Schemes option
1 year ago
Can Women form a group with friends and near by relatives to run a scheme where 20 members pay small amounts for 20 months and every month a person with requirements is given the total collection without any auction
Is it legal as this is not chit and no profits.
A.Dear Sir,
Though it does not fall within the definition chit, it may have to be registered with the registrar of chits if transactions are huge and members are more than 20 in different groups.
Though it does not fall within the definition chit, it may have to be registered with the registrar of chits if transactions are huge and members are more than 20 in different groups.
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A.Dear Client
It depends if you do not charge any interest rate and not giving loan for profit making.
Hope it helps.
It depends if you do not charge any interest rate and not giving loan for profit making.
Hope it helps.
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Subhashis Paul
Responded 1 year ago
A.Yes but they should have formed an association or NGO for doing the same which shall be legally recognized and valid.
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