3.3 The lack of timely payment of payments from both estimated and non-paying subscribers results in the loss of the dividend, in addition to the fact that interest is calculated under the terms of the chit agreement. In the case of non-award-winning subscribers, the payment of a monthly subscription is discouraged from participating in the auction by late payment. Pooled funds are offered monthly to monthly AUCTIONS subscribers and the subscriber, the highest discount BIDS, is declared PRIZE WINNER and receives the PRIZE AMOUNT on good security. An award-winning subscriber should continue to pay for subscriptions until the end of the chit. The amount is reduced, less commission of foremen is distributed among subscribers than the dividend. The above information is a reference to the general procedure followed. For all intents and purposes, the provisions of the Chit Funds Act, 1982, the rules and the chit agreement will be final. Chit stores provide you with all the necessary information. Sometimes you may face some difficulties or complaints against the branch. You can refer such cases to the Divisional /Regional Manager / Zonal Chief Executive for immediate attention.
However, if you are having difficulties, you can write to the following letter: 3. The amount of the discount covered at point f) of the subsection (1) cannot exceed their amount of the amount of the chit. 2.5 The right to be admitted to Chits is reserved for management. Subscribers are advised to monitor the trend of offers each month and at an appropriate time, they can offer the Chit. There are ways to invest price money in attractive business deposits to ensure a good return. The Shriram Investments Advisory Division can give you valuable guidance on the acceptance of deposits by Shriram Group companies, and subscribers can benefit from their free, non-binding service. (p) the names of each participant`s nominees, i.e. the names of persons to whom the contracted subscriber`s benefits may be paid in the event of the member`s death or, failing that, if he or she is unable to reach an agreement; Different chit funds work in different ways; and there are also many fraudulent tactics that are practiced by many private companies. The basic need to perform a “chitty” is a group of needy people called subscribers. The foreman – the company or the person who runs the Chitty – brings these people together and runs the gechden.
Foreman is also responsible for collecting subscriber money, chairing auctions and managing subscribers. Each month, he receives a fixed amount (usually 5% of the gross amount) for his efforts; Apart from the fact that the foreman does not have specific privileges, he is only a subscriber to Chitty. The general model of the Chitty can be easily noticed by a simple formula: Premium – Duration – Gross Amount Eg: 1000 – 50 – 50,000/-. If 1000 is the maximum monthly contribution required by a subscriber, 50 is the duration of the Chitty in months and 50,000 is the maximum guaranteed amount.