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. Every month within 7/10 days after the auction, an intimation card containing details about the chit, bid amount in the last auction date,monthly instalment and any other payments due, due date of payment etc., is sent to the subscribers to enable them to know the result of the auction & to facilitate remittance of the subscription in time.
Due care is taken to ensure that the intimation cards are sent to the subscribers in advance to enable them to pay the instalments. However non receipt of intimation cards due to any reason or postal delays cannot be accepted as valid reason for belated payment or non-payments. Incase the intimation card does not reach in time subscribers may remit amount equivalent to the previous month’s due and difference, if any will be adjusted during the subsequent month.
To facilitate the remittance and as additional facility to subscribers, monthly subscriptions are accepted in any of our branches provided it is accompanied by the intimation cards sent by the branch to ensure proper accounting. It is essential that remittances should always be with reference to the current intimation cards. Subscriptions are accepted at all our branches.
To participate in the auction. The subscription has to be paid 10 days in advance if it is paid at any branch other than where it is opened.
Outstation subscribers may pay amount by D.D. sent to the branch by post.
In cases, where the cheque given by subscriber is dishonored, future subscriptions will be accepted only in cash / D.D. In respect such dishonored cheques, the penalty charges by the bank will be
recovered from the subscriber. As there is a penal provision in the Negotiable instruments Act for dishonor of cheques Due to insufficient fund it is better to avoid such a situation.
Failure to remit instalments in time will entail forfeiture of dividend, besides charging penal interest as notified already. In respect of non prized subscribers defaulting in payment of monthly instalments will
disqualify them from participating in the auction.
Failure to remit instalments by a non-prized subscriber will constrain the company to remove the ticket and allot it to anyone who wishes to continue after intimating the defaulting subscriber.
