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About
About
About DEVARAJ CHITS PRIVATE LIMITED

We Help Our Clients To Achieve Their Desire Goals

The Chit Company based in Bangalore North Bangalore Dist floated to promote benefits of Chits, providing the benefits to all class of people & operate various denominations of chit groups as per the guidelines of "The Chit Funds Act 1982' and is Since 2002

Chit Law

The Government of India passed in parliament an enactment called 'The Chit Funds Act 1982 in 1984. The act came into existence in the State of Karnataka from 26.01.84. The act is a uniform enactment, common throughout the Indian Territory.

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SALIENT FEATURES OF THE CHIT FUND ACT 1982

  • No person, firm or company can operate chits without obtaining a "license from the register of Chits.
  • The company conducting the chits must deposit by way of Fixed Deposit with the Registrar of Chits an amount equal to the Chit value proposed to be conducted by it. Only then permission to start the Chit Group will be granted.
  • There is ceiling of Bid/Auction for the chit to a maximum of 30% to 40% of the Chit Value & minimum of 5%.
  • The Registrar of chits Karnataka is a supervisory body which controls and governs the operation of Chits.
  • The various section of the Chit fund Act Karnataka, clearly define all aspects of operation of chits and hence there is no possibility of loopholes, contravening or circumventing the Chit Fund Act.
  • Along with the control executed by the Registrar of Chits, the Registrar of Companies & Reserve Bank of India also have control and regulatory laws to check unlawful activities of unscrupulous operators.
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SURETY GUARANTORS REQUIRED TO COLLECTING PRICE MONEY UP TO ONE LAKH

  • At least 2 guarantors other than self, net salary 15,000/- pm (Govt/Semi Govt / Pvt Ltd / Ltd Company Employees)
  • At least 2 guarantors other than employee i.e. Businessmen with IT assessment of last3 years minimum tax return.
  • Surrender value of LIC policy with the extent of future liability.
  • Urban property value more than future liability.

SURETY GUARANTOR REQUIRED TO PRICE MONEY ABOVE LACK LONG TERMS TENURE

  • Three guarantors other than subject to value of the chits (Govt / Semi Govt / Pvt Ltd / Ltd Company Employees)
  • Three guarantors other than employee i.e. Businessmen with it assessment of last 3 years with minimum tax return.
  • Surrender value of Lic policy with the extent of future liability.
  • Urban property value more than future liability.

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