect. Special
Secretary (Fin.) shall also discharge the duties imposed upon the Director of Chits as ex-officio Director under the
Madras Chit Funds Act, 1961 (Madras Act 24 of 1961) in respect of chits in operation on the commencement of the Chits
Fund Act,1982 in the National Capital Territory of Delhi.
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Delhi, the 26th March, 2019
No. F. 3(10)/Fin.(Rev.-I)/2018-19/DS-VI/124.—In exercise of the powers conferred by sub-section (1) of
section 61 read with clause (q) of section 2 of the Chit Funds Act, 1982 (40 of 1982), the Lieutenant Governor of the
National Capital Territory of Delhi, hereby appoints Deputy Secretary, Finance Department as ex-officio Registrar of
Chits, in the National Capital Territory of Delhi, for the purpose of discharging the duties imposed upon the Registrar by
or under the said Act.
By Order and in the Name of the Lt. Governor
of the National Capital Territory of Delhi,
A. K. SINGH, Dy. Secy.-VI (FINANCE)
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.