Frauds by Chit Funds and MLM Companies.

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..... Frauds by Chit Funds and MLM Companies.
News and Press Release
Dated:- 13-8-2012

Press Information Bureau Government of India Ministry of Corporate Affairs 13-August-2012 17:58 IST F .....

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..... rauds by Chit Funds and MLM Companies The Government has enacted a Central Legislation "The Prize Chits and Money Circulation Schemes (Banning) Act, 1978" for the purpose of prohibiting any person fr .....

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..... om promoting or conducting any Prize Chits and Money Circulations Scheme as defined in the said Act. The implementation of the central Act has been vested with the respective State Governments. There .....

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..... is no proposal to set up a central institution to enforce the provisions of the Act. However, the Central Economic Intelligence Bureau (CEIB) has been suggested to coordinate with the concerned State .....

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..... agencies, undertake some sample studies of Multi-Level Marketing (MLM)/Money Circulation Schemes, and share the result of such studies with the concerned regulators. This information was given by Min .....

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..... ister of State for Corporate Affairs Shri R.P.N. Singh in reply to a written question in the Rajya Sabha today. ***** ST
News - Press release - PIB .....

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