Can I have any update on my chit fund query?
Sri (test) 30 June 2011
Can I have any update on my chit fund query?
A V Vishal (Advocate) 30 June 2011
FIRST OF ALL IS THE CHIT FUND REGISTERED LEGALLY. SECONDLY, THE CHITFUND CANNOT GIVE YOU A BOND PAYABLE IN 2013 AS CHITFUNDS ARE NOT NBFC'S AND THEY REQUIRE PERMISSION FROM THE RBI TO ISSUE BONDS AGAINST DEPOSITS, IF THEY (I FEAR) DON'T HAVE THE REQUISITE PERMISSIONS THEN YOU MAY NOT GET THE AMOUNT EVEN IN 2013. THE ONLY COURSE IS TO FILE A POLICE COMPLAINT AGAINST THE CHIT FUND MANAGEMENT FOR CRIMINAL BREACH OF TRUST AND CHEATING. EXPENSES MAY DIFFER ACCORDING TO THE CASE, IT IS VERY DIFFICULT TO SAY HOW MUCH IT WILL COST BECAUSE YOU END UP BRIBING THE POLICE, PAYING THE LAWYER'S FEE, COURT RELATED EXPENSES, WASTAGE OF VALUABLE TIME AND ENERGY.