Chetana chits incorporated under the Companies Act in February 2012.
Chetana chits is primarily regulated by the Central Chit Fund Act, and complies with prescribed rules and regulation formulated by the Karnataka Government.
Only after obtaining confirmed order from Government, new chit is started.
Before starting new chit group, agreement with Registrar of Chits Government of Karnataka, is mandatory which means safety for members.
As per the existing law, the foreman (Chetana Chit Fund Company) has to deposit 100% of the chit value with the Registrar of Chits prior to the commencement of the chit group.
Chetana Chits registered under this Act needs to have its accounts audited by a qualified Chartered Accountant. The fixed deposit made at the beginning of the scheme will be refunded only on the submission of the audited Balance Sheet and Statement of Accounts.
The Act also requires all Chetana Chit funds to impose a 40% cap on the bidding amount. This 40% is calculated on the chit value of the scheme. This bid-cap is administered to ensure that the bid does not rise uncontrollably leading to subsequent default by the bidder. The minimum bid is restricted to 5% of the chit value which is the foreman's (or chit manager's) commission.
First Two months, full installment to be remitted, third month onwards eligible for dividend.
Prior Intimation for monthly installments to the members.
Monthly Installments can be paid by way of cash/cheque/NEFT/Demand Draft/ RTGS directly to our office or through our authorized collection executives.
For all transactions relevant receipts shall be issued and all information and details on chit is mentioned in the pass book for member's awareness and easy function.
Prized/awarded bidder has to provide necessary security and guarantor to the organization. A higher rate of return in comparison to a bank deposit.
A chit is the only financial product that allows you to save and borrow.
To build and develop human and intellectual resources by evolving competitive strategies in new ways of financial funding.
