Get 3 Yrs of CCI Pro Membership at Greater Value. Subscribe Now!

Chit fund

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Query Ask a Query

patel jaimini

patel jaimini (Querist)

04 January 2013 what is chitfund ???

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)

04 January 2013 A Chit fund is a kind of savings scheme practiced in India. A Chit fund company means a company managing, conducting or supervising, as foremen, agent or in any other capacity, chits as defined in Section 2 of the Chit Funds Act, 1982. According to Section 2(b) of the Chit Fund Act, 1982, "Chit means a transaction whether called chit, chit fund, chitty, kuri or by any other name by or under which a person enters into an agreement with a specified of persons that every one of them shall subscribe a certain sum of money (or a certain quantity of grain instead) by way of periodical installments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount

more info:

https://www.jagoinvestor.com/2011/07/chit-funds.html

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now