Dear Sir's,
Background
Me along with my friends joined as trainees in a PSU in 2007. As the stiped paid during training was less, 10 of us decided to form a group (similar to a Self Help Group), collected monthly contributions from everyone and lended the same within our group for a minimum interest. By this we saved a minimum sum at one side and got instant emergency loans on the other side. Over the years we have increased the contribution and the corpus also have increased. Till now everything runs on understanding and belief which is smooth even now. We wish to register it as closed-co-operative/thrift as the corpus has increased and do not wish to get into trouble in the later stage after decades. This includes for taxation purpose too. Related to this, I have my queries.
1) As we are already in PSU, can we form a closed thrift society/ co-operative.?
2) We do not make any illegal money nor lend to outsiders to make profit. All we need now is to continue our mutual co-operation legally.
Kindly guide. Thanks in advance.
