Chit Auction for every group will be held at a specific time on a specified Date in each month. If at any time, such Auction Date falls on a holiday or if the Auction Date and Time have to be changed due to unforeseen circumstances, such changes in the Date and Time will be notified to all the Subscribers individually.


Subscribers who have paid the Monthly Chit Amount / Installment within the due date are eligible to participate in the Auction. Names of the Ineligible Subscribers will be notified before the commencement of the Auction.


In the Chit Auction, the Subscribers may bid up to a Maximum of 30 % and a Minimum of 5% of the Chit Amount. If more than one Subscriber offers identical discounts, lots will be drawn to select the Winner. The Subscribers can only bid in multiples of Rs. 100-00 and the Minimum Discount Foregone shall be not less than the Foreman's / Company's Commission for the said Group.


Subscribers can also participate in the Auction through On-line Bidding. Such Subscribers shall notify the Foreman / Company in advance of their participation in the Auction via On-line mode.


Subscribers can participate in the Auction either in person or through their Authorized Representative. But, such authorization shall be in writing, for Foreman's / Companies record.


If any Subscriber makes payment of the Monthly Chit Subscription on the date of Action, he shall produce the Original Receipt at the time of Auction to get access into the bidding process.


Subscribers who give Standing Offers to the Foreman / Company, should ascertain the Bidding Trend at the time of Auction and accordingly modify their offers. Otherwise, the Foreman / Company will not be responsible for any loss or inconvenience caused to such Subscribers.


The Foreman's / Companies Commission @ 5% of the Chit Value shall be first deducted from the Foregone Discounts Amount and the remaining balance amount shall be distributed equally as Dividend among the eligible Subscribers in the Group.