Description
AISWARYAM CHITS PVT LTD
Chit provides a good source of finance for different type of people viz., small investors, businessmen, small scale industrialists etc. .CHIT is a good means of savings for any contingency requiring substantial amount. It serves to all the people’s whether they are desire for savings or borrowing to meet extraordinary expenses on special occasions like Marriages, Construction of houses etc., Adequate care is necessary to choose a suitable Group. The selection of a particular Group largely depends on the subscriber’s capacity to provide surplus funds monthly wise from their normal income for this purpose. This aspect is very important for the subscriber as well as in the company’s point of view to avoid any embarrassment at the time of releasing the prize money.
The concept of chit is so easy and legible, as it is to form a specific number of people into a group with an agreement to subscribe a specific amount for a specific period of installment, which is equivalent to its members to make a chit value. The Chit value could be paid to all the members at a discount subject to a ceiling fixed by the chit Funds Act in successive installment. The discount paid to all subscribers as dividend after deducting the foreman commission, is the earning of the members. The following illustration makes it easy and clear to understand the concept. A group of 25 members agree to pay Rs.4,000/- per month for 25 months and the chit value is Rs.1,00,000/-. A subscriber could get a prize money at 30% discount is Rs.30,000/-. The dividend amount paid to each subscribers is Rs.1,000/- after deducting the foreman commission Rs.5,000/- at 5% of the chit Value
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