In a bid to ensure a complete ban on the promotion or conduct of prize chits and money circulation schemes, the Haryana government has formulated Money Circulation Schemes (Banning) Rules-2022.
A nodal officer will also be appointed to look into the cases pertaining to money circulation schemes (Photo: Haryana CM Manohar Lal Khattar/File)
By Manjeet Sehgal: The Haryana government has decided to ban chit fund and money circulation companies to save innocent people from falling prey to their ponzi schemes. The companies, firms, people and business organisations involved in the money circulation business will not be able to get investment in the state after the new laws are notified. The decision was taken at a cabinet meeting held under the chairmanship of chief minister Manohar Lal Khattar on Wednesday.
The cabinet has given its nod to the Haryana Dhan Parisancharan Yojana (banning) Act, 2022. Chief minister Manohar Lal Khattar has said that these rules will come into force from the date of the gazette notification. The police department will co-ordinate with the state, central and other agencies besides the Reserve Bank of India to enforce the new rules.
According to an official statement issued after the Cabinet meeting, 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 schemes, including a disguised…
