RULES AND REGULATIONS
Commission
The Commission to the Company is restricted to 5 % only on the Chit Value.
Groups
There are as many as 23 Groups available in our Company with Chit Values from Rs.1,00,000 (1 lac) to Rs.1,00,00,000 (1 Crore) ranging from 20 / 25 / 30 / 40 to 50 months.
Registration Fee
This is the Entry Fee to join a Chit Group. A suitable gift parcel / voucher will be given to all the Subscribers / Members after the payment of third installment.
Ceiling
The ceiling limit for 20 months Group is at 25 % on the Chit Value and for 25 months Group is at 30 % whereas it is 40 % for 30, 40 and 50 months on the Chit Value.
Cancellation / Default
Any subscription paid by a defaulted member will be refunded only after the closure of the Group subject to Commission to the Foreman, which is 5 % on the Chit Value.
Dividend
The Dividend will be equally distributed among all the Subscribers / Members in the Group irrespective of prized or non-prized Subscribers / Members. However, the delayed / defaulted subscription may not be entitled for any dividend.
Mode of Payment
The payment of subscription can be in
- Cash,
- Cheque or Demand Draft,
- Debit Card or Credit Card,
- Online Payment - IMPS, NEFT or RTGS
The payment can be done daily, weekly, bi-weekly as per convenience of the Subscribers / Members and the same installment should be paid well before the due date. The payment can be collected again from their place of choice.
Cheques issued / Debit or Credit Cards used by other than blood relatives, for payment of installments is not permitted.
Surety / Guarantee
Depending on the liability of the Chit Scheme / Group, Following Sureties / Guarantees are to be submitted by the Subscribers / Members:
- Salaried Income Tax Assesse: A salaried person working in a State Government / Central Government / Public Limited Company / reputed Private Limited Company / Banks and Financial Institutions can be considered for Surety,
- Business / Professional Income Tax Assesse,
- Pledge of Chits / Securities / Fixed Deposits,
- Bank Guarantee,
- Pledge of Properties within acceptable limits
The details of the Income Tax Assesses required as sureties / guarantees for up to Rs.10.00 lacs is as follows:
| Chit Value |
No.of Months |
Net Income |
No of Guarantors |
| 1,00,000 |
20 |
15,000 |
3 |
| 2,00,000 |
20 |
25,000 |
3 |
| 3,00,000 |
20 |
30,000 |
3 |
| 5,00,000 |
20 |
35,000 |
3 |
| 10,00,000 |
20 |
50,000 |
3 |
| 5,00,000 |
40 |
35,000 |
4 |
| 10,00,000 |
40 |
50,000 |
4 |
| 5,00,000 |
50 |
35,000 |
4 |
| 10,00,000 |
50 |
50,000 |
4 |
| If business peoples - 6 lacs IT Returns filed. |
The Surety / Guarantee have to be always, at least twice the value of the remaining installments payable to the Company.
The Surety / Guarantee can be re-looked at or reduced based on the remaining amount payable to the Company.
Bank Guarantee / Pledge of Properties are a must for a Chit with, in excess of Rs.10.00 lacs.
The Management reserves the right to accept or reject a Surety / Guarantee.
Settlement of Prized Money
The disbursement will be done within a period of 30 days from the date of auction once the entire documentation is found to be complete and verified in all aspects.
The disbursement will be made strictly by crossed cheque only and not any other mode to the prized Subscribers / Members.