THE CHIT FUNDS ACT, 1982 Act. No. 40 of 1982 An Act to provide for the regulation of chit funds and for matters connected therewith BE it enacted by Parliament in the Thirty-third Year of the Republic of India as follows - 1. Foreman Duties :- Any person under the Act responsible for the conduct of the chit and includes any Person, such as branch manager, discharging his functions. 2.Chit Means :- It is a CONTRACT between the foreman, as the Promoter is called, and the subscribers, who join voluntarily. It is a FINANCIAL SYSTEM under which the periodical and regular savings of a group of subscribers are made available to each subscriber, a SPECIFIED AMOUNT every month (instalment) for a SPECIFIED PERIOD. The Pooled funds every month are offered to the subscribers at monthly AUCTIONS and the subscriber who BIDS for the highest DISCOUNT is declared the PRIZE WINNER and given the PRIZE AMOUNT on proper security. A Prized subscriber also should continue to pay the subscriptions till the termination of the chit. The amount foregone as discount, less foremans commission is distributed among the subscribers as dividend. 3. Definition of Chit group :- A Chit group refers to a specified number of members agreeing to subscribe a specified amount for a specified period. For example, 40 members, 40 months, Rs.500/- a month. The number of members and the number of months are to be the same. 4.Benefits of Chit Subscribers:- a) To save in small amounts to receive a lump sum during the period of chit. b) To borrow the future savings in advance. Some subscribers join chit funds to borrow and others to save. 5.Chit Agreement :- The Chit agreement is a contract between the foreman and the individual subscribers to a chit group. It is a set of bye-laws or regulations dealing with the procedure for the conduct of chits. It will be signed in duplicate, duly witnessed. The chit agreements shall contain the name and address of the subscriber, the number of tickets allotted to him, the number of instalments and the instalment amount payable, the interest/penalty for delayed payment, the probable date of commencement of chit and its duration, the manner of deciding the prize winner at each instalment, the maximum discount to be foregone at each instalment, the mode and proportion of dividend and foremans commission, the date, time and place of auction, the instalment at which the foreman is to get the chit amount, the name of the bank, the security to be furnished by prized subscriber etc., Though each subscriber is supposed to sign the chit agreement, in practice, each subscriber signs a declaration in the application form that he has read and understood the terms and conditions of the Chit Agreement. The declaration of all the subscribers are detached from the application form, pasted in a piece of paper and filed with the registrar.
SWARNNANDHRA LNS GROUP Established on 18-10-2012 at our Tatipaka.After That in the year of 2014 New Branch Office at Amalapuram . In this Group SWARNNANDHRA CO-OPERATIVE SOCIETY BANK LTD & SWARNNANDHRA CHIT FUNDS PVT LTD Society Bank Details :- Under state Government AP CO-OPERATIVE ACT Rules & Regulations In our Bank we provide Recurring Deposits(Dilay, Weekly ,Monhtly) Fixed Deposits,Fixed MIS Deposits , Rate of Intrest compare to all Co-Operative societies & Others Banks we will paying more intrest I.e; 6.3% to 14.4% . The Society Bank will give the loans like Business Development Loans,Personal Loans,Land Mortgage Loans,Mahila Group Loans ,Gold Loans,Vehicle loans at Low Rate of interest. We Proudly say that The Best & Trusted Service Co-Operative Society Bank at Konaseema is SWARNNANDHRA CO-OPERATIVE SCOETY BANK since 2012.
Be it Higher Education for our Children,building or Dream House , Duaghters marriage and any other investments , CHITS provides a good source of finance for different type of people small investors, businessmen, small scale industrialists etc. It’s always been SWARNNANDHRA helping us Realize our Dreams & Goals. In Our Chit Funds Company We are Are authorising 50,000 Chits to 20,00,000 Lakh Chits. More Dividends(Profits)are Earning here to compare all other Chit Fund Companies . Either shorty purpose also we don’t need Any Govt.Employee for your chit surity. Low Surity-More Profit only at SWARNNANDHRA CHIT FUNDS Surities only Based on Customer Regular payment .Commitment chits also available. The perfect way to invest money is only CHIT FUNDS. SAVINGS MONEY is related to BANK. INVEST MONEY is related to CHIT FUNDS. For Short Term chits Guarantee dividends 8%-12%. For Middle Term chits Guarantee Dividends 12% - 18%. For Long Term Chits Guarantee Dividends 15% - 23%. Especially for Business Man chit funds will very helpful.As usually chits EMI pay Dialy wise .That’s very better to our Customers .
Managing Director -Swarnnandhra Group
