Haryana cabinet gives nod to rules banning chit fund schemes

In a bid to ensure to a complete ban on the promotion or conduct of prize chits and circulation schemes, theHaryanagovernment has formulated Money Circulation Schemes (Banning) Rules-2022 which will come into effect from the date of their publication.

As per the Money Circulation Schemes (Banning) Rules-2022, no individual or company or firm or business association, in any form will promote, run or participate in money circulation scheme including a disguised money circulation scheme.
The nodal Police authority will be responsible for coordinating with other State Governments, the central government and agencies concerned under such government and the

Reserve Bank Of India and will also be responsible for furnishing the information to the Reserve Bank of India in the format and periodicity as decided by the State Government in consultation with the Reserve Bank of India.