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 either in person or written or through duly authorised representative. Subscriber participating in auction after paying subscription in cash on the very date of auction must necessarily produce the original receipt at the time of auction.
A specific date & time of auction is being assigned for the chit group and sans a holiday for any reason, it is held on the specified date and time. If there is any change in the date, and time of auction, notice is given to subscribers regarding the revised date to our branches for the
information of the subscribers.
The bid offers can also be sent through branch 10 days in advance of the auction date. Fresh bid offers has to be given before every auction.
Individual request from the subscribers is a must : by specific request for each auction for inclusion in the monthly lot whenever the chit has to be decided by lot. The bids in the auction should be raised by slabs fixed by Foreman.
Telephone/Telegraphic offers are not accepted
In all the groups a minimum discount is 5% and maximum discount is 40%. If more than one member opts for 40% a draw will be conducted to decide the prized bidder.
The subscriber who bids for the highest amount of discount within stipulated time will be confirmed as the Prized subscriber. There are some groups where the result of auction is decided on the basis of sealed tenders. the subscriber has to give his offer in a sealed cover which will be opened at the time of auction in the presence of the subscribers of the group present and the successful bidder will be decided. If no tenders are received, no subscriber is present personally or there is no authorised representative, the Prized Subscriber shall be determined by lot for the minimum discount.
Processing charge is payable by the subscriber at the time of release of Prize Money.
As per Government rule Goods & Service Tax of 12.% will be levied on Foreman Commission in respect of every Prize Money w.e.f. 1-7-2017.
