Office Memorandum No. 1590/2025/IACD of the Industries and Commerce Department, Government of Karnataka dated 8th December, 2025 on the conduct of a chit [C1N-JHN]

No. 1590/2025/IACD

GOVERNMENT OF KARNATAKA

Industries and Commerce Department, Government of Karnataka

Bengaluru, dated the 8th December, 2025

OFFICE MEMORANDUM

Subject: The conduct of a chit by foremen of a chit under the Karnataka Money Lenders Act, 1961, regarding.

1. The undersigned is directed to say that references have been received in the Industries and Commerce Department, Government of Karnataka on the manner in which the conduct of a chit by foremen of a chit is to be regulated under the Karnataka Money Lenders Act, 1961.

2. The matter has been examined. Every foreman of a chit carrying on the conduct of a chit shall make an application in Form G to the Director of Industries within fifteen days, accompanied by a fee of twenty-five thousand rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the conduct of a chit is undertaken, and the Director of Industries shall dispose of it within fifteen days of its receipt.

4. Difficulties, if any, in the implementation of this office memorandum may be brought to the notice of the Industries and Commerce Department, Government of Karnataka.

(Secretary to Government)