Chit funds act 1982 ebook download

 
    Contents
  1. The Chit Funds Act 1982
  2. Chapter V The Companies (Acceptance of Deposits) Rules,
  3. Chit funds Q & A
  4. Chit Funds and Ponzi Schemes : Mass Fraud

some cases the Principal Act and/or Amendment Act not be available. Principal Acts (1) This Act be called the Chit Funds Act, Read Chit Funds Act, (Lawmann's Series) book reviews & author details and more at Get your Kindle here, or download a FREE Kindle Reading App. Notification - Chit Funds Act Andhra Pradesh: AP PANCHAYAT RAJ . and all the subscribers present. br act - Ebook download as PDF File .pdf).

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Chit Funds Act 1982 Ebook Download

DOWNLOAD FULL eBOOK INTO AVAILABLE FORMAT. . DEFINITION According to Section 2(b) of the Chit Fund Act, , " Union Government - Chit Funds Act (Except the State of. Please, help me to find this ap chit fund act pdf file. . millions of pdf ebooks , programs, music, films, etc available for downloading and it's. 1. Short title, extent and commencement.—(1) This Act be called the Chit Funds Act, (2) It extends to the whole of India except the State of Jammu and.

Ascaminvolving the Saradha group allegedly conning customers under the guise of a chit fund, has raisedserious questionsfor the industry. With areported 10, chit fundsin the country handling over Rs 30, crore annually, chit fund proponents maintain that these funds are an important financial tool. What is a chit fund? A chit fund is a type of saving scheme where a specified number of subscribers contribute payments in instalment over a defined period. Each subscriber is entitled to a prize amount determined by lot, auction or tender depending on the nature of the chit fund. Typically the prize amount is the entire pool of contribution minus a discount which is redistributed to subscribers as a dividend. For example, consider an auction-type chit fund with 50 subscribers contributing Rs every month. The monthly pool is Rs 5, and this is auctioned out every month. The winning bid, say Rs , would be the discount and be distributed among the subscribers.

The Chit Funds Act 1982

Convince a few investors to park their money into an investment. After a specified time, return the invested money to the investors plus the specified interest rate or return. Pointing to the historical success of the investment, convince more investors to park their money into the system. Typically the vast majority of the earlier investors will return. Why would they not? The system has been providing them with great benefits.

Repeat steps 1 through 3 a number of times. Department y various officers under Chit Funds Act, a fresh. It extends to the whole of India except the State of Jammu and Kashmir. It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different States. Chit Funds Fees Table - registration.

Chapter V The Companies (Acceptance of Deposits) Rules,

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Chit funds Q & A

Any subscriber, who is in need of money, can bid for the chit amount, at a lower amount than it. Mr Nakul wants money immediately, and bids at Rs.

This Rs. So, Mr Nakul gets Rs.

After this, Mr Nakul is not allowed to bid again but has to continue to pay monthly subscriptions. In the 2nd month, Rs.

This way, bids are invited every month for 20 consecutive months, and the chit amount is given to the lowest bidder, till every subscriber gets the chit amount once. The profit derived is distributed equally, and is called as the dividend.

The profit the subscriber makes from the chit is the distributed dividend, which he receives immediately. Depending on the bidding amount, the monthly amount that is to be paid by the subscriber is always less than the upper limit of Rs.

Though the logic seems simple, there are a lot of risks associated with it, which might make your savings vanish into thin air. Well, there are many small businessmen, housewives, etc.

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The reasonably quick access to the chit amount is very convenient for them, to raise capital when needed. It also saves them the hassles of paperwork, as in the case of loans.

Chit Funds and Ponzi Schemes : Mass Fraud

Also, it acts a small savings scheme for many people, as the chit funds run many chits, with various denominations of the chit amount. The chit amounts range from as low as Rs. The monthly contribution will also be as low as Rs. What is wrong with the rationale of Chit Funds?

Chit funds work on a simple logic of collecting funds from a group of people and distributing it based on the urgency of their requirement. Both Savings cum Borrowing Scheme It can be either a savings or a borrowing scheme.

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