Penalties

Penalties: -

1. (I) Whoever contravenes or abets the contravention of any of the provisions of sub-section ( 1 ) of Section 3 or Section 4, sub-section ( I ) of Section 7 shall be punishable with imprisonment for a term which may extend to one year or with fine which may extend to five hundred rupees or with both.

1. (2) Any foreman-
   • (a) who does not file the chit agreement under Section 6 or a copy of any document under section 11, sub-section 2 of Section 20, sub-section
2. (2) of Section 21, Section 29 or Section 32 within the period specified for such filing or within the further time allowed under Section 55 for such filing ; or
   • (b) who contravenes any of the provisions of Section 8, sub-section (1),
3. (2) and
4. (6) of Section 12, Section 14, Section 15, Section 16, Section 18, Section 20, Section 2 1 , Section 23, sub-section
5. (4) of Section 25, Section 29, Section 35, Section 36, Section 37 and sub-section
6. (4) of Section 51 ; or
   • (c) 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 ; shall be punishable with fine which may extend to one hundred rupees.
7. (3) Whoever in any document required by, or for purposes of, any of the provisions of this Act, wilfully makes a statement false, in any material particulars knowing it to be false, shall be punishable with imprisonment for a term which may extend to one year or with fine which may extend to five hundred rupees or with both.