What are chit funds?

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Chit fund is a saving and borrowing tool run by registered chit fund companies under Chit Fund Act 1982. In chit funds, a group of people agree to contribute a specific sum of money for a specific period of time on monthly basis which is then given to one person as loan on lottery or auction basis after deduction of the chit fund commission.

Topic: NRI Trading in India - Account, Rules, Eligibility Article

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