Essay On Chit Fund

Essay On Chit Fund-10
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.

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.

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Therefore, a member in a registered Chit Fund Company is very much secured than a member in a non-registered company.In case a prized subscriber defaults for a continuous period of three months, a penalty of 3% per month will be collected and dividends will not be paid to such defaulting prized subscriber.Legal action will be initiated against the said defaulting prized subscriber and his guarantors in court of law, for recovery of all dues.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.When a subscriber withdraws/leaves, the foreman has to find an alternate subscriber in his place.Until then the chit fund company has to arrange funds on behalf of that subscriber.With the help of publicity, it became a household name.Its position strengthened further with the change of government in May 2011 when the Trinamool Congress came to power, ending the 34-year-old rule of the Communist Party of India (Marxist)-led Left Front. Download Chit Monks app, register yourself and chose a chit that suits your requirement from the available e Chits. Our team will validate the details and will contact you within 24hours.Once you submit the required documents and make your first payment, you will get the details of your subscription immediately.

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