This chit is governed by the Chit Funds Act - 1982.
The subscriber should pay the ticket amount without fail one day before the auction date every month.
Subscribers who fail to pay their bids on time will not be eligible to participate in the next auction and will not be entitled to any dividend.
A penalty of up to 24% interest will be charged if ticket payment is not paid before the auction date.
Chit Funds Act - The Company reserves the right to remove the names of subscribers who do not make proper payments from the list.
If you cancel the ticket in the middle of certain chit period, the company commission of 4% will be deducted from chit amount which you paid and the remaining amount will be issued to you, The cheque shall be issued to the removed person within 7 days of payment of the full installment in lieu of the ticket or within 14 days of the expiry of the chit period if not later.
Adequate security must be furnished before the subscriber receives the prize amount(Rule 22).
GST / Document Charges will be deducted from the prize money as per Chit Funds Act.