Manual of Goa Laws (Vol. I) – 673 – Chit Funds Act

Manual of Goa Laws (Vol. I) – 673 – Chit Funds Act

The Goa, Daman and Diu Chit Funds Act, 1973 regulates the operation and administration of chit funds, a traditional rotating savings and credit scheme in the region. It applies to individuals and businesses organizing these financial pools, known as foremen, as well as the subscribers who contribute monthly payments. By requiring formal registration, mandatory security deposits, clear record-keeping, and fair bidding processes, the law aims to prevent fraud and financial exploitation. It protects everyday savers relying on chit funds for small credit or investment, ensuring transparency, legal accountability, and financial security for all participating members.

PDF: pending for this language.