Salient Features of Chit Fund Act 1982

Name: All enrolled chit funds ought to contain both of the words ‘Chit Fund’ “Chitty’ or “kuri” as a major aspect of their name. No other individual or the element has the privilege to utilize these words as a feature of their names

 Business: Registered chit funds are not permitted to lead any business other than chit organizations. Unless they are particularly allowed by the state government.

 Chit Value: The total chit esteem ought not to be more than 10 times its net claimed capital

 Plans: The foreman is permitted to begin or run a few chits all the while however, he needs to take earlier endorsement before beginning each chitty. All publicizing materials ought to convey this permission.

 Foreman’s Deposit:  The foreman needs to store 100% of the chit esteem before the beginning of another chit. In a few states, foreman are permitted to store half in real money and the rest through bank ensure

 Review of records:  A Chit stores account must be inspected by sanctioned accountant. They ought to likewise be examined by the state office managing chits.

 Offers: The base offer including the foreman’s bonus, ought at the very least 60% of the chit esteem. On the off chance that there is more than one bidder for a similar sum, it will be chosen by lottery

 Commission:  The greatest commission that can be charged by a foreman’s is 5% of the chit esteem

Some Rules and Regulations of Chit Fund Act 1982

Name:
All enrolled chit funds ought to contain both of the words ‘Chit Fund’ “Chitty’ or “kuri” as a major aspect of their name. no other individual or the element has the privilege to utilize these words as a feature of their names

Business:
Registered chit funds are not permitted to lead any business other than chit organizations. unless they are particularly allowed by the state government.

Chit Value:
The total chit esteem ought not be more than 10 times its net claimed capital

Plans:
The foreman is permitted to begin or run a few chits all the while However, he needs to take earlier endorsement before beginning each chitty. All publicizing materials ought to convey this permmission.

Foreman’s Deposit:
The foreman needs to store 100% of the chit esteem before the begin of another chit. in a few states, foreman are permitted to store half in real money and the rest through bank ensure

Review of records:
A Chit stores account must be inspected by sanctioned accountant. They ought to likewise be examined by the state office managing chits.

Offers:
The base offer including the foreman’s bonus, ought at the very least 60% of the chit esteem. on the off chance that there is more than one bidder for a similar sum, it will be chosen by lottery

Commission:
The greatest commission that can be charged by a foreman is 5% of the chit esteem