| 1 |
Method of Running a Chits Auction |
Auction/Fixed Scheme |
Auction/Fixed Scheme |
| 2 |
Chits Value |
₹ 5,00,000 |
₹ 4,75,000 |
| 3 |
Number of Months & Members |
20 |
20 |
| 4 |
Monthly Installment for Chits Value |
₹ 25,000 |
₹ 23,750 |
| 5 |
Monthly Company Commission per Person |
₹ 1,500 |
₹ 1,250 |
| 6 |
Monthly Installment + Company Commission |
₹ 26,500 |
₹ 25,000 |
| 7 |
Maximum Bidding Percentage |
30% |
35% |
| 8 |
Maximum Bidding Amount |
₹ 1,50,000 |
₹ 1,75,000 |
| 9 |
Auction Profit Distribution Amount |
₹ 1,50,000 |
₹ 1,50,000 |
| 10 |
Chits Prized Amount |
₹ 3,50,000 |
₹ 3,25,000 |
| 11 |
Per Person Individual Distribution Auction Amount |
₹ 7,500 |
₹ 7,500 |
| 12 |
Company Commission Included in Installment Amount |
₹ 1,500 |
No |
| 13 |
Company Commission in Auction Amount |
No |
₹ 1,250 |
| 14 |
Second Month Payable Amount |
₹ 19,000 |
₹ 17,500 |
| 15 |
Final Chits Amount at End of Group |
₹ 5,00,000 |
₹ 4,75,000 |
| 16 |
Company Commission Percentage |
6% |
5% (5.27%) |
| 17 |
Per Person Company Commission Amount for 20 Months |
₹ 30,000 |
₹ 25,000 |
| 18 |
Actual Profit For 5Lakh Chits Value |
₹ 50000 (10%) |
₹ 44250 (8.85 %) |
| 19 |
Total amount of payable chit installments for 20 months |
₹ 4,50,000 |
₹ 4,30,750 |
| 20 |
Chits Value Contract Document as per Chits Funds Act, 1982 |
Will Get |
Will Not Get |
| 21 |
List of 20 Registered Members with Government |
Will Get |
Will Not Get |
| 22 |
Copy of Security Deposit for Chits Group Registration |
Will Get |
Will Not Get |
| 23 |
Certificate Issued by the Government Registration Department for
Conducting Group Auction |
Will Get |
Will Not Get |
| 24 |
Insurance for Monthly Installment |
Will Get |
Will Not Get |
| 25 |
Group Details Accessible Using Username and Password |
Will Get |
Will Not Get |
