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Questions relating to behaviour and financial pattern will be found out through questionnares 3. According to the Ministry of Corporate Affairs, as on 31st December, Volume of registered chit companies: Though they are more easily accessible as compared to registered chit funds. This study also examines the limitations of the Chit Acts and suggests suitable recommendations for improving the functioning of such institutions.
There is no significant relation between gender and cause for participation in chit fund. There is significant relation between gender and cause for participation in chit fund. Chi-Square Tests Value df Asymp. The minimum expected count is. Symmetric Measures Nominal by Nominal Phi.
Not assuming the null hypothesis. Using the asymptotic standard error assuming the null hypothesis. This means that different age groups of the chit fund members have different reasons of participating in chit funds. There is no significant relation between occupation and cause for participation in chit fund. There is significant relation between occupation and cause for participation in chit fund. There is no significant relation between age and causes for participation in chit fund H1: There is significant relation between age and cause for participation in chit fund Chi-Square Tests Value df Asymp.
We can see that the strength of association between the variables is weak 0.
This means that males and females have different reasons of participating in chit funds. As it can be seen that males participate in chit funds for business and personal consumption purposes apart from saving whereas women predominantly participate to save. There is no significant relation between monthly income and cause for participation in chit fund H1: There is significant relation between monthly income and cause for participation in chit fund Chi-Square Tests Value df Asymp.
We can see that the strength of association between the variables is strong 0. It can be seen that the self-employed members mainly participate to avail for business reasons whereas salaried employee participate mainly for personal consumption purposes. There is no significant relation between gender and causes for bidding in chit fund H1: There is significant relation between gender and cause for bidding in chit fund Chi-Square Tests Value df Asymp.
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We can see that the strength of association between the variables is moderately strong 0. There is no significant relation between occupation and cause for bidding in chit fund H1: There is significant relation between occupation and cause for bidding in chit fund Chi-Square Tests Value df Asymp. There is no significant relation between age and cause for bidding in chit fund H1: There is significant relation between age and cause for bidding in chit fund Chi-Square Tests Value df Asymp.
Symmetric Measures Nominal by Nominal Phi 1. We can see that the strength of association between the variables is extremely strong 1. It can be clearly seen that self-employed people bid in chit scheme mostly for business purposes, salaried people for emergency needs and housewives for household purposes.
There is no significant relation between monthly income and cause for bidding in chit fund H1: There is significant relation between monthly income and cause for bidding in chit fund Chi-Square Tests Value df Asymp.
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We can see that the strength of association between the variables is extremely strong. It can be clearly seen that low income members bid mostly for consumption reasons whereas higher income members bid for business related and emergency purposes.
There is no significant relation between gender and cause for saving in chit fund H1: There is significant relation between gender and cause for saving in chit fund Chi-Square Tests Value df Asymp. For others, microfinance is a way to economic development, employment and growth through the support of micro-entrepreneurs.
Microfinance is a category of services, which includes microcredit. Microcredit is provision of services to poor clients. Microcredit is one of the aspects of microfinance and the two are often confused, critics may attack microcredit while referring to it indiscriminately as either microcredit or microfinance.
Due to the range of microfinance services, it is difficult to assess impact. Proponents often claim that microfinance lifts people out of poverty, what it does do, however, is to enhance financial inclusion. In developing economies and particularly in areas, many activities that would be classified in the developed world as financial are not monetized.
This is often the case when people need the money can provide but do not have dispensable funds required for those services. Personal Emergencies, such as sickness, injury, unemployment, theft, disasters, such as fires, floods, cyclones and man-made events like war or bulldozing of dwellings.
Investment Opportunities, expanding a business, buying land or equipment, improving housing, securing a job, people find creative and often collaborative ways to meet these needs, primarily through creating and exchanging different forms of non-cash value.
Common substitutes for cash vary from country to country but typically include livestock, grains, jewelry, in the s, the micro finance industrys objective is to satisfy the unmet demand on a much larger scale, and to play a role in reducing poverty.
Moreover, its involvement has shown to lead to a trend in income inequality. Rutherford argues that the problem that poor people face as money managers is to gather a usefully large amount of money.
Because all the value is accumulated before it is needed, this management strategy is referred to as saving up. Often, people dont have money when they face a need 3. Tamil Nadu — Tamil Nadu is one of the 29 states of India. Its capital and largest city is Chennai, Tamil Nadu lies in the southernmost part of the Indian Peninsula and is bordered by the union territory of Puducherry and the South Indian states of Kerala, Karnataka, and Andhra Pradesh.
The state shares a border with the nation of Sri Lanka. Tamil Nadu is the eleventh-largest state in India by area and the sixth-most populous, the state was ranked sixth among states in India according to the Human Development Index inwith the second-largest state economy after Maharashtra. Tamil Nadu was ranked as one of the top seven developed states in India based on a Multidimensional Development Index in a report published by the Reserve Bank of India and its official language is Tamil, which is one of the longest-surviving classical languages in the world.
Tamil Nadu is home to natural resources. In addition, its people have developed and continue classical arts, classical music, historic buildings and religious sites include Hindu temples of Tamil architecture, hill stations, beach resorts, multi-religious pilgrimage sites, and eight UNESCO World Heritage Sites. Archaeological evidence points to this area being one of the longest continuous habitations in the Indian peninsula, the ASI archaeologists have proposed that the script used at that site is very rudimentary Tamil Brahmi.
Adichanallur has been announced as a site for further excavation. A Neolithic stone celt with the Indus script on it was discovered at Sembian-Kandiyur near Mayiladuthurai in Tamil Nadu, according to epigraphist Iravatham Mahadevan, this was the first datable artefact bearing the Indus script to be found in Tamil Nadu. Mahadevan claimed that the find was evidence of the use of the Harappan language, the date of the celt was estimated at between BCE and BCE.
The early history of the people and rulers of Tamil Nadu is a topic in Tamil literary sources known as Sangam literature, numismatic, archaeological and literary sources corroborate that the Sangam period lasted for about six centuries, from BC to AD Trade flourished in commodities such as spices, ivory, pearls, beads, Chera traded extensively from Muziris on the west coast, Chola from Arikamedu and Puhar and Pandya through Korkai port.
A Greco-Roman trade and travel document, the Periplus of the Erythraean Sea gives a description of the Tamil country, besides these three dynasties, the Sangam era Tamilakam was also divided into various provinces named nadu, meaning country 4.
Karnataka — Karnataka is a state in south western region of India. It was formed on 1 Novemberwith the passage of the States Reorganisation Act, originally known as the State of Mysore, it was renamed Karnataka in The capital and largest city is Bangalore, the state covers an area ofsquare kilometres, or 5. It is the seventh largest Indian state by area, with 61, inhabitants at the census, Karnataka is the eighth largest state by population, comprising 30 districts.
Kannada, one of the languages of India, is the most widely spoken. Karu nadu may also be read as karu, meaning black, the British used the word Carnatic, sometimes Karnatak, to describe both sides of peninsular India, south of the Krishna.
With an antiquity that dates to the paleolithic, Karnataka has been home to some of the most powerful empires of ancient, the philosophers and musical bards patronised by these empires launched socio-religious and literary movements which have endured to the present day.
Karnataka has contributed significantly to both forms of Indian classical music, the Carnatic and Hindustani traditions, Karnatakas pre-history goes back to a paleolithic hand-axe culture evidenced by discoveries of, among other things, hand axes and cleavers in the region.
Evidence of neolithic and megalithic cultures have also found in the state. Gold discovered in Harappa was found to be imported from mines in Karnataka, prior to the third century BCE, most of Karnataka formed part of the Nanda Empire before coming under the Mauryan empire of Emperor Ashoka.
Four centuries of Satavahana rule followed, allowing them to large areas of Karnataka. The decline of Satavahana power led to the rise of the earliest native kingdoms, the Kadambas, the Kadamba Dynasty, founded by Mayurasharma, had its capital at Banavasi, the Western Ganga Dynasty was formed with Talakad as its capital. These were also the first kingdoms to use Kannada in administration, as evidenced by the Halmidi inscription, the Western Chalukyas patronised a unique style of architecture and Kannada literature which became a precursor to the Hoysala art of 12th century.
Parts of modern-day Southern Karnataka were occupied by the Chola Empire at the turn of 11th century, the Cholas and the Hoysalas fought over the region in the early 12th century before it eventually came under Hoysala rule. At the turn of the first millennium, the Hoysalas gained power in the region, literature flourished during this time, which led to the emergence of distinctive Kannada literary metres, and the construction of temples and sculptures adhering to the Vesara style of architecture.
The expansion of the Hoysala Empire brought minor parts of modern Andhra Pradesh, in the early 14th century, Harihara and Bukka Raya established the Vijayanagara empire with its capital, Hosapattana, on the banks of the Tungabhadra River in the modern Bellary district. The empire rose as a bulwark against Muslim advances into South India, inKarnataka and the rest of South India experienced a major geopolitical shift when the Vijayanagara empire fell to a confederation of Islamic sultanates in the Battle of Talikota 5.
Andhra Pradesh — Andhra Pradesh is one of the 29 states of India, situated on the southeastern coast of the country. The state is the eighth largest state in India covering an area ofkm2, as per Census of India, the state is tenth largest by population with 49, inhabitants.
On 2 Junethe portion of the state was bifurcated to form a new state of Telangana.
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In accordance with the Andhra Pradesh Reorganisation Act, Hyderabad will remain the de jure capital of both Andhra Pradesh and Telangana states for a period of not exceeding 10 years. The state has a coastline of km with jurisdiction over nearly 15, km2 territorial waters, the second longest among all the states of India after Gujarat.
It is bordered by Telangana in the north-west, Chhattisgarh in the north, Odisha in the north-east, Karnataka in the west, Tamil Nadu in the south and the water body of Bay of Bengal in the east. A small enclave of 30 km2 of Yanam, a district of Puducherry, Andhra Pradesh is composed of two regions, Coastal Andhra, located along the Bay of Bengal, and Rayalaseema, in the inland southwestern part of the state. These two regions comprise 13 districts, with 9 in Coastal Andhra and 4 in Rayalaseema, Andhra Pradesh hosted The Tirumala Venkateswara Temple in Tirupati is one of the worlds most visited religious sites, a tribe named Andhra has been mentioned in the Sanskrit texts such as Aitareya Brahmana.
According to Aitareya Brahmana of the Rig Veda, the Andhras left north India, archaeological evidence from places such as Amaravati, Dharanikota and Vaddamanu suggests that the Andhra region was part of the Mauryan Empire. Amaravati might have been a centre for the Mauryan rule. The Satavahanas have been mentioned by the names Andhra, Andhrara-jatiya and Andhra-bhrtya in the Puranic literature, Dharanikota along with Amaravathi was the capital of the later Satavahanas.
Amaravathi became a trade and pilgrimage centre during the Satavahana rule. According to the Buddhist tradition, Nagarjuna lived here, possibly in second, Andhra Ikshvakus were one of the earliest recorded ruling dynasties of the Guntur-Krishna regions of Andhra Pradesh.
They ruled the eastern Andhra country along the Krishna river during the half of the second century CE. Puranas called Andhra Ikshvakus Shri Parvatiya Andhras, archaeological evidence has suggested that the Andhra Ikshvakus immediately succeeded the Satavahanas in the Krishna river valley 6.
It was formed on 1 November following the States Reorganisation Act by combining Malayalam-speaking regions, spread over 38, km2, it is bordered by Karnataka to the north and northeast, Tamil Nadu to the east and south, and the Lakshadweep Sea to the west. With 33, inhabitants as per the Census, Malayalam is the most widely spoken language and is also the official language of the state. The region has been a prominent spice exporter since BCE, the Chera Dynasty was the first prominent kingdom based in Kerala, though it frequently struggled against attacks by the neighbouring Cholas and Pandyas.
In the 15th century, the spice trade attracted Portuguese traders to Kerala, after independence, Travancore and Cochin joined the Republic of India and Travancore-Cochin was given the status of a state in InKerala state was formed by merging Malabar district, Travancore-Cochin, Hinduism is practised by more than half of the population, followed by Islam and Christianity. The culture is a synthesis of Aryan and Dravidian cultures, developed over millennia, under influences from other parts of India, the production of pepper and natural rubber contributes significantly to the total national output.
In the agricultural sector, coconut, tea, coffee, cashew, the states coastline extends for kilometres, and around 1. The state has the highest media exposure in India with newspapers publishing in nine languages, mainly English, Kerala is one of the prominent tourist destinations of India, with backwaters, beaches, Ayurvedic tourism and tropical greenery as its major attractions.
The name Kerala has an uncertain etymology, One popular theory derives Kerala from Kera and alam is land, thus land of coconuts, this also happens to be a nickname for the state due to abundance of coconut trees and its use by the locals. The word Kerala is first recorded in a 3rd-century BCE rock inscription left by the Maurya emperor Ashoka, the inscription refers to the local ruler as Keralaputra, or son of Chera.
This contradicts the theory that Kera is from coconut tree, at that time, one of three states in the region was called Cheralam in Classical Tamil, Chera and Kera are variants of the same word.Chit Fund Registration, Legal Procedure Chit Fund, Chit Fund Company Registrations
The word Cheral refers to the oldest known dynasty of Kerala kings and is derived from the Proto-Tamil-Malayalam word for lake, the earliest Sanskrit text to mention Kerala is the Aitareya Aranyaka of the Rigveda. It is also mentioned in the Ramayana and the Mahabharata, the two Hindu epics, the Skanda Purana mentions the ecclesiastical office of the Thachudaya Kaimal who is referred to as Manikkam Keralar, synonymous with the deity of the Koodalmanikyam temple.
According to Hindu mythology, the lands of Kerala were recovered from the sea by the warrior sage Parasurama. Parasurama threw his axe across the sea, and the water receded as far as it reached, according to legend, this new area of land extended from Gokarna to Kanyakumari. The land which rose from sea was filled with salt and unsuitable for habitation, so Parasurama invoked the Snake King Vasuki, out of respect, Vasuki and all snakes were appointed as protectors and guardians of the land 7.
It is bordered by Haryana on three sides and by Uttar Pradesh to the east, the NCT covers an area of 1, square kilometres. According to census, Delhis city population was about 11 million, Delhis urban area is now considered to extend beyond the NCT boundary to include an estimated population of over 26 million people making it the worlds second largest urban area.
As of recent estimates of the economy of its urban area have ranked Delhi either the top or second most productive metro area of India. Delhi has been inhabited since the 6th century BC. Through most of its history, Delhi has served as a capital of various kingdoms and it has been captured, ransacked and rebuilt several times, particularly during the medieval period, and modern Delhi is a cluster of a number of cities spread across the metropolitan region.
New Delhi is jointly administered by the government of India and the local government of Delhi. Delhi is also the centre of the National Capital Region, which is a unique interstate regional planning area created by the National Capital Region Planning Board Act ofDelhi ranks among the cities with the worst air pollution in the world.
There are a number of myths and legends associated with the origin of the name Delhi, one of them is derived from Dhillu or Dilu, a king who built a city at this location in 50 BC and named it after himself. The coins in circulation in the region under the Tomaras were called dehliwal, according to the Bhavishya Purana, King Prithiviraja of Indraprastha built a new fort in the modern-day Purana Qila area for the convenience of all four castes in his kingdom.
He ordered the construction of a gateway to the fort and later named the fort dehali, another theory suggests that the citys original name was Dhillika. The people of Delhi are referred to as Delhiites or Dilliwalas, the city is referenced in various idioms of the Northern Indo-Aryan languages. An allusion to the sometimes semi-arid climate of Delhi, it refers to situations of deprivation when one is surrounded by plenty.
The area around Delhi was probably inhabited before the second millennium BC, the city is believed to be the site of Indraprastha, the legendary capital of the Pandavas in the Indian epic Mahabharata.
According to Mahabharata, this land was initially a huge mass of forests called Khandavaprastha which was burnt down to build the city of Indraprastha, the earliest architectural relics date back to the Maurya period, inan inscription of the Mauryan Emperor Ashoka was discovered near Srinivaspuri.
Remains of eight cities have been discovered in Delhi 8.