Chit Fund in Delhi

Consumer Voice - - Chit Fund -

The Chit Fund De­part­ment was set up by the Govern­ment of Delhi with the ob­jec­tive of con­trol­ling the ac­tiv­i­ties of chit-fund com­pa­nies un­der the Madras Chit Funds Act 1961 ex­tended to Delhi and the Delhi Chit Fund Rules 1964. The Delhi govern­ment’s web­site has only 51 chit-fund com­pa­nies reg­is­tered un­der it (up­dated up to 22 March 2014). Team CV found out that of these 51 com­pa­nies many have ei­ther shifted and changed their ad­dress or changed the com­pany’s name or even ceased to ex­ist.

Guide­lines to be­come mem­ber/sub­scribers in a chit fund in Delhi

• See the cer­tifi­cate of in­cor­po­ra­tion is­sued by the Regis­trar of Com­pa­nies (RoC). All chit-fund com­pa­nies are re­quired to be reg­is­tered with RoC. This is ap­pli­ca­ble for all pri­vate or pub­lic lim­ited com­pa­nies.

• Ask for a list of the di­rec­tors of the com­pany. You should also per­son­ally sat­isfy your­self about the fi­nan­cial sound­ness of the di­rec­tors of the com­pany and their sin­cer­ity to­wards sub­scribers.

• Ask for the cer­tifi­cate of regis­tra­tion for first bye-laws is­sued by the Regis­trar, Chit Funds (RCF), Delhi.

• Check if the bye-laws are reg­is­tered with RCF Delhi in re­spect of the chit com­pany you wish to join.

• You should go through the clauses of bye-laws and be sure whether you are fi­nan­cially able to sub­scribe to the chit group.

• Ver­ify from the of­fice of RCF whether the com­pany is func­tion­ing and whether any com­plaint or court case is pend­ing against the com­pany.

Chit fund pan­chayat

Un­der the ex­ist­ing Delhi Chit Fund Act, any dis­pute re­gard­ing pay­ment can be set­tled by a civil court and to ex­pe­dite the dis­pute set­tle­ment out­side the court, a new ex­per­i­ment has been con­ducted by the Delhi Chit Fund De­part­ment. A chit fund pan­chayat com­pris­ing rep­re­sen­ta­tives of es­tab­lished com­pa­nies, se­nior cit­i­zens and an of­fi­cer of the de­part­ment has been formed. The pan­chayat meets ev­ery Fri­day af­ter­noon and tries to set­tle the com­plaints of the sub­scribers against the com­pany on the ba­sis of mu­tual agree­ment. In case no set­tle­ment is ar­rived at, com­plainants are ad­vised to seek rem­edy from the court of law, if they so de­sire. Sub­scribers can also di­rectly ap­proach the civil court or con­sumer fo­rums for re­cov­ery of their dues against chit-fund com­pa­nies with­out fil­ing com­plaint in the of­fice of RCF. For fur­ther in­for­ma­tion one may con­tact the of­fice of the Regis­trar, Chit Funds, Delhi, on all work­ing days at 13th floor, Bikri Kar Bhawan, IP Es­tate, New Delhi 110 002. Phone: 011-331 8992 URL: www.chit­fund.del­

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