Section 16 in Andhra Pradesh Chit Funds Rules, 2008
16. Form of Notice to chit subscriber and communication of details of auction/draw held:
(1)Every notice to be given by a foreman to the subscribers in a chit under section 16 shall be in Form IX. It shall be sent to each subscriber under certificate of posting and shall also be exhibited on the notice board of the office of the foreman.(2)The foreman after completion of the auction or draw shall intimate to all the subscribers the following details by a letter or post card.(a)Registration Number and Date(b)Chit amount(c)Instalment number(d)Amount of discount(e)Foreman commission(f)Net Amount to be paid to the prized subscriber or Amount to be deposited in bank if the subscriber did not furnish the security to the satisfaction of foreman.(g)Amount of dividend distributed among the subscribers.(h)Amount to be paid by the subscriber per each ticket.(i)Date of next draw and time.
