MSIL Chits Terms and Conditions

Introduction

These Terms and Conditions govern the operations of MSIL Chit Funds and the relationship between MSIL and its subscribers. By enrolling in an MSIL chit scheme, subscribers agree to adhere to these terms.

Definitions

• Chit: A financial arrangement where individuals contribute a fixed amount periodically, and the collected sum is distributed through an auction or lottery system.
• Subscriber: An individual enrolled in a chit scheme who agrees to its terms.
• Foreman: MSIL, acting as the organizer and manager of the chit scheme.

Enrollment and Subscription

Prospective subscribers must complete an application form, providing accurate personal and financial details. MSIL reserves the right to accept or reject any application.

Installment Payments

Subscribers must remit monthly installments on or before the due date. Payments can be made via cash, cheque, demand draft, or approved digital payment methods.

Auctions and Bidding

Auctions will follow the schedule in the Chit Agreement. The highest bidder offering the greatest discount will be declared the prized subscriber.

Security Requirements

Prized subscribers must provide adequate security before receiving the prize amount. Accepted securities may include property, bank guarantees, or other MSIL-approved assets.

Termination of Membership

Subscribers may withdraw by giving written notice. MSIL may also terminate membership for breach of terms or non-payment of installments.

Governing Law

All disputes will be governed by the laws of India and the courts of Bengaluru.