The Commission to the Company is restricted to 5 % only on the Chit Value.
There are as many as 7 Groups available in our Company with Fixed and Auction Chit schemes from Rs.1,00,000 (1 lac) to Rs.25,00,000 (25 Lakhs) ranging from 20 / 25 months.
Entry Registration Fee of Rs.150/Lakh is charged to join a Chit Group. This helps the company to register the customer with the Registrar of Chits.
The ceiling limit for 20 months Group (1 Lakh, 2 Lakhs) is at 25 % on the Chit Value, 20 months Group (3 Lakhs, 5 Lakhs,10 Lakhs) is at 30% and for 25 months Group (15 Lakhs,20 Lakhs, 25 Lakhs) is at 33 % respectively.
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.
If customer fails to pay the monthly chit amount, he/she will be forbidden from the participation of Auction/ Taking part in Groups lot (Lottery Method), At the same time Monthly Dividends will not be credited instead the same will be charged.
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 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.
Depending on the liability of the Chit Scheme / Group, Following Sureties / Guarantees are to be submitted by the Subscribers / Members:
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 |
2 |
|
2,00,000 |
20 |
25,000 |
2 |
|
3,00,000 |
20 |
35,000 |
2 |
|
5,00,000 |
20 |
50,000 |
2 |
|
10,00,000 |
20 |
75,000 |
2 |
|
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.
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.
