Essay On Chit Fund

At every point in time, the chit fund company pays the prized subscriber more money, than what it had collected from the prized subscriber, on the understanding that the prized subscriber will pay the balance future instalment on time.In other words, the prized subscriber takes a loan advance from the chit fund company, with an understanding to repay the balance future instalment in time, to enable the foreman to pay the prized money to other non-prized subscribers each month.Generally member authorizes the family member or Development Officer’s and Agents as proxies to participate in the auctions.

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We are adding a host of extra benefits, which typically you won’t be getting in regular chits, especially to our customers.

We use an algorithm that will give a score to each subscriber basis the financial statements.

The Trinamool Congress, which completes two years in power in May, will find it next to impossible to disown its close ties with the tainted organisation or provide a plausible answer to the righteous indignation of lakhs of gullible investors, including a sizable section of urban and rural poor, who constitute much of the party’s support base.

Though the extent of loss to the investors is not known, some estimates state that the group may have collected more than Rs.20,000 crore through its various deposit-collection schemes in West Bengal, Assam, Odisha, Tripura, Jharkhand and Bihar run through its 160 companies.

A member can give sureties depending on the future liability of the chit.

Following are the sureties generally submitted by the members. Personal Surety : Any salaried person working in State/Central Govt./ Public Limited companies/Banks and other Reputed Companies will be taken as surety. Pledge : Deposits with the company in chits or LIC bonds or FDs or National Savings Certificate can be pledged against the future liability. Bank Guarantee : Guarantee given by the Schedule Bank in a schedule format can be submitted as surety. Income Tax Assessor : Any person having I T Assessment for the past three years having business, profession etc will be taken as sureties. Property Pledge : Title deeds of urban property can be submitted as surety. A chit fund company undertakes to collect periodic installments from all the subscribers and pay the amount so collected, after deducting its commission (5% or the chit value) to one of the non-prized subscriber each month.

Members who wish to participate in the auction at our office are expected to be present in the auction hall 10 minutes before auction time as verification has to be done by branch for signatures of members.

If a member is unable to participate in the auction the member can authorize some other person whose signatures have to be authenticated by the member.

TROUBLE does not seem to end for the Mamata Banerjee-led Trinamool Congress government in West Bengal.

The collapse of the chit fund company Saradha Group is one of the biggest financial scandals to hit the State and may well be the ultimate undoing of Mamata Banerjee’s government.

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