Stanzin Namgail 27 September 2020

unregistered chit fund

Money committee system in India and agreement has also been executed in respect to the committe. Are these legal? whether the agreement is valid and lawful??

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4 Replies

kavksatyanarayana (subregistrar/supdt.(retired)) 27 September 2020

Your query requires clarity. However, to my understanding, money lending business and chit Fund business, both of two shall be registered under the acts concerned.

G.L.N. Prasad (Retired employee.) 28 September 2020

Chitfund business is a regulated and controlled business, and there are strict measures of control by the Registrar of Chits like depositing one month subscripttion, providing members names, group formation etc. Contact Registrar of Chits for more information.