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Section 19: Valuation of the chit amount in grain chits

The Tamil Nadu Chit Funds Rules, 1984State Rules of Tamil Nadu · 1982

Ina grain chit for the purpose of security under Section 20, the grain shall be valued, by the Registrar as follows:

(a) The total quantity of grain due from all subscribers at one installment of the chits shall be ascertained;

(b) The market value for the time being of the total quantity referred to in clause (a) shall then be calculated;

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(c) In assessing the market value, the Registrar shall adopt the current market price at the nearest taluk town as ascertained from the Tahsildar having jurisdiction;

(d) One and a quarter times the market value mentioned in clause (b) shall be taken to be the chit amount for the purpose of furnishing security by the foreman under sub-section 91) of Section 20.

Where this provision sits

ActThe Tamil Nadu Chit Funds Rules, 1984
Section19
Marginal noteValuation of the chit amount in grain chits
JurisdictionState of Tamil Nadu
StatusIn force as published by the source

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