What is a chit fund company?

A chit fund company is a company that manages, conducts, or supervises such a chit fund, as defined in Section of the Chit Funds Act, 1982. The following laws govern chit funds: Union Government – Chit Fund Act, 1982 (except the State of Jammu and Kashmir)

How do you read chits?

In a chit fund scheme, a group of people contribute periodically towards the chit value for a duration equal to the number of investors (members or subscribers). The amount collected is given to the person, who is either selected through a lucky draw (lottery system) or an auction.

What is a chit scheme?

A chit fund is both a savings and credit product. It bears a pre-determined value and is of a fixed duration, mostly two to three years. Each scheme admits a specific number of members whose monthly contributions adds up to the total value of the chit fund at the end of the term.

What is auction chit?

A chit fund is both a savings and credit product. A joins a chit fund worth Rs 60,000, at a monthly subscription fee of Rs 1,000, for 60 months. The scheme will have 60 participants contributing to the ‘pot’. At the end of the month comes the auction.

Is Chitty a good investment?

Chit funds are not necessarily a bad investment. It has a bad reputation because it has been misused in the past to scam naive investors. There are Government-run and registered chit funds that are safe to invest in. On the other hand, recurring deposit are a much safer investment.

What is the benefit of chit funds?

Advantages of Investing in Chit Funds Chit funds let you borrow a lump sum amount without providing any formal collateral, as opposed to banks or other financial institutions. The rate of interest is also much lower than what a bank would offer.

Is it good to invest in chit funds?

Are chit funds safe?

What happens if nobody bids in chit fund?

A person who wins the auction once cannot participate in future auctions but has to contribute his share. If no-one bid any particular month than entire amount is available for lucky draw and through luck dip, one member will be declared winner.

What is Vir Chakra (VrC)?

The Vir Chakra (VrC) is the third highest military Award in India and is awarded for acts of conspicuous gallantry in the presence of the enemy, whether on land, at sea or in the air. So far this award has been conferred to 1322 warriors, in which 958 people have been given posthumously.

What is Param Vir Chakra?

Param Vir Chakra translates as the “Wheel of the Ultimate Brave”, and the award is granted for “most conspicuous bravery in the presence of the enemy”.

How many people have received the Vir Chakra so far?

So far this award has been conferred to 1322 warriors, in which 958 people have been given posthumously. The face of Indian Air Force Wing Commander Abhinandan Varthaman to get Vir Chakra on Independence Day.

Who are the three living recipients of the Param Vir Chakra?

The three living recipients of the Param Vir Chakra: Yogendra Singh Yadav, Bana Singh, and Sanjay Kumar The PVC has been awarded 21 times, of which 14 were awarded posthumously and 16 arose from actions in Indo-Pakistani conflicts. Of the 21 awardees, 20 have been from the Indian Army, and one has been from the Indian Air Force.