According to AP Chit Fund Act the prized subscriber should provide "security "to receive payment.Instead the Chit Companies obtain promissory Notes as surities from the Prized subscribers' friends, relatives and collegues therby subjectingthem to untold misery.
1.Are Security and Surity are one and the same ?
2.How legally teneble is the practice of Chit Fund Compnies practice of obtaining surities ?
