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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 as defined in Section 2 of the Chit Funds Act, 1982. According to Section of the Chit Fund Act, 1982, "Chit means a transaction whether called chit, chit fund, chitty, kuree or by any other name by or under which a person enters into an agreement with a specified number of persons.

Such chit fund schemes may be conducted by organised financial institutions or may be unorganised schemes conducted between friends or relatives. There are also variations of chits where the savings are done for a specific purpose. Chit funds also played an important role in the financial development of people of south Indian state of Kerala, by providing easier access to credit.

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03 Dec 2013
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There are many variations of passages of Lorem Ipsumbut the majority have suffered alteration.

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03 Dec 2013

There are many variations of passages of Lorem Ipsumbut the majority have suffered alteration.

read more