Kuries is an indigenous method of doing financial transactions in India in which more than one person join together to conduct Kuries Group transactions and solve their financial problems. .
Kuries is also known as chit, chitti, chit fund or Bhishi in India..
Kuries Group is a financial model that brings equality between borrower and saver.
Kuries Group is the easiest way for businessmen to raise financial capital at low interest rates and earn high interest for savers.
A survey by the World Savings and Credit Union found that Kuries Group a type of financial transaction practiced in India, simultaneously earns a higher return on savings for the saver and provides access to money in times of trouble for the borrower..
Kuries Fund is a type of financial transaction that is legally recognized in India, but only those organizations and companies that are authorized under the Central Act, 1982 and those organizations and companies that are conducting their business under the control of the Commissioner of Central Sales Tax Department, Government of Maharashtra, do their Kuries only in Wallet Money Kuries Pvt Ltd. should be transacted.
Private Kuries organize is a financial offense under the law and private Kuries organize often cheat people financially by giving them incentives to get more money.
It is a savings vehicle which enables participative savings.Each scheme has fixed number of members who save a fixed amount for a fixed period.
Every month the scheme-runner, conducts an auction for the benefit of the members
A ceiling on the auction at 40% has been set. Each scheme is registered with the State Govt, as required under regulatory rules and the entire scheme value is placed as FD the with Registrar of Chits Govt. of Maharashtra, thereby assuring that the members' money is secure. It is a savings vehicle which enables participative savings.
as required under regulatory rules and the entire scheme value is placed as FD the with Registrar of Chits Govt. of Maharashtra, thereby assuring that the members' money is secure. It is a savings vehicle which enables participative savings.
Kuries provides a good source of finance for different type of people viz., small investors, businessmen, small scale industrialists etc.
Kuries is a good means of savings for any contingency requiring substantial amount. It serves all persons whether they desire for savings or borrowing to meet extraordinary expenses on special occasions like Marriages, Construction of houses , business , Education etc.
1. WHAT IS A CHIT (KURIES) ?
It is a CONTRACT between the foreman, as the Promoter and the subscribers, who join voluntarily. It is a FINANCIAL SYSTEM under which the periodical and regular savings of a group of subscribers are made available to each subscriber, a SPECIFIED AMOUNT every month (instalment) for a SPECIFIED PERIOD.
The Pooled funds every month are offered to the subscribers at monthly AUCTIONS and the subscriber who BIDS for the highest DISCOUNT is declared the PRIZE WINNER and given the PRIZE AMOUNT on PROPER SECURITY . A Prized subscriber also should continue to pay the subscriptions till the termination of the chit. The amount foregone as discount, less foreman’s commission is distributed among the subscribers as dividend.
2. WHAT IS A CHIT (KURIES) GROUP?
A KURIES group refers to a specified number of members agreeing to subscribe a specified amount for a specified period. For example, 20 members, 20 months, Rs.5000/- a month. The number of members and the number of months are to be the same.
3. WHO IS A FOREMAN?
Any person under the Act responsible for the conduct of the Kuries and includes any Person, such as branch manager, discharging his functions.
4. IS THE CONTRACT OF THE SUBSCRIBERS WITH THE FOREMAN VALID FOR AN INDEFINITE PERIOD?
No. It is valid only for the duration of a KURIES GROUP and until the liabilities of subscribers to foreman or vice versa are discharged or paid in full.
5. WHAT ARE THE BENEFITS OF CHIT (KURIES) SUBSCRIBERS?
a. To save in small amounts to receive a lump sum during the period of Kuries.
b. To borrow the future savings in advance. Some subscribers join Kuries funds to borrow and others to save.
6. WHAT IS KURIES AGREEMENT?
The Kuries agreement is a contract between the foreman and the individual subscribers to a Kuries group. It is a set of bye-laws or regulations dealing with the procedure for the conduct of Kuries. It will be signed in duplicate, duly witnessed. The Kuries agreements shall contain the name and address of the subscriber, the number of tickets allotted to him, the number of instalments and the instalment amount payable, the interest/penalty for delayed payment, the probable date of commencement of Kuries and its duration, the manner of deciding the prize winner at each instalment, the maximum discount to be foregone at each instalment, the mode and proportion of dividend and foreman’s commission, the date, time and place of auction, the instalment at which the foreman is to get the Kuries amount, the name of the bank, the security to be furnished by prized subscriber etc., Though each subscriber is supposed to sign the Kuries agreement, in practice, each subscriber signs a declaration in the application form that he has read and understood the terms and conditions of the Kuries Agreement. The declaration of all the subscribers are detached from the application form, pasted in a piece of paper and filed with the registrar.
7. HOW ARE THE SUBSCRIBERS ENROLLED FOR A GROUP ?
The subscribers have to fill in an application form furnishing particulars of their names, residential and office addresses, approximate gross monthly salary, names of nominees and their relationship to them. They also have to sign the declaration that they have read and understood the terms & conditions of the Kuries Agreement.
Wallet Money Kuries has helped me achieve my financial goals through their well-structured chit fund schemes. The staff is knowledgeable and guided me through the process smoothly. I highly recommend their services.
Chhatrapati Sambhaji Nagar
"I'm impressed by the flexibility of investment options offered by Wallet Money Kuries. Their customer service is top-notch, and I feel confident in entrusting my savings with them
Chhatrapati Sambhaji Nagar
The returns I've received from participating in Wallet Money Kuries' chit funds have exceeded my expectations. It's a trustworthy company that values its customers' interests
Chhatrapati Sambhaji Nagar