Paragraph 2 of the directions stated: "Extent of the Directions: These directions shall apply to every non ban.king institution, which is a company, not being a banking or an insurance company, and which carries on any of the following types of business: (1) collecting whether as a promoter, foreman, agent or in any other capacity, monies in one lump sum or in instalments by way of contribu tions, or subscriptions or by sale of units, certificates or other instruments or in any other manner or as membership fees or admis sion fees or service charges to or in respect of any savings, mutual benefit, thrift, or any other scheme or arrangement by whatever name called, and utilising the monies so collected or any 24 part thereof or the income accruing from investment or other use of such monies for all or any of the following purposes (a) giving or awarding periodically or otherwise to a specified number of subscribers as determined by lot, draw or in any other manner, prizes or gifts in cash or in kind, whether or not the recipients of the prize or gift is under a liability to make any further payment in respect of such scheme or arrange ment; (b) refunding to the subscribers or such of them as have not won any prize or gift,, the whole or part of the subscriptions, con tributions, or other monies collected, with or without any bonus, premium, interest or other advantage, howsoever called, on the termina tion of the scheme or arrangement, or, on or after the expiry of the period stipulated therein; (2) managing, conducting or supervising as a promoter, foreman or agent of any transaction or arrangement by which the company enters into an agreement with a specified number of subscribers that every one of them shall subscribe a certain sum in instalments over a definite period and that every one of such subscriber shall in his turn, as determined by lot or by auction or by tender or in such other manner as may be provided for in the agreement, be entitled to the prize amount; Explanation: For the purposes of this sub para graph, the expression "prize amount" shall mean the amount, by whatever name it be called, arrived at by deduction from out of the total amount subscribed at each instalment by all subscribers, (a) the commission charged by the company as service charges as a promot er or a foreman or an agent, and (b) any sum which a subscriber agrees to forego, from out of the total subscriptions of each instalment, in consideration of the balance being paid to him.