Home |KSFE Pravasi Chitty | What is the ceiling, if any, kept during the auction of a KSFE chit? That is the amount that can be reduced from the original amount of the chit?

What is the ceiling, if any, kept during the auction of a KSFE chit? That is the amount that can be reduced from the original amount of the chit?

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Jaisy Jaisy
Answered on March 31,2020

KSFE chitty is being conducted under the provisions of CFA 1982(Central Chit Fund Act). As per the act, the maximum discount allowed (for bidding chitty) is 40% of the Chit amount including the Foremans Commission which is 5% at present. 

KSFE is conducting 2 types of chitties now. 

  1. Single division chitty and 
  2. Multiple Division Chitties(with 1 lot and 3 auctions every month). 

In single division chitty, the maximum discount allowed is 30%(including Foremen's Commission). But in multiple division, Chitty Maximum discount allowed varies with the duration of the chitty. ie for 120 and 100 months' chitty discount is 40%. Chitties with a duration between 60 and 99 months maximum discount allowed are 35% and chitties with a duration below 60months discount are 30%.

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