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Can a chit fund company ask for a blank cheque is this legal?
04-Feb-2023 (In Consumer Court Law)
can any chit fund company ask for blank cheque is this legal can they ask for it. If not can I file case against them?
Dear Sir, normally the chit company can ask blank cheque for security purpose, you have to take endorsement from the chit company for the same, it will very helpful in your future. If you are not given blank cheque the said chit company may be not issued the chit amount.
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Adv. Chandrashekhar Vithal Jadhav
Bangalore | 200+ Answers
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Is chit fund agreement legal?
As far as I am aware, chit funds in India are legal under the 1982 chit-fund act. In India, chit funds are a form of rotating savings and lending association system. Chit fund schemes can be organized by financial institutes or informal among friends, family, and neighbours. 06-Jan-2023
Is a chit fund legal or illegal?
Chit Funds can be registered at the Registrar of Societies and Chits, and are regulated by Reserve Bank of India, under the Chit Fund Act of 1992, which is applicable throughout India. Unregistered Chit Funds are initiated by friends, family, and colleagues. 07-Sept-2023
What is Section 12 of chit fund Act?
No company engaged in chit business may engage in any other activity without the permission of the State government.
You should not hand over blank cheque to any one.
And it is never legal..
What is the name of the company???? And what is their proposal to you to ask for a blank cheque.
Though not all the companies but few of the chit fund companies are cheating people in these fashion.
And it is never legal..
What is the name of the company???? And what is their proposal to you to ask for a blank cheque.
Though not all the companies but few of the chit fund companies are cheating people in these fashion.
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Adv. Abheek Saha
Bangalore | 100+ Answers
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