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Chit funds
Post: #1

I am in need of chit fund project for reference so please help me to complete my project successfully
Post: #2
A Chit fund is a kind of savings scheme practiced in India. An investment fund company is a company that manages, conducts or oversees a fund of this type, as defined in the Section of the Chit Funds Act of 1982. In accordance with Section 2 (b)
"Chit means a transaction, whether it is called chit, chit fund, chitty, kuree or any other name by or under which a person enters into an agreement with a certain number of people that each of them will subscribe a certain amount of money. Quantity of grain) through periodic quotas over a given period and that each of these subscribers, in turn, will be determined by lot or by auction or by tender or in any other manner specified in the contract Purchase, You will be entitled to the amount of the prize ".
Such schemes of funds may be conducted by organized financial institutions, or they may be unorganized schemes conducted among friends or relatives. In some variations of chit funds, the savings are for a specific purpose. Chit funds also played an important role in the financial development of the people of the state of Kerala in southern India, facilitating access to credit. In Kerala, chitty is a common phenomenon practiced by all sectors of society. A company called Kerala State Financial Enterprise exists under the Kerala state government whose main activity is the chitty.Chit concept background reached the eyes of the people in 1800 when Raja Rama Varma, ruler of the former state Cochin gave a loan to a Syrian Christian Trader, keeping some portion of it to himself for other expenses and later he drew that money for the principle of equity.


 


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