Chit funds are a non-banking financial institution which comes under the RBI Act 1934.
Chit funds usually amplifies small scale businesses by providing lowest interest rate loans with zero documentations.
With UCF, you can make your business grow more.
Uma Chit Funds (India) Limited is a chit fund
company which manages, conducts or supervises,
as foremen, agent or in any other capacity, chits as
defined in Section 2 of the Chit Funds Act, 1982.
This document and information contained herein may not be
sent or addressed wholly or in part, directly or indirectly to any person in a
jurisdiction in which it would be impermissible or otherwise restricted to offer,
distribute, sell, purchase or retain cryptographic token/coin.
This is conceptual document describing Uma chit funds project and UCF coin. It
may be amended or replaced at any time. This White Paper does not constitute
an investment, legal, tax, regulatory, financial, accounting or other advice. Prior to
investing, a prospective investor should consult with his/her own legal,
investment, tax, accounting, and other advisors to determine the potential
benefits, burdens, and other consequences of such transaction. In no event will
we be liable for any loss or damage including without limitation, indirect or
consequential loss or damage, or any loss or damage whatsoever arising from
loss of data or profits arising out of, or in connection with, the use of this website.
This document is not composed in accordance with, and is not subject to, laws or
regulations of any jurisdiction which prohibits or in any manner restricts
transactions in respect of, or with use of, digital coins.
No representations or warranties are made as to the accuracy or completeness
of the information, statements, opinions or other matters described in this
document or otherwise communicated in connection with the project. Nothing in
this document is or should be relied upon as a promise or representation as to the
future.
Every effort is made to keep the website up and running smoothly. However, Uma
Chit Funds takes no responsibility for, and will not be liable for, the website being
temporarily unavailable due to technical issues beyond our control. Uma Chit
Funds cannot be held responsible for any information contained in the website/
mobile application linked from this website.
It is assumed that, as a potential purchaser, you have knowledge and
understanding of the foregoing and that you have familiarized yourself with the
risks associated therewith. Please read all the scheme related information and
document carefully before taking decisions of investment.
Chit Funds is a Non-Banking Financial Institution originated in India which comes
under the RBI Act 1934. These companies are governed by the Chit Fund Act 1982.
"Chit", as characterized by the act, implies an exchange by the method of which
a foreman goes into a concurrence with various subscribers that all of them will
buy in a specific amount of cash in periodical portions over some period of time
i.e. Chit funds are a traditional means of savings and borrowing in which
members or subscribers agree to contribute a fixed amount of money for a fixed
duration of time. The total amount collected (by foreman) is then auctioned and
given out as prize money to the member or subscriber in need. So, this allows the
members to save a part of their earnings for the times when needed.
This framework, with various inbuilt preferences, viz., simple openness, easy to
understand administrations; and liberated from idle cost, occasional interest
climbs, extravagant pre-conclusion charges, is the most favoured alternative, for
those, who intend to spare limited quantities.
The concept of the chit funds is exactly similar to that of the Kitty Party except the
part that in chit funds auction takes place instead of lucky draw. Chit Funds are
beneficial for not only large-scale industries but also small-scale industries that
need financial support to expand their businesses. These institutions have been
playing a vital role in the National Financial Inclusion program even before banks
came into play. They are not required to be registered under RBI Act but instead
are regulated as Miscellaneous Non-Banking Companies (MNBCs). There are
majorly two types of Chit Funds in India:
- State Government Chit Funds: These are run and managed by the state
governments and are completely transparent. - Private Chit Funds: These are registered under the Chit Funds act 1982 and are
help privately by a company or a financial institution.
There are also many small unregistered chit funds which can be found across the
country comprising of a small group of people usually friends, neighbours and
relatives. Although, it is illegal to run unregistered chit funds. This is usually termed
as ‘the unorganised sector of chit funds’ and is not regulated by any law
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