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Chit Fund
A chit fund is a type of rotating savings and credit association system practiced in India, Bangladesh, Sri Lanka, Pakistan and other Asian countries. Chit fund schemes may be organized by financial institutions, or informally among friends, relatives, or neighbours. In some variations of chit funds, the savings are for a specific purpose. Chit funds are often microfinance organizations. History The chit fund is said to be an institution that has been handed down since ancient times. In 1887, William Logan, erstwhile Collector of the Malabar district of the Madras Presidency, described the custom of chit funds among friend groups in that region. In 1894, economic historian Edith Simcox mentioned that chit fund lotteries were used to raise money for special events like weddings in South India. Various reports in the 1930s point to the popularity of chit funds in current-day Kerala. In the 1930s and 1940s, between 1,000 and 10,000 formal funds functioned in the state every year. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rotating Savings And Credit Association
A rotating savings and credit association (ROSCA) is a group of individuals who agree to meet for a defined period in order to save and borrow together, a form of combined peer-to-peer banking and peer-to-peer lending. Members all chip in regularly and take turns withdrawing accumulated sums. Economist F. J. A. Bouman described ROSCAs as "the poor man's bank, where money is not idle for long but changes hands rapidly, satisfying both consumption and production needs."F. J. A. Bouman, ''Indigenous savings & credit societies in the developing world'' in Von Pischke, Adams & Donald (eds.) ''Rural Financial Markets in the Developing World'', World Bank, Washington, 1983 Terminology ROSCAs are known by various names around the world, and some of those names become loanwords between languages, including various ones that have made their way into English, especially in regional usage. For example, ROSCAs are also known as '' tandas'' (or by other names) in Latin America, '' chamas'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tamil Nadu
Tamil Nadu (; , TN) is the southernmost States and union territories of India, state of India. The List of states and union territories of India by area, tenth largest Indian state by area and the List of states and union territories of India by population, sixth largest by population, Tamil Nadu is the home of the Tamil people, who speak the Tamil language—the state's official language and one of the longest surviving Classical languages of India, classical languages of the world. The capital and largest city is Chennai. Located on the south-eastern coast of the Indian peninsula, Tamil Nadu is straddled by the Western Ghats and Deccan Plateau in the west, the Eastern Ghats in the north, the Eastern Coastal Plains lining the Bay of Bengal in the east, the Gulf of Mannar and the Palk Strait to the south-east, the Laccadive Sea at the southern Cape (geography), cape of the peninsula, with the river Kaveri bisecting the state. Politically, Tamil Nadu is bound by the Indian sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Saradha Group Financial Scandal
The Saradha Group financial scandal was a major political scandal caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly but incorrectly referred to as chit funds in East India, Eastern India. The group collected around 200 to 300 billion () from over 1.7 million depositors before it collapsed in April 2013. In the aftermath of the scandal, the Government of West Bengal, State Government of West Bengal where the Saradha Group and most of its investors were based instituted an inquiry commission to investigate the collapse. The State government also set up a fund of to ensure that low-income investors were not bankrupted. The Government of India, central government through the Income Tax Department and Enforcement Directorate launched a multi-agency probe to investigate the Saradha scam and similar Ponzi schemes. In May 2014, the Supreme Court of India, due ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rotating Savings And Credit Association
A rotating savings and credit association (ROSCA) is a group of individuals who agree to meet for a defined period in order to save and borrow together, a form of combined peer-to-peer banking and peer-to-peer lending. Members all chip in regularly and take turns withdrawing accumulated sums. Economist F. J. A. Bouman described ROSCAs as "the poor man's bank, where money is not idle for long but changes hands rapidly, satisfying both consumption and production needs."F. J. A. Bouman, ''Indigenous savings & credit societies in the developing world'' in Von Pischke, Adams & Donald (eds.) ''Rural Financial Markets in the Developing World'', World Bank, Washington, 1983 Terminology ROSCAs are known by various names around the world, and some of those names become loanwords between languages, including various ones that have made their way into English, especially in regional usage. For example, ROSCAs are also known as '' tandas'' (or by other names) in Latin America, '' chamas'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deepavali
Diwali (), also called Deepavali (IAST: ''Dīpāvalī'') or Deepawali (IAST: ''Dīpāwalī''), is the Hindu festival of lights, with variations celebrated in other Indian religions such as Jainism and Sikhism. It symbolises the spiritual victory of ''Dharma'' over '' Adharma'', light over darkness, good over evil, and knowledge over ignorance.Jean Mead, ''How and why Do Hindus Celebrate Divali?'', Diwali is celebrated during the Hindu lunisolar months of Ashvin (according to the amanta tradition) and Kārtikabetween around mid-September and mid-November.''The New Oxford Dictionary of English'' (1998) – p. 540 "Diwali /dɪwɑːli/ (also Diwali) noun a Hindu festival with lights...". The celebrations generally last five or six days. Diwali is connected to various religious events, deities and personalities, such as being the day Rama returned to his kingdom in Ayodhya with his wife Sita and his brother Lakshmana after defeating the demon king Ravana. It is also wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maharashtra
Maharashtra () is a state in the western peninsular region of India occupying a substantial portion of the Deccan Plateau. It is bordered by the Arabian Sea to the west, the Indian states of Karnataka and Goa to the south, Telangana to the southeast and Chhattisgarh to the east, Gujarat and Madhya Pradesh to the north, and the Indian union territory of Dadra and Nagar Haveli and Daman and Diu to the northwest. Maharashtra is the second-most populous state in India, the third most populous country subdivision in South Asia and the fourth-most populous in the world. The state is divided into 6 divisions and 36 districts. Mumbai is the capital of Maharashtra due to its historical significance as a major trading port and its status as India's financial hub, housing key institutions and a diverse economy. Additionally, Mumbai's well-developed infrastructure and cultural diversity make it a suitable administrative center for the state, and the most populous urban are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Delhi
New Delhi (; ) is the Capital city, capital of India and a part of the Delhi, National Capital Territory of Delhi (NCT). New Delhi is the seat of all three branches of the Government of India, hosting the Rashtrapati Bhavan, New Parliament House, New Delhi, Sansad Bhavan, and the Supreme Court of India, Supreme Court. New Delhi is a Municipal governance in India, municipality within the NCT, administered by the New Delhi Municipal Council (NDMC), which covers mostly Lutyens' Delhi and a few adjacent areas. The municipal area is part of a larger List of districts in India, administrative district, the New Delhi district. Although colloquially ''Delhi'' and ''New Delhi'' are used interchangeably to refer to the National Capital Territory of Delhi, both are distinct entities, with the municipality and the New Delhi district forming a relatively small part within the megacity of Delhi. The National Capital Region (India), National Capital Region is an even larger entity, compris ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jammu And Kashmir (union Territory)
Jammu and Kashmir ( J&K) is a region administered by India as a union territory and consists of the southern portion of the larger Kashmir region, which has been the subject of a Kashmir#Kashmir dispute, dispute between India and Pakistan since 1947 and between India and China since 1959.The application of the term "administered" to the various regions of Kashmir and a mention of the Kashmir dispute is supported by the WP:TERTIARY, tertiary sources (a) through (e), reflecting WP:DUE, due weight in the coverage. Although "controlled" and "held" are also applied neutrally to the names of the disputants or to the regions administered by them, as evidenced in sources (h) through (i) below, "held" is also considered politicised usage, as is the term "occupied", (see (j) below). (a) (subscription required) Quote: "Kashmir, region of the northwestern Indian subcontinent ... has been the subject of dispute between India and Pakistan since the partition of the Indian subcontinent in 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chit Fund Act, 1982 ''
{{disambiguation ...
Chit may refer to: *Chit (board wargames), a type of wargame counter *Chit (name) *Chit, a voucher or certificate with monetary value *Blood chit, document requesting safe passage and assistance for military personnel stranded in enemy territory *Chit fund, a savings scheme practiced in India *Chitting, a method of preparing potatoes for planting *Chit (consciousness), concept found in Indian religions See also *Chita (other) *''Chitty Chitty Bang Bang ''Chitty Chitty Bang Bang'' is a 1968 children's film, children's Musical film, musical fantasy film directed by Ken Hughes and produced by Albert R. Broccoli. It stars Dick Van Dyke, Sally Ann Howes, Lionel Jeffries, Gert Fröbe, Anna Quayle, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sole Business
Sole may refer to: Common meanings * Sole (foot), the bottom of the foot * Sole (shoe), the bottom supporting member of the shoe Fish * Sole (fish), one of several species and groups of flatfishes: * Soleidae, the family of the "true soles" ** ''Solea solea'', the common or Dover sole, used in European cooking * American sole, the family Achiridae * Tonguefish, or tongue sole, in the family Cynoglossidae * Several species of righteye flounder in the family Pleuronectidae: ** Lemon sole ** ''Microstomus pacificus'' (Pacific Dover sole) People * Sole (surname) * Solé (surname), a French and Spanish surname * Sole (hip hop artist) (born 1977), hip-hop emcee and co-founder of the Anticon record label * Solé (born 1973), American rapper and former wife of R&B singer Ginuwine Other uses * Sole (currency), a 19th-century Argentine and Bolivian currency * European Liberal Social Democracy (), a defunct political party in Italy * Sole Bank, a sand bank in the Atlantic Ocean to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Middle Class
The middle class refers to a class of people in the middle of a social hierarchy, often defined by occupation, income, education, or social status. The term has historically been associated with modernity, capitalism and political debate. Common definitions for the middle class range from the middle fifth of individuals on a nation's income ladder, to everyone but the poorest and wealthiest 20%. Theories like "Paradox of Interest" use decile groups and wealth distribution data to determine the size and wealth share of the middle class. Terminology differs in the United States, where the term ''middle class'' describes people who in other countries would be described as working class. There has been significant global middle-class growth over time. In February 2009, ''The Economist'' asserted that over half of the world's population belonged to the middle class, as a result of rapid growth in emerging countries. It characterized the middle class as having a reasonable amo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rural
In general, a rural area or a countryside is a geographic area that is located outside towns and cities. Typical rural areas have a low population density and small settlements. Agricultural areas and areas with forestry are typically described as rural, as well as other areas lacking substantial development. Different countries have varying definitions of ''rural'' for statistical and administrative purposes. Rural areas have unique economic and social dynamics due to their relationship with land-based industry such as agriculture, forestry, and resource extraction. Rural economics can be subject to boom and bust cycles and vulnerable to extreme weather or natural disasters, such as droughts. These dynamics alongside larger economic forces encouraging urbanization have led to significant demographic declines, called rural flight, where economic incentives encourage younger populations to go to cities for education and access to jobs, leaving older, less educated and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
