Chitty Franchise System

A chitty is basically a commitment between the manager and the Customers. As per the commitment, each Customer agrees to suspend a fixed amount of money every month for a number of months.

Chitty Money and Financial Features

Chit fund is a standard and traditional product.

Chit Funds is more popular because customers have access to their future savings today. According to the survey there are around 30,000 registered businesses in India, generating a yearly turnover of Rs. 35,000 crore. There are also non-registered chit fund businesses, estimated to be 100 times the size of registered businesses. Chit fund is a very reliable medium which gives financial support if guided in right direction and determination.

Chit Fund Financial Tool

Chit Fund Software is a very unique financial tool helping the customer from many years. If customers registered in Central Act and Governed by the State rules Customer gets tax consuming returns Registered Small scale enterprisers, Savers, beginners will becomes potential borrowers in future, Customers can choose chit fund softwares according to their business plans and requirements. This will help Customers to get good returns and fast flawless accounting.

Chit Fund Registration

How to get a Registration Certificate from Chit Funds Department Chit fund Companies operating in Delhi as a practice, first obtain a certificate of incorporation from the Registrar of Companies. The office of the Registrar of Companies (Delhi & Haryana) is at IFCI Tower, Nehru Place, New Delhi.

(A) Requirements for registration of New Co. with Registrar of Chit Fund, New Delhi. After getting this certificate, you can apply for registration of the company with Chit Fund Department., Govt. of N.C.T. of Delhi, 13th floor, Vyapaar Bhawan, I.P. Estate, New Delhi 110 002 along with undermentined documents:

• Memorandum and Articles of Association.
• Incorporation Certificate.
• Form No. 2 regarding shares allotment.
• Form No. 18 regarding registered office.
• Form No. 32 regarding appointment of Directors.
• R.O.C. Receipt for filing of form No. 2, 18, 32.

Premature Termination of Chit Fund

A chit can be ended before expiry of period settled in the chit agreement if;

1. All the non-prized and unpaid supporters agree in keeping in touch with the end of chit and duplicate of such assent is documented as required by the Act; or
2. A foreman, who is an individual bites the dust or is the fate of unsound personality or wiped out and the chit is not preceded in understanding of the arrangements of the chit agreement given that on account of a foreman which is a firm if an accomplice bites the dust or is the fate of unsound personality or wiped out, the chit might not be esteemed to have been ended and the surviving accomplice or accomplices should direct the chit without any arrangement in opposition to the chit understanding, then every non-prized supporters will be qualified for get back his commitment without derivation of profit unless the chit assertion gives generally.