Payment of Chit Amount :

The Chit Amount will be paid by the Foreman / Company to the Prized Subscriber / Successful Bidder only after satisfactory fulfillment of all the Mandatory Security Requirements to cover the entire future liability of such Subscriber to the Foreman / Company, are completed.


The Chit Amount Will be paid to Prizes Subscriber or Successful Bidder through Account Payee Cheques only for record. If the Subscriber desires to obtain payment through any other mode, i.e., Demand Draft, NEFT, RTGS, On-Line Payment etc., Bank Commission or Service Charges levied shall be deducted from the Chit Amount Payable to the Subscriber.


The Service Tax (presently @ 12.36%) leviable on the Foreman's / Companies Commission shall be payable by the Subscriber obtaining payment of the Chit Amount. This Rate of Service Tax might change from time to time as per government orders.


Subscribers shall promptly intimate in writing, the Change in their Address, Telephone Number etc., as also of their Sureties and Guarantors, as the case may be and obtain an acknowledgement from the Foreman / Company. In the absence of such Written Intimation, the Foreman / Company Foreman are not responsible for non-receipt of any Intimation or Notice from the Foreman / Company in connection with their chit.


Whenever a non-prized subscriber has given his chit under lien to another prized ticket, such non-prized subscriber can participate in auction only when the liabilities of the prized ticket are fully paid or alternative acceptable security is offered and the lien is lifted.

The above information is indicative of broad procedures followed by the Foreman / Company. For all practical purposes, the Provisions in the Chit Funds Act, 1982 the Rules framed there under and the Chit Agreement will be final.