"the prize, chits & money circulation scheme (banning) act"
Moulder
(Querist) 05 June 2013
This query is : Open
Dear Experts,
I am planning to open up a new shop really soon in a new developing location. I am thinking up of running a promotional campaign through local newspapers, online etc.,. so my shop will have buyers from day 1.
I am thinking of running up a contest where every interested customer will have to pay a Rs. 50/- to enter the contest and after one month 3 of the lucky winners will get the prized items and rest of the customers will get their 100% money back in the form of coupons, which they can redeem at my shop for their future purchases.
Someone has told me about "The Prize, Chits & Money Circulation Scheme (Banning) Act, 1978", so I would just like to know that whether I can do this or not? I mean I don't find anything illegal in this as I am just searching buyers and so returning their 100% money back to them..Please help!
