Registration of chit fund company in haryana
SAURABH TRIPATHI
(Querist) 24 May 2016
This query is : Resolved
Dear Sir/Ma'am
I,Saurabh Tripathi, have to register a chit fund company in Haryana, i have already registered a Pvt.Ltd. with chit fund object Clause but i don't from where i get chit fund certificate and what document required for obtaining chit fund certificate. Please help me as soon as possible.
Thanks & regards
Saurabh Tripathi
Gopal Verma Advocate-on-Record
(Expert) 24 May 2016
You will have to disclose as to what is the scheme you are working upon as there are certain schemes which have been banned.
SAURABH TRIPATHI
(Querist) 25 May 2016
Sir, In my scheme there will be 4500 members and they will pay 1000 p.m. for 14months, we will draw lots every month for prizes ones someone get prize he would not be liable to pay any further installment & on the ending of 14 month every one who would not get any prize, will be paid 25000.
Rajendra K Goyal
(Expert) 25 May 2016
Take help of professional consultant providing services in the field for guidance.
T. Kalaiselvan, Advocate
(Expert) 29 May 2016
A Chit fund is a kind of savings scheme practiced in India. A Chit fund company means a company managing, conducting or supervising, as foremen, agent or in any other capacity, chits According to Section 2(b) of the Chit Fund Act, 1982, "Chit means a transaction whether called chit, chit fund, chitty, kuri or by any other name by or under which a person enters into an agreement with a specified of persons that every one of them shall subscribe a certain sum of money by way of periodical installments over a definite period and that each such subscriber shall, in his turn, as determined by lot or by auction or by tender or in such other manner as may be specified in the chit agreement, be entitled to the prize amount".
Such chit fund schemes may be conducted by organized financial institutions or may be unorganized schemes conducted between friends or relatives.
The registration process is very lengthy and you may have to produce lot of documents like
Form CF-1.
Form regarding details of company's business and deposit of fee.
Certificate of Registration in Form CF-II (in duplicate).
Residential proof of Directors/Foreman in the shape of ration card, election I-Card, or passport. besides may other formalities, hence take the help of a local consultant in person and proceed
