An Individual, Properietor Firm or A Company can become a member in a Chit Group.
But the company reserves the to admit any member to its direction.


At the time of enrolling, the following documents should be obtained from the member.
(2 Passportsize photos, Aadhar Card/ Pan Card/Voter ID & Driving Licence)


While enrolling the followingpoints are to be noted.
a. The member should be major i.e.,above 18 years.
b. Minors can also be enrolled as member provided the natural guardian (Father /Monthly)
Sign the Application as guardian


While enrolling a partnership firm the following points are to be noted
a. The chit application should be signed by the Managing Partner/Partner
b. " Common Seal or For Stamp " of the firm Should be affixed in the application form.
c. Photo copy of the partnership deed should be submitted along with application form.


While Enrolling Company as a Member, the followingpoints are to be noted
a. A Resolution passed by the Board of Directors to join the Chit should be obtained.
The Resolution should also mention the name of the person who will sign as the authorized signatory.
b.A copy of the Memorandum And Articles of the Association of the company should be enclosed along with application.
c.The authorized signatory should on behalf on the company.


Before submitting the application form the following points are to be checked. a. All the columns in the appication form must be filled.
b. Signatures are obtained in the respective place.
c.Two Witnesses are obtained on the last page of the chit agreement form.
d.The payment details must be clearly mentioned.


Service Tax application from 1st june 2015 to chits subscribers (As Per Central Govt. Rules )


LotusInd Chits Pvt. Ltd is the registered chit funds co., in the State of Karnataka, registered under the Chit Funds Act 1982. The company being registered under the Companies Act 1956, began its operations in November 2015. We are licensed chit operators coming under the preview of Chit Fund Act, RBI and Registrars of Company The company has a member profile of more than 100-150 registered Business/Working class customers and 50 employed customers participating actively in its chit programmes / schemes. Read More


    Corporate Office : # 122 / 15 / A , 1St Floor Kalburgi - Noolvi Avenue New Cotton Market , Deshpande Nagar HUBBALLI - 580029. KARNATAKA

    : 0836 - 4260414