DURGAPARAMESHWARI CHITS PVT LTD – (Govt of Karnataka Approved Chit Company)

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CHIT FUND

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Durgaparameshwari Chits Pvt Ltd

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CREDIT ASSOCIATION SYSTEM

DURGAPARAMESHWARI CHITS PVT LTD.

Brief About Us

Chit Fund is the oldest indigenous financial Institution in India.The term CHIT FUND is known as chit, Chittie or Kuri in different parts of the country. But its operation is same throughout the country.Chit fund is a convenient financial instrument which serves twin purposes of savings and Borrowings by a subscriber. The financial institution, ensuring safest investment, subjecting itself to the control of central and state statutes, which empowers the common man is none other than Durgaparameshwari Chits Pvt. Ltd.

The Information To Subscribers..

CHITS & BENEFITS

Chits is a unique indigenous and highly beneficial financial instrument. It provides a good source of finance for different class of people from small investors and business men to industries.

REMITTANCE & SUBSCRIPTION

The payment towards the chit is made in prescribed monthly instalments. First two instalments are to be paid in full. The dividend starts from 3rd instalment onwards.

Pass Book

Pass books will be supplied to the members on remittance of 2nd instalment. It should be submitted for entries along with the remittance for updating.If the pass book is lost, If the pass book is lost,

AUCTION PROCEDURE

Every subscriber is eligible to participate in auction held once in a month for each group. The duration of the auction shall be five minutes. Participation in the auction could be

DISTRIBUTION OF DIVIDEND

The dividend at every auction shall be equally distributed by way of deduction in the next instalment to the subscribers. The dividend so calculated is less Foreman’s commission at 5% of the chit value

RELEASE OF PRIZE MONEY

The prize money will be paid to the successful subscriber before the next auction date if adequate securities furnished to cover the future liability of the chit. Proper security in the form of Personal Guarantee,

RE - AUCTION

If the prized bidder fails to claim the prize money within 60 days from the date of auction, re-auction will be conducted as per section 22(2) of Central Chit Funds Act 1982.Consequent to this the earlier dividend difference in dividend.

DISCONTINUATION

Chit is a scheme where the system works effectively only on the payment from all the membersof the group. Hence discontinuation by any member hampers the group itself and works against the interest of other members of the group.

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Michael, Customer

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