Chit Fund

A chit fund is a very popular type of savings scheme in India – It is one of the main parts of the unorganized money market industry. The chit fund company, which runs a chit fund, provides access to savings and borrowings for people with limited access to banking facilities. A Chit Fund Company is another type of finance company in India which does not require Reserve bank of India (RBI)’s approval. Chit Fund Companies are governed by Chit Fund Act 1982 and RBI has specifically exempted from its core provisions.

To start a chit, a chit fund company usually advertises a chit fund scheme and enrolls interested members. All chit fund schemes have a period, contribution and a set of members. The number of members in the chit will equal to the period, and each of the members will be required to contribute a fixed amount for each period.

Features

Legal Entity
Foremen
Credit & Savings
Special Permission
RBI Exemption
Tax Free Dividends

Analysis

Obtain help of Professionals & Subject matter experts at CFO Affairs to understand the intricacies involved in the registration. We are more than happy to educate you and make your entity registration a hassle free process.

Chit Fund

30,000/-

2 DINs, 2 DSCs,10 Lakh Authorised Capital, MOA, AOA, Name Approval, Government Fees, PAN, TAN

Registration Process

CFO Affairs helps you register in 5 to 6 working days, subject to MCA and client processing time.

1.

DSC Application

Digital Signature Certificate(DSC) and Director Identification Number(DIN) is required and can be obtained for the Directors within 1 working day.

2.

Company Registration

MCA will usually approve the application for incorporation in 5 to 7 working days, subject to their processing time.

4.

PAN & TAN Applicaiton

Once the name is approved, PAN and TAN Application for the firm would be obtained in 3 to 4 working days.

4.

Chit Fund Register

Once the name is approved, Chit Fund Application for the firm would be obtained in 15 working days.

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