Definitions.-In this Act, unless the context otherwise requires,. (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different States.Ģ. Short title, extent and commencement.-(1) This Act may be called the Chit Funds Act, 1982.

We have been providing quality services to our customers since the day we opened our doors.An Act to provide for the regulation of chit funds and for matters connected therewith.īE it enacted by Parliament in the Thirty-third Year of the Republic of India as follows:-ġ. As a rapidly expanding leader, NavaShakthi Chits has consistently assisted customers in achieving their financial objectives while also benefiting mutually. They clearly understand any chits query and are happy to help the customers achieve maximum benefits from investing in chit funds. We have a strong team of professionals who possess extensive experience in the finance business.

Navashakthi Chits always follows the financial rules to conduct business more transparently. Before starting a new chit group, the foreman (Chit Fund Company) must deposit 100 per cent of the chit value with the Registrar of Chits, according to existing chit fund law.Īccording to the Chit Funds Act guidelines, only qualified chartered accountants should audit a chit fund company’s accounts.

Registered chit fund companies, such as Navashakthi Chits Pvt Ltd, must follow the rules and regulations established by the Central Chit Fund Act and the respective state governments.

Mr Vadivel Narayana Murthy Saravanan, Mr Vijaya Jaganathan Murthy, Mr Sundara Murthy Damayanthy, and Mr Vadivelu Narayana Murthy serve on our Board of Directors. Navashakthi Chits was ranked 877th out of 4805 registered companies in India.

Chit company rules