(1) Whoever contravenes or abets the contravention of any of the provisions of sections 4, 5, 8, 9, 11, 12, 13, 14, 19, 20, 22, 24, 30, 31, sub-section (4) of section 33, sections 46, 47 or sub-section (5) of section 61 shall, on conviction, be punishable with imprisonment for a term which may extend to two years or with fine which may extend to five thousand rupees or with both.
(2) Any foreman,--
(a) who fails to file any document required to be fied under this Act within the period specified therefor or within such further time as may be allowed; or
(b) who fails to comply with the requirements of the chit agreement regarding the date, time and place at which the chit is to be drawn or who fails to comply with the requirements of any direction given under sub-section (3) of section 38; or
(c) who contravenes or fails to comply with any other requirement under this Act, shall, on conviction, be punishable with fine which may extend to three thousand rupees.
(3) Whoever wilfully makes a statement in any
document required to be filed under this Act which is false in any material
particular shall, on conviction, be punishable with imprisonment for a term
which may extend to two years or with fine which may extend to five thousand
rupees or with both.
Section 71 of Chit Funds Act - Money how recovered
Section 73 of Chit Funds Act - Advisory role of Reserve Bank
Section 74 of Chit Funds Act- Appeals
Section 75 of Chit Funds Act - Powers of Registrar to give extension of time for filing documents
Section 76 of Chit Funds Act - Penalties
Section 77 of Chit Funds Act - Penalty for second and subsequent convictions
Section 78 of Chit Funds Act - Application of fine
Section 79 of Chit Funds Act - Offences by companies
Section 80 of Chit Funds Act - Cognizance of offences