ഉ�ട�ം

1. apJhpc 3

2. apJy{]`mjWw 5
AUz. ]oent¸mkv tXmakv
sNbÀam³, sI.Fkv.F^v.C

3. ktµiw 7
{io. F. ]pcptjm¯a³
amt\PnwKv UbdÎÀ

4. Nn«n- ]c¼cmKX hnizmkm[njvTnX 9

]WanS]mSnsâ \nbam\pkrX cq]w

5. KSFE Domestic Chitty Business &Infographics 15

6. Pravasi Chitty - Technology Plan 19

7. Pravasi Chitty Application Software Features 27

8. Insurance Scheme & Pension Scheme of Pravasi Chitty 29

9. Legal Framework & Business Models 65

10. {]hmkn _ÔpkwKaw 89

Programme Schedule 91
-2-

    

മുഖവുര
ഒരു വ്യക്തിയുടെ ആവശ്യങ്ങൾക്കനുസരിച്ച് വിശ്വാസത്തിന്റെ അടിസ്ഥാനത്തിൽ പണം വാങ്ങുകയും
ക�ൊടുക്കുകയും ചെയ്യുന്ന പരമ്പരാഗതമായ സ�ദായമാണ് ചിട്ടി. കേരളത്തിലെ നാടൻ സാമ്പത്തിക
സമ്പ്രദായമായിരുന്ന ചിട്ടി ആദ്യകാലങ്ങളിൽ ധാന്യചിട്ടികളും പിന്നീട് പണചിട്ടികളുമായി
രൂപാന്തരപ്പെടുകയുമാണ് ചെയ്തത്. യാത�ൊരു നിയമ സാധുതയും ഇല്ലാതെ സ്വകാര്യവ്യക്തികൾ
കൈകാര്യം ചെയ്തിരുന്ന ചിട്ടിയെ സംസ്ഥാന സർക്കാർ 1969ൽ കേരള സ്റ്റേറ്റ് ഫിനാൻഷ്യൽ
എന്റർപ്രൈസസ് (കെ.എസ്.എഫ്.ഇ) എന്ന സ്ഥാപനം രൂപീകരിച്ചു ക�ൊണ്ട് പ�ൊതുമേഖലയിലേക്ക്
ക�ൊണ്ടുവരികയും, ചിട്ടിയുടെ സാമ്പത്തിക ഇടപാടുകളിലൂടെ ലഭിക്കുന്ന ലാഭം സർക്കാരിന്റെ
വികസനപ്രവർത്തനങ്ങൾക്കായി വിനിയ�ോഗിക്കുകയും ചെയ്തു തുടങ്ങി. കഴിഞ്ഞ 48 വർഷങ്ങളായി
വിവിധതരം ഉപഭ�ോക്താക്കൾക്കായി നിരവധി ചിട്ടികൾ കെ.എസ്.എഫ്.ഇ നടത്തിവരുന്നു. കേരളീയ
ജനതയുടെ വിശ്വാസമാണ് ഇന്ന് ഈ സ്ഥാപനത്തിന്റെ പെരുമ.
വിദേശരാജ്യങ്ങളിൽ ജ�ോലിചെയ്യുന്ന മലയാളികൾക്ക് വേണ്ടി പ്രവാസിചിട്ടി നടത്തുന്നതിനുള്ള
റിസർവ് ബാങ്കിന്റെ അനുമതി കെ.എസ്.എഫ്.ഇക്ക് ലഭിച്ചിരിക്കുന്നു. സമ്പാദ്യവും അത�ോട�ൊപ്പം
നാടിന്റെ വികസനവും ലക്ഷ്യമാക്കിയാണ് പ്രവാസിചിട്ടി രൂപകൽപ്പന ചെയ്തിരിക്കുന്നത്.
ചിട്ടിയിലൂടെയുള്ള സമ്പാദ്യത്തോട�ൊപ്പം ,ഗുണഭ�ോക്താവിന് ഇൻഷൂറൻസ് പരിരക്ഷയും പെൻഷനും
ലഭിക്കുന്നതിനുള്ള അവസരവും ഈ ചിട്ടിയുടെ മറ്റൊരു പ്രത്യേകതയാണ്. ഡിജിറ്റൽ സാങ്കേതികവിദ്യ
ഉപയ�ോഗിച്ച് പൂർണ്ണമായും ഓൺലൈൻ സമ്പ്രദായത്തിലൂടെ നടത്തുന്ന സംരംഭമായാണ്
പ്രവാസചിട്ടി ആരംഭിക്കുന്നത്. ന�ോർക്കയുമായി ചേർന്ന് വിദേശമലയാളികള�ോടും നാട്ടിലുള്ള
അവരുടെ ബന്ധുക്കള�ോടും ഈ ചിട്ടിയുടെ വിശദാംശങ്ങൾ അവതരിപ്പിക്കുന്നതിനും അവരുടെ പേരു
വിവരങ്ങൾ ശേഖരിക്കുന്നതിനുമായുള്ള 'പ്രവാസി ബന്ധുസംഗമങ്ങൾ' നടത്തുന്നതിനും കെ.എസ്.
എഫ്.ഇ ഉദ്ദേശിക്കുന്നു.
പ്രവാസിചിട്ടിയുമായി ബന്ധപ്പെട്ട രീതിശാസ്ത്രം, നിയമങ്ങൾ, സാങ്കേതികവിദ്യ, ചിട്ടി നടത്തിപ്പ്
രീതി, അതിനുള്ള സ�ോഫ്റ്റ് വെയറിന്റെ സവിശേഷതകൾ, ഇൻഷൂറൻസ്-പെൻഷൻ പദ്ധതികൾ,
പ്രവാസി ബന്ധുസംഗമം തുടങ്ങിയ കാര്യങ്ങൾ വിശദമാക്കുന്നതിനാണ് ഈ കൈപ്പുസ്തകം
ഉദ്ദേശിച്ചിട്ടുള്ളത്. പ്രവാസികൾക്കും ബന്ധുക്കൾക്കും, കെ.എസ്.എഫ്.ഇ ജീവനക്കാർക്കും ഈ
കൈപ്പുസ്തകം പ്രയ�ോജനപ്പെടുമെന്ന് പ്രത്യാശിക്കുന്നു.
-4-

    

കെ.എസ്.എഫ്.ഇ - പ്രവാസികൾക്കും നിവാസികൾക്കും ഇനി
ഒരു പ�ോലെ സ്വന്തം
അഡ്വ. പീലിപ്പോസ് ത�ോമസ്
ചെയർമാൻ, കെ.എസ്.എഫ്.ഇ

ഈ വരുന്ന നവംബർ 6 ന് കെ.എസ്.എഫ്.ഇ. യുടെ 48 -LU പിറന്നാളാണ്. 48 വർഷങ്ങളുടെ

പാരമ്പര്യം കെ.എസ്.എഫ്.ഇ. എന്ന നാമത്തിന് കേരള ജനതയ്ക്കുള്ളിൽ വലിയ സ്വീകാര്യതയും
വിശ്വാസ്യതയും നേടിത്തരികയുണ്ടായി. ചിട്ടി എന്ന തനത് സാമ്പത്തിക പദ്ധതിയെ വ്യവസ്ഥാപിത
മാക്കാനും, ആധുനികവത്കരിക്കാനും കെ.എസ്.എഫ്.ഇ. വഹിച്ച പങ്ക് അതുല്ല്യമാണ്. അത�ോട�ൊപ്പം
തന്നെ മറ്റ് ബാങ്കുകൾ കൈകാര്യം ചെയ്യുന്ന വായ്പകളുടേയും നിക്ഷേപങ്ങളുടേയും രംഗത്തും കെ.എസ്.
എഫ്.ഇ. തനതായ വ്യക്തിമുദ്ര പതിപ്പിക്കുകയുണ്ടായി. ഏതാണ്ട് 32000 ക�ോടി രൂപയുടെ വിറ്റുവരവും
33 ലക്ഷത്തിൽപ്പരം ഇടപാടുകാരുമുള്ള സ്ഥാപനം എന്ന് കെ.എസ്.എഫ്.ഇ.യുടെ ഇപ്പോഴത്തെ
കച്ചവടസംബന്ധമായ അവസ്ഥയെ ചുരുക്കി വിവരിക്കാം.

എന്നാൽ ഇപ്പോൾ നമ്മുടെ മുന്നിലെ ലക്ഷ്യം അതല്ല. 2020 ആകുമ്പോഴേയ്ക്കും കെ.എസ്.എഫ്.ഇ. യെ

ഒരു ലക്ഷം ക�ോടി രൂപ മൂലധനവും 1 ക�ോടി ഉപഭ�ോക്താക്കളും ഉള്ള സ്ഥാപനമാക്കി മാറ്റുക എന്നതാ
ണ് നമ്മുടെ ലക്ഷ്യം. അതുക�ൊണ്ട് ഇപ്പോൾ പ�ോകുന്ന രീതിയിലും വേഗതയിലും തന്നെ പ�ോകുകയാ
ണെങ്കിൽ ഈ ലക്ഷ്യം നേടുക അസാധ്യമായിരിക്കും. അതിനാൽ നമ്മുടെ സ്ഥാപനത്തിന്റേയും
ബിസിനസ്സ് മാതൃകകളുടേയും ശൈലി ഉടച്ചുവാർക്കേണ്ടതുണ്ട്. കാല�ോചിതമായ മാറ്റങ്ങൾ ഉണ്ടാക്ക
ണം. അതിൽ ഏറ്റവും പ്രധാനപ്പെട്ട ഒരു ചുവടുവെയ്പാണ് പ്രവാസി ചിട്ടികൾ.

ഫ�ോറിൻ എക്സ്ചേഞ്ച് മാനേജ് മെന്റ് ആക്ട് (ഫെമ) യിൽ റിസർവ് ബാങ്ക് ഓഫ് ഇന്ത്യ 2015
മാർച്ച് 2 ന് ക�ൊണ്ടുവന്ന 337/2015, 338/2015 എന്നീ ഭേദഗതികൾ മൂലം വിദേശ രാജ്യങ്ങളിൽ
താമസിക്കുന്ന ഇന്ത്യക്കാർക്ക് സ്വദേശത്ത് നടത്തുന്ന ചിട്ടികളിൽ ബാങ്കിംഗ് ചാനലുകൾ വഴി പണമട
യ്ക്കാനുള്ള സൗകര്യം ആദ്യമായി ലഭിയ്ക്കുകയുണ്ടായി. ഇതേ തുടർന്ന് 29.07.2015 ൽ പുറത്തിറങ്ങിയ
കേരള ഗവണ്‍മെന്റ് ഉത്തരവു പ്രകാരം കെ.എസ്.എഫ്.ഇ. യ്ക്ക് പ്രവാസികളിൽ നിന്ന് പണം ഈ
ഭേദഗതി പ്രകാരം സ്വീകരിക്കാനുള്ള അനുമതിയും ലഭിച്ചു. ഈ അവസരത്തെ ഒരു പുതിയ ബിസിനസ്സ്
മാതൃകയാക്കി മാറ്റിയെടുക്കുകയാണ് കെ.എസ്.എഫ്.ഇ. ചെയ്യുന്നത്. ബഹു. ധനകാര്യമന്ത്രി ഡ�ോ.
ത�ോമസ് ഐസക് ആണ് ഈ മാതൃകയുടെ ഉപജ്ഞാതാവ്. അത് പ്രകാരം വിദേശ മലയാളികൾക്ക്
അവരുടെ പ്രവാസ ജിവിതത്തിലാദ്യമായി അവരുടെ നാടിന്റെ ഏറ്റവും തനതായ സാമ്പത്തിക
പദ്ധതിയിൽ, ചിട്ടിയിൽ ചേരാൻ അവസരം ലഭിയ്ക്കുന്നു. അതേ സമയം ഈ ചിട്ടിയിൽ ചേരുക വഴി
നാടിന്റെ വികസന പ്രക്രിയകളിൽ പങ്കാളികൾ ആകാനും. കെ.എസ്.എഫ്.ഇ. യും കിഫ്ബിയും
തമ്മിലുള്ള സവിശേഷ ബന്ധത്തിലൂടെയാണ് ഇത് സാധ്യമാകുക. ഈ കൈക�ോർക്കലിലൂടെ നാടിന്റെ
വികസനവും ഉപഭ�ോക്താവിന്റെ സാമ്പത്തിക വികാസവും ഒപ്പം നടക്കുന്നു. ന�ോർക്കയും എൽ.ഐ.സി.
യും സ്റ്റേറ്റ് ഇൻഷുറൻസുമായി ചേർന്ന് പെൻഷൻ അടക്കമുള്ള നിരവധി സുരക്ഷാ പദ്ധതികളും ആനുകൂ
ല്യങ്ങളും ഈ ചിട്ടിയിൽ ക�ോർത്തിണക്കിയിട്ടുണ്ട്.

അനൗപചാരിക സർവ്വേകൾ അനുസരിച്ച് മധ്യ, പൂർവ്വ ദേശത്തെ മലയാളി ജനസംഖ്യയിൽ ഭൂരിപക്ഷ

വും ഇത്തരമ�ൊരു പദ്ധതിയിൽ ചേരാൻ അനുകൂലമായി പ്രതികരിച്ചിട്ടുണ്ട് എന്നതാണ് അറിവ്.
അതിനാൽ പ്രവാസി ചിട്ടിയിലൂടെ നാളിത് വരെ ചെയ്തതിനേക്കാളും വലിയ കുതിച്ചു ചാട്ടമാണ് കെ.
എസ്.എഫ്.ഇ. നടത്താൻ പ�ോകുന്നത്.

രണ്ടാമത്തെ, ഏറ്റവും വലിയ വ്യത്യാസം സംഭവിക്കാൻ പ�ോകുന്നത് സേവന മേഖലയിലാണ്. ക�ോർ

സ�ൊല്യൂഷൻ കമ്പ്യൂട്ട‍‍‍‍‍ർ പ്രോഗ്രാമായ കാസ്ബ നമ്മൾ മുഴുവൻ ശാഖകളിലും നടപ്പിൽ വരുത്തിയെങ്കി
ലും ചിട്ടിയിൽ ചേരുക. ചിട്ടി ലേലം തുടങ്ങിയ പ്രക്രിയകൾ ഇന്നത്തെ ശാഖകളിലെല്ലാം തന്നെ പഴയ
രീതിയിൽ മനുഷ്യകേന്ദ്രിതമായാണ് നിർവ്വഹിക്കപ്പെടുന്നത്. എന്നാൽ പ്രവാസി ചിട്ടികൾ സാധ്യമാ
കുന്നത�ോടെ ലേലമടക്കം ചിട്ടിയെ സംബന്ധിച്ച പ്രക്രിയകളിൽ ഏറ്റവും പ്രധാനപ്പെട്ടവയെല്ലാം
കമ്പ്യൂട്ട‍‍‍‍‍ർവത്കൃതമായിത്തീരും. തങ്ങളുടെ മ�ൊബൈൽ/ലാപ് ട�ോപ്പ് വഴി ഓര�ോ ഉപഭ�ോക്താവിനും
തങ്ങളുടെ അക്കൗണ്ടുകൾ ഏത് സമയത്തും പരിശ�ോധിക്കാവുന്നതാണ്. ചുരുക്കത്തിൽ കെ.എസ്.
എഫ്.ഇ. യുടെ ഡിജിറ്റൽ മാറ്റത്തിന് പ്രവാസിച്ചിട്ടികൾ കാരണമാകും.

വെറുമ�ൊരു സാമ്പത്തിക പദ്ധതി മാത്രമല്ല പ്രവാസിച്ചിട്ടികൾ. പ്രവാസിയുടെ സർവ്വത�ോന്മുഖ

വികാസം ലക്ഷ്യമാക്കിയ പദ്ധതിയാണിത്. അത�ോട�ൊപ്പം പുതിയ വികസന മാതൃകയിലെ സജീവ
പങ്കാളിത്തവും. ഈ പദ്ധതി പ്രവാസികൾക്ക് വാഗ്ദാനം ചെയ്യുന്ന ആകർഷകമായ സാമ്പത്തികാദായ
വും സാമൂഹ്യസുരക്ഷയും മറ്റ് ആനുകൂല്യങ്ങളും, നാട്ടിലുള്ള അവരുടെ ബന്ധുക്കൾക്ക് വിശദമാക്കിക്കൊടു
ക്കാൻ വേണ്ടിയാണ് നാടെങ്ങും നൂറ്റി ഇരുപതിൽ കൂടുതൽ കേന്ദ്രങ്ങളിൽ പ്രവാസി ബന്ധു സംഗമ
ങ്ങൾ കെ.എസ്.എഫ്.ഇ. സംഘടിപ്പിക്കുന്നത്.

ഇനി മുതൽ കേരള നിവാസികൾക്ക് മാത്രമല്ല, പ്രവാസികൾക്കും പ്രിയങ്കരമായ നാമധേയം ആകാൻ

പ�ോകുകയാണ് കെ.എസ്.എഫ്.ഇ. അതിനുള്ള ശ്രമത്തിൽ നമുക്കൊരുമിച്ച് പങ്കാളികളാകാം.
മാനേജിംഗ് ഡയറക്ടറുടെ സന്ദേശം
ചിട്ടി എന്ന സാമ്പത്തിക പദ്ധതിയ്ക്ക് ശതാബ്ദങ്ങളുടെ പഴക്കമുണ്ട്. ഒരു പക്ഷേ നിക്ഷേപത്തി
ന്റേയും വായ്പയുടേയും പ്രത്യേകതകളെ ഒര�ൊറ്റ പദ്ധതിയിൽ ക�ോർത്തിണക്കുന്നതിൽ പ്രാചീ
നർ കാണിച്ച പ്രാവീണ്യമാണ് ചിട്ടിയെ പ്രിയങ്കരമായ ഒരു സാമ്പത്തിക പദ്ധതിയായി
നിലനിർത്തിയത്. കൂട്ടായ സാമ്പത്തിക പദ്ധതി എന്ന നിലയിൽ അതിന്റെ ജനാധിപത്യ
സ്വഭാവവും അതിന് കാരണമായിട്ടുണ്ടാകാം.
കെ.എസ്.എഫ്.ഇ. ചെയ്ത പ്രധാനപ്പെട്ട രണ്ടു കാര്യങ്ങൾ ചിട്ടിയുടെ ആധുനികവത്ക്കരണവും
നിയമ സാധുതയുള്ള ചിട്ടികളുടെ പ്രചരണവും ആണ്. ചിട്ടി എന്ന പേരിൽ ചില സ്വകാര്യ
ചൂഷകർ നടത്തിയിരുന്ന അങ്ങേയറ്റം അധാർമികമായ സാമ്പത്തിക ചൂഷണത്തിന് അത�ോടെ
വലിയ�ൊരു അറുതിയുണ്ടായി.
ഇപ്പോൾ ഇതാ കെ.എസ്.എഫ്.ഇ. ബഹു. ധനകാര്യമന്ത്രി ഡ�ോ.ടി.എം. ത�ോമസ് ഐസ
ക്കിന്റെ മുൻകൈയിൽ പുതിയ�ൊരു ചിട്ടി പദ്ധതി ആവിഷ്കരിച്ചിരിക്കുന്നു. പ്രവാസിച്ചിട്ടികൾ
എന്ന പേരിൽ ആരംഭിയ്ക്കുന്ന ഈ ചിട്ടി പദ്ധതി വിദേശത്ത് താമസിക്കുന്ന കേരളീയരെ ഉദ്ദേശി
ച്ചാണ് തുടങ്ങുന്നത്.
ലക്ഷക്കണക്കിന് വരുന്ന പ്രവാസി മലയാളികൾക്ക് വിദേശത്ത് താമസിച്ചുക�ൊണ്ട് ചിട്ടി
എന്ന മലയാളിയുടെ തനത് സാമ്പത്തിക പദ്ധതിയിൽ അംഗമാകാൻ കഴിയും എന്നതാണ്
ഇതിന്റെ പ്രത്യേകത. ചിട്ടിയുടെ ഗുണങ്ങൾക്കൊപ്പം തന്നെ നിരവധി സുരക്ഷാ പദ്ധതികളും
ആനുകൂല്യങ്ങളും മൂല്യവർദ്ധിതങ്ങളായി ഈ പദ്ധതിയിൽ ഉണ്ട്. കിഫ്ബിയുമായുള്ള സഹക
രണ പ്രകാരം ഈ പദ്ധതിയിൽ നിന്നുള്ള പണത്തിലൂടെ കേരള വികസനത്തിൽ പങ്കാളികളാ
കാൻ പ്രവാസി മലയാളികൾക്ക് സാധിക്കുകയും ചെയ്യുന്നു.
ഈ ചിട്ടിയുടെ സന്ദേശം ഓര�ോ പ്രവാസി കുടുംബത്തിലും എത്തിക്കാൻ വേണ്ടി നടത്തുന്ന
പ്രവാസി ബന്ധു സംഗമം വൻ വിജയമാക്കാൻ നമുക്കൊത്ത് പരിശ്രമിക്കാം.

എ. പുരുഷ�ോത്തമൻ
മാനേജിംഗ് ഡയറക്ടർ
-8-

    

ചിട്ടി - പരമ്പരാഗത വിശ്വാസാധിഷ്ഠിത പണമിടപാടിന്റെ
നിയമാനുസൃത രൂപം
നമ്മുടെ തനതു സാമ്പത്തിക സംരംഭമായ “ചിട്ടി”യുടെവേരുകള്‍ തേടി പ�ോയാൽ എത്തുന്നത്, കേരള
ത്തില്‍ നൂറ്റാണ്ടുകൾക്കു മുമ്പുതന്നെ നിലവിലുണ്ടായിരുന്ന ‘ഗ്രെയിന്‍ ചിട്ടി’ അഥവാ ‘ധാന്യ ചിട്ടി1
സമ്പ്രദായത്തിലായിരിക്കും. നാണയംസമ്പദ് വ്യവസ്ഥയുടെ മുഖ്യസ്ഥാനം ഏറ്റെടുത്തത�ോടെ ചിട്ടി
സമ്പ്രദായവും ‘പണചിട്ടി’ ആയി രൂപം മാറി. പരമ്പരാഗത സാമൂഹികവ്യവസ്ഥയിലെ ഉത്പാദനത്തി
ന്റെയും ഉപഭ�ോഗത്തിന്റെയും ആവശ്യങ്ങൾ നിറവേറ്റിപ്പോന്ന ചിട്ടി അഥവാ ഒറ്റയാൾബാങ്കിന്, പണമി
ടപാടിനെത്തുന്നയാളുകളുടെ ആവശ്യങ്ങൾക്കും രീതികൾക്കും വന്ന മാറ്റങ്ങൾക്കനുസരിച്ച്
രൂപത്തിലുംഭാവത്തിലുംമാറ്റംസംഭവിച്ചു. ഇന്ന് ചിട്ടിയെന്നാൽ, വിശ്വാസത്തെ അടിസ്ഥാനമാക്കി
ക്രയവിക്രയം ചെയ്യുന്ന ഒരു ആധുനിക സാമ്പത്തിക ഉപകരണമാണ്.
1969 വരെ കേരളത്തിലെ ചിട്ടി വ്യവസായം സ്വകാര്യ കുത്തകകളുടെ കൈവശമായിരുന്നു. വ്യാപക
മായ കെടുകാര്യസ്ഥതയുടെയും സ്വജനപക്ഷപാതത്തിന്റേയും തിരിമറിയുടെയും കുത്തരങ്ങായി മാറിയ
ചിട്ടി വ്യവസായത്തെ നിയന്ത്രിക്കുവാനായാണ് കേരള സർക്കാർ ചിട്ടിഫണ്ട് നടത്തിപ്പിന് ചട്ടങ്ങൾ
ക�ൊണ്ടുവരാനും, ഉപഭ�ോക്താവിന്റെതാൽപര്യങ്ങൾ സംരക്ഷിക്കാനും, സാമ്പത്തിക ഇടപാടുകളിലൂടെയു
ണ്ടാകുന്ന ലാഭം ഉൽപാദനക്ഷമമായ പ്രവർത്തനങ്ങൾക്കു വിനിയ�ോഗിക്കുന്നതിലൂടെ സാമ്പത്തിക
ഉൾച്ചേർക്കൽ ഉറപ്പാക്കാനും നടപടിയെടുത്തത്. ഇന്ന്ചിട്ടി വ്യവസായത്തിൽ വിശ്വസനീയമായ
പേരുകളിൽ ഒന്നാണ് കേരള സ്റ്റേറ്റ് ഫിനാന്‍ഷ്യല്‍ എന്റര്‍പ്രൈസ് (കെ.എസ്.എഫ്.ഇ). കഴിഞ്ഞ 48
വർഷമായി, വിവിധ തരം ഉപഭ�ോക്താക്കളുടെ താല്പര്യത്തിനനുസൃതമായി സംസ്ഥാനത്തൊട്ടാകെ
വൈവിദ്ധ്യമായ ചിട്ടികൾ കെ.എസ്.എഫ്.ഇ നടത്തിവരുന്നു.
പ്രവാസി ചിട്ടികൾ-കെ.എസ്.എഫ്.ഇ ഡിജിറ്റല്‍ പരിവര്‍ത്തനത്തിലേക്ക്
മലയാളികള്‍ ധാരാളമായി അന്യനാടുകളിലേക്ക്, മുഖ്യമായും ഗൾഫ് നാടുകളിലേക്ക്, ത�ൊഴിൽ
തേടിപ്പോവുകയും അവർ നാട്ടിലേക്കയക്കുന്ന പണം കേരളത്തിന്റെ സമ്പദ് വ്യവസ്ഥയുടെ മുഖ്യഘടക
മായി മാറുകയും ചെയ്ത കാലത്തുതന്നെ ആവശ്യങ്ങൾ മുന്നിൽകണ്ട് പ്രവാസികള്‍ക്കായുള്ള ചിട്ടി എന്ന
-10-

ആശയം കെ.എസ്.എഫ്.ഇയുടെ പരിഗണനയിലുണ്ടായിരുന്നു. അവരുടെ ദീർഘകാലത്തെ കാത്തിരി

പ്പിനു ശേഷം, ഇപ്പോൾ പ്രവാസികളെ വരിക്കാരാക്കുന്നതിനുള്ള അനുമതി റിസർവ് ബാങ്കിൽ നിന്നും
ലഭ്യമായിട്ടുണ്ട്.
ഇത് നടപ്പിലാക്കുന്നതിന്, ഇടപാടുകൾ സുഗമവും ലളിതവുമാക്കാൻ സഹായിക്കുന്ന സാങ്കേതികവിദ്യാ
നവീകരണം കെ.എസ്.എഫ്.ഇ നടത്തേണ്ടിയിരിക്കുന്നു. അതിനുവേണ്ടി ചിട്ടിസംവിധാനത്തിന്റെ
നടത്തിപ്പു പ്രക്രിയ ഓൺലൈൻ പ്ലാറ്റ് ഫ�ോമിലൂടെ ചെയ്യുന്ന നടപടികൾ ആസൂത്രണം ചെയ്തുവരുന്നു.
ഇതുവഴി എപ്പോൾവേണമെങ്കിലും ഉപഭ�ോക്താവിന് ഡെസ്ക്ഷെഡ്യുളുകൾ ഇല്ലാതെ കെ.എസ്.എഫ്.
ഇയുടെ ഓൺലൈൻ ബ്രാഞ്ചുമായി ബന്ധപ്പെടാവുന്നതാണ്. കെ.എസ്.എഫ്.ഇയുടെ ഈ ഓൺലൈൻ
ബ്രാഞ്ചായിരിക്കും ചിട്ടിയുടെ ബാക്ക് എന്റ് ഓപ്പറേഷന്‍ കൈകാര്യം ചെയ്യുക. ഇതില്‍ കസ്റ്റമ‍ർ ഐഡ
ന്റിഫിക്കേഷനും, ചിട്ടി അനൗൺസ്മെന്റ്സ്, കസ്റ്റമർ റിലേഷൻസ്മാനേജ്‌മെന്റും സെക്യൂരിറ്റി പ്രോസ
സിംഗും അക്കൗണ്ടിംഗും ഉൾപ്പെടുന്നു. ഒരു ക�ോർചിട്ടിആപ്ലിക്കേഷൻ ഉപയ�ോഗിച്ച് രജിസ്റ്റേർഡ്
ഓൺഷ�ോർ ഏജന്റുമാരുടെ സഹായത്തോടെ ചിട്ടിയിൽ ചേരൽ, KYC സേവനങ്ങൾ, ചിട്ടിട്രേഡിങ്ങ്,
ചിട്ടി സബ്സ്ക്രിപ്ഷൻ, ചിട്ടികരാർ എന്നിവയെല്ലാം നടത്താനാകും. ഓൺലൈൻ ചിട്ടി പെയ്മെന്റും
ലേലവുമാണ് സേവനങ്ങളുടെ മുഖ്യഘടകം. KYC കൺഫർമേഷൻ, സ്വർണ്ണം ഭൂമി എന്നിവ ഈടുവച്ചു
ള്ള ഇടപാടുകളുടെ സെക്യൂരിറ്റി രേഖാപരിശ�ോധന തുടങ്ങിയ സഹായക പ്രക്രിയകൾ ഒരു ഡിജിറ്റൽ
വർക്ക്ഫ്ലോ ഉപയ�ോഗിച്ച് കെ.എസ്.എഫ്.ഇയുടെ ബ്രാഞ്ച് ഓഫീസുകളും റീജിയണൽ ഓഫീസുകളും
നിർവ്വഹിക്കും. ഉപഭ�ോക്താക്കൾക്ക് തികഞ്ഞ സംതൃപ്തിഉറപ്പാക്കുന്നതിനായി ഈ ചിട്ടി സേവന
സൗകര്യങ്ങളിൽ വളരെ ചിട്ടയായ ഇടപെടൽ സമ്പ്രദായങ്ങൾ നടപ്പാക്കുന്നതാണ്. വിദേശത്ത്
സേവനം ലഭ്യമാക്കുന്നതിനായി ഏജന്റുകളേയും ഏർപ്പെടുത്തേണ്ടതുണ്ട്. ഓഡിയ�ോ, വീഡിയ�ോ,
വ�ോയിസ്, ഡേറ്റാ എന്നിവയ�ൊക്കെ സംയ�ോജിപ്പിച്ചുപയ�ോഗപ്പെടുത്താനും ജീവനക്കാരുടെ പ്രവർത്ത
നക്ഷമതയും പ്രവർത്തന പുര�ോഗതിയും തുടർച്ചയായി നിരീക്ഷിക്കാനാകുന്നതുമായ ഒരു ഏകികൃത
ആശയവിനിമയസംവിധാനമായിരിക്കും ഈ പരിവർത്തന മാനേജ് മെന്റിന്റെ കാതൽ. ഉപഭ�ോക്താ
ക്കൾക്ക് മുമ്പ് നേരിട്ടിരുന്ന പതിവു തടസ്സങ്ങൾ പരിഹരിക്കുകയും പ്രവർത്തനം സുഗമമാക്കുകയും
ചെയ്യുന്നതിനായുള്ള വിവിധ സ�ോഫ്റ്റ് വെയറുകളുടെയും ആപ്ലിക്കേഷനുകളുടെയും പ്രധാനസവിശേഷത
കളാണ് ഈ രേഖയിലൂടെ പരിചയപ്പെടുത്തുന്നത്.
പ്രവാസി ചിട്ടിയിൽരജിസ്റ്റർചെയ്യുന്നതിനുവേണ്ടഘടകങ്ങൾ
താല്പര്യമുള്ളവർക്ക് മ�ൊബൈൽ ആപ്ലിക്കഷൻ വഴിയ�ോ, വെബ്ബ്സൈറ്റ് വഴിയ�ോ അതുമല്ലെങ്കിൽ ഏതെ
ങ്കിലുമ�ൊരു കെ.എസ്.എഫ്.ഇ ബ്രാഞ്ച് വഴിയ�ോ, കെ.എസ്.എഫ്.ഇ കസ്റ്റമർ ആയി രജിസ്റ്റർ ചെയ്യാവു
ന്നതാണ്. തുടർന്ന് സംസ്ഥാന പ്രവാസി കേരളീയകാര്യ വകുപ്പിന്റെ ഐഡന്റിറ്റി വേരിഫിക്കേഷനും
അത�ോട�ൊപ്പം നിർബന്ധിത KYC (Know your Customer- നിങ്ങളുടെ കസ്റ്റമറെ അറിയുക) പരിശ�ോ
ധനാ പ്രക്രിയയും നടത്തപ്പെടുന്നു. കെ.വൈ.സി രേഖകളിൽ ഉപഭ�ോക്താവിന്റെ പാസ്പോർട്ട്, വിസ
വിശദാംശങ്ങൾ ഉൾപ്പെടുന്നു. വിദേശത്തുള്ള KYC ഏജന്റുമാർ വഴിയാണ് വെരിഫിക്കേഷൻ പ്രക്രിയ
നടത്തുന്നത്. ഇതിനായി പ്രസ്തുത രേഖകൾ കെവൈസി ഏജന്റ് സ�ോഫ്റ്റ് ക�ോപ്പികൾ ആക്കി ഡിജിറ്റൽ
ഡ�ോക്യുമെന്റേഷൻ ഫയൽ സിസ്റ്റത്തിലേക്ക് (DDFS) അപ് ല�ോഡ് ചെയ്യും. ഈ രേഖകൾ പരിശ�ോ
ധിച്ച് കെ.എസ്.എഫ്.ഇ ഓൺലൈൻ ബ്രാഞ്ചിലെ ഉദ്യോഗസ്ഥർ കസ്റ്റമറെ രജിസ്റ്റിർ ചെയ്യുന്നു തുടർന്ന്
ആ കസ്റ്റമറിന് അവർക്ക് താല്പര്യമുള്ള ചിട്ടികളിൽ ചേരാവുന്നതാണ്. ഈ പ്രക്രിയയിൽ കസ്റ്റമർ
റിലേഷൻ മാനേജ്‌മന്റ് (CRM) ആവശ്യമായ സേവനം നൽകുന്നു.
ഡിജിറ്റല്‍ ഡ�ോക്യുമെന്റേഷൻ ഫയൽ സിസ്റ്റം (DDFS)
ഓര�ോ കസ്റ്റമറുടെയും, ഓര�ോ ചിട്ടിയുടെയും എല്ലാ വിവരങ്ങളും ഡിജിറ്റൽ ഡ�ോക്യുമെന്റേഷൻ ഫയൽ

  (...)

    

സിസ്റ്റത്തിലാണ് (ഡിഡിഎഫ്എസ്) ഡിജിറ്റൽ വർക്ഫ്ലോയിൽ ശേഖരിക്കപ്പെടുക. പ്രവാസി ചിറ്റിനാ

യി രജിസ്റ്റർ ചെയ്തിരിക്കുന്ന ഓര�ോ ഉപഭ�ോക്താവിനും DDFSൽഒരു കസ്റ്റമർ ഫയൽ ഉണ്ടാകും. ഓര�ോ
ഉപഭ�ോക്താവിനും പ്രത്യേകമായ തിരിച്ചറിയൽ സംവിധാനമുള്ള കസ്റ്റമർഫയൽതന്നെയാണ് പ്രവാസി
ചിട്ടിയുടെ സവിശേഷമായ കേന്ദ്രരേഖ. ഉപഭ�ോക്താവിനെ സംബന്ധിച്ചുള്ള എല്ലാവിവരങ്ങളും അടങ്ങി
യരേഖയാണിത്. ഉപഭ�ോക്താവിന്റെപേര്, ഫ�ോൺനമ്പരുകൾ, ഇമെയിൽ, കസ്റ്റമർ ID തുടങ്ങി KYC
രേഖയിൽ നൽകിയിട്ടുള്ള ഏതു തിരിച്ചറിയൽ രേഖയും ഉപയ�ോഗിച്ച് എന്നിവ ഉപയ�ോഗിച്ച് ക്ലയന്റ്
ഫയൽ കണ്ടെത്താൻ സാധിക്കും. ഉപഭ�ോക്താവിനെകുറിച്ചുള്ള താഴെപറയുന്ന വിവരങ്ങൾ DDFS -ൽ
ഉണ്ടാകും:
1. പ്രൊഫൈൽ
a. പേര്, പ്രാഥമിക വിലാസം, ദ്വിതീയ വിലാസം, ബന്ധപ്പെടാനുള്ള നമ്പറുകൾ, ഇ-മെയിൽ
വിലാസങ്ങൾ, ബാങ്ക് അക്കൌണ്ട് വിവരം, ഏജന്റ് വിവരങ്ങൾ, സ്പോൺസർ വിവരങ്ങൾ,
ന�ോമിനിയുടെ വിവരങ്ങൾ എന്നിവ.
b. ഫ�ോട്ടോഗ്രാഫ്, ഉപഭ�ോക്താവിന്റെ ഒപ്പ്.
c. അടിയന്തരഘട്ടങ്ങളിൽ,പ്രാദേശികമായും ജ�ോലി സ്ഥലത്തും ബന്ധപ്പെടാവുന്ന ആളുകളുടെ
വിവരങ്ങൾ
d. ഉപഭ�ോക്താവ് അംഗമായിരുന്ന/ അംഗമായചിട്ടിയുടെതിരിച്ചടവു കുടിശ്ശിക തുകയുടെ വിവര
ങ്ങൾ
e. മൂല്യനിർണയ സമയത്ത് ഉപഭ�ോക്താവ് നൽകുന്ന സെക്യൂരിറ്റികളുടെ മൂല്യവും അതിനെതിരെ
നിലവിലുള്ള ബാലൻസുകളും പ്രദർശിപ്പിക്കും.
f. ഉപഭ�ോക്താവിന്റെ ചിട്ടിയുടെസ്റ്റാറ്റസ് സജീവമെന്നോ പൂർത്തീകരിച്ചെന്നോ ഉള്ള വിവിരം.

2. KYC
a. ന�ോർക ID, പാസ്പോർട്ട് നമ്പർ, വിസ തുടങ്ങിയ വിവരങ്ങൾ
b. പ്രമാണങ്ങളുടെ കാലഹരണ തീയതി
c. KYC രേഖകളുടെ പതിപ്പുകൾ
d. e-KYC കാലാവധി തീയതികൾ

3. സെക്യൂരിറ്റീസ്
a. സെക്യൂരിറ്റി ഉദ്ദേശ്യത്തിനായി സമർപ്പിച്ച എല്ലാ രേഖകളും
b. കാലാവധി അവസാനിക്കുന്ന തീയതികൾ
c.സെക്യൂരിറ്റികളുടെ മ�ൊത്തം വില, ആവശ്യമായ സുരക്ഷാ മൂല്യം, സെക്യൂരിറ്റികളുടെ ബാലൻസ്
മൂല്യം, നിലവിലെ ബാധ്യതകൾ.

4. റെഫറൻസുകൾ (ലിങ്ക്ഡ്)
a. ഉപഭ�ോക്താവിന് വേണ്ടി പ്രോസസ്സ് ചെയ്യുന്ന എല്ലാ സെക്യൂരിറ്റി അപേക്ഷകളും
b. ഉപഭ�ോക്താവിന്റെ അല്ലെങ്കിൽ ഉപഭ�ോക്തൃ രേഖയുമായി ബന്ധപ്പെട്ട ഫയലുകൾ
c. മറ്റ് അനുബന്ധ കസ്റ്റമർമാരെ സംബന്ധിച്ച വിവരങ്ങൾ

5. സൂക്ഷ്മപരിശ�ോധനാ രേഖ
a. സെക്യൂരിട്ടൈസഷന്‍ പ്രക്രിയ സമയത്തു്കെ.എസ്.എഫ്.ഇബ്രാഞ്ച്/ റീജിയണൽഓഫീസ്ഉ
ദ്യോഗസ്ഥൻതയ്യാറാക്കിയ കുറിപ്പുകൾ

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കസ്റ്റമർ റിലേഷൻഷിപ്പ് മാനേജുമെന്റ് (സിആർഎം)

മാർക്കറ്റിങ്മുതൽ റെജിസ്ട്രേഷൻ വരെയുള്ള കസ്റ്റമർമാരുടെ മുഴുവൻ വിവരങ്ങളും സൂക്ഷിക്കുന്ന
സംവിധാനം ആണ് കസ്റ്റമർ റിലേഷൻഷിപ്പ് മാനേജ്മെന്റ് (സിആർഎം) സ�ോഫ്റ്റ്വെയർ. ഉപഭ�ോക്താ
വിന�ോടുള്ള എല്ലാവിധ ആശയവിനിമയങ്ങളുടെയും രേഖകൾ ഇതിൽ സൂക്ഷിക്കപ്പെടും. ഇത് കസ്റ്റമർ
സർവീസ് ടീമിന് ഉപഭ�ോക്താവുമായുള്ള ആശയവിനിമയം സുഗമമായി നടത്താന്‍ സഹായിക്കും. മ�ൊ
ത്തമായുള്ള ആശയവിനിമയങ്ങൾ അയയ്ക്കാനും നിരന്തരമായ ഉപഭ�ോക്തൃ ഇടപഴകലുകൾ നടത്താനുമുള്ള
സംയ�ോജിത പരിഹാരം ഈ മ�ൊഡ്യൂളിലുണ്ട്.
കെ.എസ്.എഫ്.ഇ ക�ോർ ആപ്ലിക്കേഷനിൽ നിന്നുള്ള വിവരങ്ങളും കെ.എസ്.എഫ്.ഇ ഫീൽഡ് ഓഫീ
സുകളിൽ നിന്നുള്ള പ്രവർത്തന പ്രതികരണങ്ങളും CRM മ�ോഡ്യൂളിൽലഭ്യമാകും. ക�ോൾ സെന്റർ സ�ോ
ഫ്റ്റ്വെയറിൽ ഒരു ആധുനിക സമ്പർക്ക കേന്ദ്രത്തിന്റെ എല്ലാ സവിശേഷതകളുമുണ്ടായിരിക്കും. ഓട്ടോമാ
റ്റിക് ക�ോൾ ഡിസ്ട്രിബ്യൂഷൻ, ക�ോൾ ക്യൂവിങ്, ഏജന്റ് ല�ോഗിൻ, മുൻഗണനാ ക്യൂവിങ്, ഐ വി ആർ
(ഇന്ററാക്ടീവ് വ�ോയ്സ് റെസ്പോൺസ്), ക�ോൾ റെക്കോർഡിംഗ്, ഏജന്റിലേക്ക് കൈമാറുക,
സിഡിആർ റിപ്പോർട്ട് (ക�ോൾ ഡേറ്റ റിപ്പോർട്ട്), ഏജന്റിന്റെ ക�ോൾറിപ്പോർട്ട്, ഏജന്റ് മ�ോണിറ്ററിങ്,
ക�ോൾ ഇൻബൗണ്ട് നിരീക്ഷണം എന്നിങ്ങനെ നിരവധി സവിശേഷതകൾഇതിനുണ്ട്. എല്ലാഉപഭ�ോ
ക്താക്കളെക്കുറിച്ചുള്ള വിവരങ്ങളും DDFS-ൽ സൂക്ഷിച്ചിട്ടുള്ള ചിട്ടിസംബന്ധമായവിവരങ്ങളും CRM-“
ൽലഭ്യമാകും. അത�ോട�ൊപ്പം, പുറത്തേക്ക് അയക്കുന്ന എല്ലാ ഇമെയിലുകളും smsഉം പുഷ്മെസ്സേജുകളും
അയക്കുന്നതും സമയാസമയത്ത് ഓർമ്മപ്പെടുത്താനുള്ള ക്രമീകരണവും CRM-ലുണ്ടാകും. ഉപഭ�ോക്താക്ക
ളുടെ സംശയ/പ്രശ്നനിവാരണത്തിനായി ഒരു FAQ സംവിധാനവും പരാതികൾ ബന്ധപ്പെട്ട അധികാരി
കൾക്ക് എത്തിച്ച് പരിഹാരം കാണാനുള്ള സംവിധാനവും CRM ഏർപ്പെടുത്തിയിട്ടുണ്ട്.
കെ.എസ്.എഫ്.ഇഉപഭ�ോക്തൃ മ�ൊബൈൽ ആപ്ലിക്കേഷൻ
കെ.എസ്.എഫ്.ഇ ക�ോർ ആപ്ലിക്കേഷന്റെ ല�ോഗിൻ സംവിധാനം നൽകുന്ന എല്ലാ സവിശേഷതകളും
കെ.എസ്.എഫ്.ഇ മ�ൊബൈൽ ആപ്പ്ലിക്കേഷനിലും ഉണ്ടാകും. മ�ൊബൈൽ ആപ്ലിക്കേഷൻ ഇൻസ്റ്റാൾ
ചെയ്യുമ്പോൾ, ഉപയ�ോക്താക്കൾ ഒരു സ്പ്ലാഷ് സ്ക്രീനിലേക്കും അവിടെ നിന്ന് സൈൻ ഇൻ / സൈൻ
അപ്പ് സ്ക്രീനിലേക്കും എത്തിച്ചേരും. രജിസ്റ്റർ ചെയ്ത ഉപയ�ോക്താക്കൾക്ക് അവരുടെ ഇമെയിൽ
ഐഡിയും പാസ്വേഡും ഉപയ�ോഗിച്ച് ല�ോഗിൻ ചെയ്യാനാകും. പുതിയ ഉപയ�ോക്താക്കൾക്ക് ഫേസ്ബു
ക്ക്, ഗൂഗിൾ പ്ലസ് എന്നിവയിലൂടെ സൈൻ അപ്പ് ചെയ്യാനുള്ള സൗകര്യം ഉണ്ടായിരിക്കും. മ�ൊബൈൽ
ആപ്ലിക്കേഷനിൽ നിന്ന് ഓൺലൈൻ ഓപ്ഷൻ പേജിലേക്ക് സർഫ് ചെയ്യുന്നതിനും കഴിയും. ചിറ്റ്
എൻറ�ോൾമെന്റ് പ്രക്രിയ പൂർത്തിയാക്കാൻ, ഉപയ�ോക്താവിന് 4 ഘട്ടങ്ങളിലൂടെ മുന്നോട്ട് പ�ോകേണ്ടതു
ണ്ട്:
●● ന�ോർക-ഐഡി ഉപയ�ോഗിച്ച് ചിട്ടി എൻറ�ോൾമെന്റ്
●● ചിട്ടി സബ്സ്ക്രിപ്ഷൻ
●● സബ്സ്ക്രിപ്ഷൻ പ�ോർട്ട്ഫോളിയ�ോകൾ,
●● പേയ്മെന്റ്
ഈ സവിശേഷതകൾക്കൊപ്പം, ആപ്ലിക്കേഷൻ താഴെപ്പറയുന്ന സവിശേഷതകളും ഒരുക്കുന്നു-
●● പ്രവാസി-കെ.എസ്.എഫ്.ഇയെക്കുറിച്ച് (പ്രവാസി-കെ.എസ്.എഫ്.ഇയെക്കുറിച്ചുള്ള വിവരങ്ങൾ)
●● സേവനങ്ങൾ (കെ.എസ്.എഫ്.ഇ നൽകുന്ന എല്ലാ സേവനങ്ങളെയും കുറിച്ചുള്ള വിവരങ്ങൾ)
രജിസ്ട്രേഷൻ പ്രക്രിയ പൂർത്തിയാക്കിയ ശേഷം, ഉപഭ�ോക്താവിന്റെ താല്പര്യാനുസൃതം കെ.എസ്.
എഫ്.ഇ നൽകുന്ന വിവിധ പദ്ധതികളിൽ നിന്ന് ഇഷ്ടമുള്ളത്തിരഞ്ഞെടുക്കാവുന്നതാണ്. മാർക്കറ്റി

  (...)

    

ങ്പ്ലാൻ അനുസരിച്ചു ഓര�ോ സ്ഥലത്തും ഓര�ോ തരത്തിലുള്ള ചിട്ടികളാകും ഉണ്ടാകുക. ചിട്ടിവരിക്കാരാ

കാൻ ആഗ്രഹിക്കുന്ന പ�ൊതു ഉപയ�ോക്താവിന് ഹ�ോം സ്ക്രീനിൽ നിന്ന് 'Chit സബ്സ്ക്രിപ്ഷൻ'
ഫ�ോം ലഭ്യമാകും. ചിട്ടികളുടെ ലിസ്റ്റ്, ചിറ്റ് നമ്പർ, ഗഡുക്കളുടെ എണ്ണം, ഉപ തുക, സല, പ്രൊപ്പോസ്
ചെയ്ത പ്രഖ്യാപന തീയതി മുതലായ വിശദാംശങ്ങൾഇവിടെലഭ്യമാകും. താൽക്കാലിക ചിറ്റ് നമ്പർ,
സല, സബ്സ്ക്രിപ്ഷൻ തുക, നിർദ്ദിഷ്ട സമാരംഭം, സമയം എന്നിവ പ�ോലുള്ള ചിറ്റ് വിശദാംശങ്ങളും
സ്ക്രീനിൽ ദൃശ്യമാകും. ഡ്രോപ്പ്ഡൌൺമെനുവിൽനിന്ന് ഇഷ്ടമുള്ളചിട്ടിതിരഞ്ഞെടുക്കാനും സാധിക്കും.
ചിട്ടിയുടെ ഒന്നിലധികം ചീറ്റുകള്‍ ഉപയ�ോക്താവിന് തെരഞ്ഞെടുക്കാം, പരമാവധി മ�ൊത്തം ചിറ്റുകളു
ടെ10 ശതമാനം വരെ. ഉപയ�ോക്താവിന് Chit സബ്സ്ക്രിപ്ഷനു മുമ്പ് ചിട്ടിയിലേക്കുന�ോമിനീയെ
ചേർക്കേണ്ടതുമുണ്ട്. ഓര�ോ ന�ോമിനിയ്ക്കുമുള്ള ഓഹരി ശതമാനംതീരുമാനിക്കുകയുംചെയ്യാം.
അനുയ�ോജ്യമായ ചിട്ടിതിരഞ്ഞെടുത്തതിനുശേഷം, ഉപഭ�ോക്താവ് യഥാർത്ഥ ഇൻസ്റ്റാൾമെൻറ് തുകയാ
യആദ്യ ഗഡു നൽകണം. പേയ്മെന്റുകൾക്കായി ഡെബിറ്റ് കാർഡ് / നെറ്റ് ബാങ്കിംഗ് സൗകര്യം ഉപ
യ�ോഗിക്കാം. ഇമെയിൽ അല്ലെങ്കിൽ എസ്എംഎസ് വഴി പേയ്മെന്റിന്റെ സ്റ്റാറ്റസ് CRM ഉപഭ�ോക്താ
വിനെ അറിയിക്കുന്നു. KYC പ്രക്രിയപൂർത്തിയാക്കുകയും എന്നാൽ വരിസംഖ്യ അടക്കാത്തവരുമായും
CRM ആശയവിനിമയം നടത്തുന്നതായിരിക്കും.
ചിട്ടിയിൽ ചേർന്നതിനു ശേഷവും ഉപഭ�ോക്താവിനു അതില്‍ നിന്നും പിന്‍മാറാനുള്ള സ്വാതന്ത്ര്യം
ഉണ്ടായിരിക്കുന്നതാണ്. അപേക്ഷ നല്കിക്കഴിഞ്ഞാൽ കെ.എസ്.എഫ്.ഇ അത്പരിശ�ോധിച്ച് നടപടി
സ്വീകരിക്കും.
ഒരു നിശ്ചിത സമയം കഴിഞ്ഞ് കെ.എസ്.എഫ്.ഇ നിശ്ചിത ഇടവേളകളിൽ ലേലം നടത്തും. ഉപഭ�ോ
ക്താവിന് സല തുകയുടെ 5% മുതൽ 30% വരെ പ്രോക്സി തുകയായി നിശ്ചയിക്കാന്‍അവസരംനൽകുന്നു
വെന്നത്കെ.എസ്.എഫ്.ഇ ആപ്ലിക്കേഷന്റെ പ്രധാനപ്പെട്ടസവിശേഷതയാണ്. നേരിട്ടോ, നാട്ടിലുള്ള
രജിസ്റ്റേർഡ് ബന്ധു മുഖേനയ�ോ ലേലസമയത്തുല�ോഗിൻചെയ്യാൻസാധിക്കാത്തപ്രവാസി ഉപഭ�ോക്താ
ക്കൾക്ക് ഈസംവിധാനംഉപയ�ോഗിച്ച്ലേലത്തിൽപങ്കെടുക്കാം. രജിസ്റ്റർ ചെയ്ത എല്ലാ ഉപഭ�ോക്താക്കൾ
ക്കും SMSഉം ഇ-മെയിലുകളും വഴിഅ
പ്ഡേറ്റുകൾലഭ്യമാകും. ലേല സമയം
സംബന്ധിച്ച് കെ.എസ്.എഫ്.ഇ ഉപ
ഭ�ോക്താക്കള�ോട് നിർദ്ദേശങ്ങൾ
ച�ോദിക്കും, അങ്ങനെലഭിക്കുന്നനിർദ്ദേ
ശങ്ങൾകെ.എസ്.എഫ്.ഇപണിഗണി
ക്കുകയുംചെയ്യും.
സെക്യൂരിറ്റൈസേഷൻ
സമ്മാനത്തുക ലഭിക്കാനായി ഉപഭ�ോക്താവ് security നൽകേണ്ടതുണ്ട്. ഇതും ഓൺലൈൻ പ്രോസ
സിംഗ് വഴിയാണ് കൈകാര്യം ചെയ്യുന്നത്. നറുക്കിനുപണയംവെക്കുന്നഈടിന്റെ തരത്തിന് അനുസൃത
മായി security verification ആരംഭിക്കുന്നു. ഇത്പണയംവയ്ക്കുന്നവസ്തുവിന്റെമൂല്യംഅളക്കാൻവേണ്ടിയാ
ണ്. ഇതിന്റെഅടിസ്ഥാനത്തിലാണ്വിജയിക്കുസമ്മാനംവിട്ടുക�ൊടുക്കുന്നത്. securitization
പ്രക്രിയപൂർത്തിയാക്കാനുള്ളഅറിയിപ്പ്ഇവർക്ക്നേരത്തെതന്നെനൽകുന്നതുമാണ്. പക്ഷെ, ഈപ്ര
ക്രിയ security type അനുസരിച്ചുമാറിക്കൊണ്ടിരിക്കും. ഏതെങ്കിലും ഇന്ത്യൻബാങ്കിലുള്ള ഫിക്സഡ്ഡെ
പ്പോസിറ്റ്, ഭാരത സർക്കാരിന്റെ സേവിങ്ബോണ്ടുകൾ, ആൾജാമ്യം, സ്വർണപണയം, കെട്ടിടപണ
യം, കെട്ടിടം ഉള്ളത�ോ ഇല്ലാത്തത�ോആയ ഭൂമിപണയം മുതലായവയിന്‍മേൽ ജാമ്യം നുവദനീയമാണ്.

-13-
-14-

ഓൺലൈനായി സമർപ്പിക്കുന്ന രേഖകൾ ആദ്യം അസിസ്റ്റന്റ് മാനേജരുടെ പരിശ�ോധനക്ക് ശേഷം

ബ്രാഞ്ച്മാനേജർക്ക് മറ്റുപരിശ�ോധനക്കായി നൽകും. ബ്രാഞ്ച് മാനേജർക്ക് ഇതിനെ അംഗീകരിക്കുക
യ�ോ തള്ളുകയ�ോ അല്ലെങ്കിൽ കൂടുതൽ വിവരങ്ങൾക്കു വേണ്ടിതിരിച്ചയക്കുകയ�ോ ചെയ്യാം. സെക്യൂരിറ്റി
അംഗീകരിച്ചതിന് ശേഷം ഉപഭ�ോക്താവിന�ോ അല്ലെങ്കില്‍ അദ്ദേത്തിന്റെ പ്രതിനിധിക്കോ സമ്മാന
ത്തുക ഓൺലൈനായി നൽകും. ഉപഭ�ോക്താവ് താത്പര്യപ്പെടുന്നുവെങ്കിൽ, ആകർഷകമായ പലിശ
യ�ോടെ സമ്മാനത്തുക എത്രകാലംവേണമെങ്കിലും സ്ഥിരനിക്ഷേപമായി സൂക്ഷിക്കുകയുമാകാം.
ഇൻഷുറൻസുംപെൻഷനും
അംഗവൈകല്യമ�ോമരണമ�ോ സംഭവിക്കുന്നുവെങ്കിൽ ഇന്‍ഷൂറന്‍സ് പരിരക്ഷ ലഭിക്കുന്നതിനുള്ള ഗ്രൂപ്പ്
ഇൻഷുറൻസ് സ�ൌകര്യം ചിട്ടിയില്‍ ചേരുന്നതിലൂടെ ഉപഭ�ോക്താവിന്ലഭ്യമാകുന്നു. ദ�ൌർഭാഗ്യവശാൽ
ഉപഭ�ോക്താവ് വിദേശത്തുവച്ചു മരണപ്പെടാനിടയായാൽ ഭ�ൌതികശരീരം ഒരു അനുയാത്രകന�ോട�ൊപ്പം
നാട്ടിൽഎത്തിക്കാനുള്ള ഏർപ്പാടുകൾ കെ.എസ്.എഫ്.ഇയും NORKAയും സംയുക്തമായി ചെയ്യുന്നതാ
യിരിക്കും. മരണമ�ോ അംഗവൈകല്യമ�ോസംഭവിച്ചാൽ ഇൻഷുറൻസ്പരിരക്ഷയിലൂടെ കുടിശികഗഡു അട
യ്ക്കാനുള്ള ബാധ്യത കെ.എസ്.എഫ്.ഇഏറ്റെടുക്കും.
നാട്ടിൽ തിരിച്ചെത്തുമ്പോൾ നിശ്ചിത തുക വാർഷികപെൻഷൻ ലഭിക്കാവുന്ന വിധം, സമ്മാനത്തുക ഗ്രൂ
പ്പ്പെൻഷൻ പദ്ധതിയിൽ ഇടാനുള്ള അവസരവും കെ.എസ്.എഫ്.ഇ വരിക്കാരാന�ൊരുക്കിക്കൊടു
ക്കുന്നു.
കസ്റ്റമർഗ്യാരണ്ടി
മുകളിൽപറഞ്ഞിരിക്കുന്ന ചിട്ടി, സെൻട്രൽചിറ്റ്ഫണ്ട്ആക്ട് (1982) പ്രകാരം നിലവിൽവന്ന എല്ലാ
ഓണ്‍ലൈന്‍ചിറ്റ്ഫണ്ടുകളുടെയും മാനദണ്ഡം പാലിച്ചു ക�ൊണ്ടായിരിക്കും പ്രവര്‍ത്തിക്കുക: മുന്‍കൂട്ടിയുള്ള
സർക്കാർ അനുമതി, ഓര�ോ ചിട്ടിക്കും റെജിസ്ട്രേഷൻ ഡിപ്പാർട്മെന്റിലുള്ള രജിസ്റ്ററേഷൻ, സ്റ്റാമ്പ്ഡ്യൂട്ടി
അടയ്ക്കൽ, റെജിസ്ട്രേഷൻ ഫീസ്, ചിട്ടി നടത്താനുള്ള സെക്യൂരിറ്റി ഡിപ്പോസിറ്റ്, ഇലക്ട്രോണിക് ചി
ട്ടിയുടെ വ്യവസ്ഥകളനുസരിച്ചുതുടങ്ങിയ ഇ-ചിട്ടിയുടെഇലക്ട്രോണിക് അംഗീകാരം, ചിറ്റ്ഫണ്ട് ആക്ട്പ്ര
കാരമുള്ളസേവനങ്ങൾ എല്ലാം തന്നെ ഉപഭ�ോക്താവിന് ലഭ്യമാക്കുന്നത്. ലേലം ശരിയായരീതിയിൽ
നടത്തുവാനുള്ള വ്യവസ്ഥകൾ, ലേലത്തിൽ പങ്കെടുക്കാനുള്ള സാഹചര്യം ഉറപ്പുവരുത്തൽ, ലേലഫലം
അറിയിക്കൽ, ഗഡു സമയാസമയം അടക്കുന്നതിനുള്ള ഓർമ്മപ്പെടുത്തൽ, അടക്കാതെയുള്ളതവണകളു
ടെ പെനാൽറ്റിഓർമ്മപ്പെടുത്തൽ, സമ്മാനക്കാരല്ലാത്തവരിക്കാര�ോട് പകരം വെപ്പിന് മുമ്പുള്ള അറിയി
പ്പ്, സമ്മാനക്കരായവരിക്കാര�ോട് മൂല്യവീണ്ടെടുപ്പിനു മുൻപുള്ള അറിയിപ്പ് എന്നിവയെല്ലാം ഈ ആപ്ലി
ക്കേഷൻ ചെയ്യുന്നതാണ്. പണമിടപാടിന്റെ രേഖകൾ, വരിക്കാരന്റെ ലേലഅടവ്, ക�ൊടുക്കാനുള്ള
സമ്മാനത്തുക, ഗഡുക്കളുടെ കണക്കുകൂട്ടൽ, ഫിക്സഡ്ഡിപ�ോസിറ്റിന്റെ കണക്കുവെയ്പ്പ്, തുടങ്ങിയെല്ലാം
അനുയ�ോജ്യമായ മാനേജ്‌മെന്റ്‌ഇന്‍ഫൊര്‍മേഷന്‍ റിപ�ോർട്ടുകൾ ഉപയ�ോഗിച്ചു ലഭ്യമാക്കാം.
കൂടാതെ, കെ.എസ്.എഫ്.ഇ ഒരു കേരളസർക്കാർ സ്ഥാപനം ആയതിനാൽ മറ്റു ചിട്ടികളെ അപേക്ഷിച്ചു
കെ.എസ്.എഫ്.ഇ ചിട്ടിനിങ്ങളുടെ സമ്പാദ്യത്തിനു കൂടുതൽ സുരക്ഷിതത്വം നൽകുന്നു. കെ.എസ്.എഫ്.
ഇയുടെ പ്രവർത്തന ദർശനം തന്നെ, 'കേരളസർക്കാരിന്റെ പ്രവർത്തനങ്ങൾക്ക്കൂടുതൽ സാമ്പത്തിക
സഹായം എത്തിക്കുകയും അതുവഴി സമൂഹത്തിലെ ദുർബലവിഭാഗങ്ങൾക്ക് പിന്തുണ നല്കുകയും ഒരു
അയൽപക്ക സ്ഥാപനമെന്ന നിലയ്ക്കുള്ളവിശ്വാസവും സംരക്ഷണവും സുരക്ഷയും ഉറപ്പാക്കുക' യുമാണ്.
കെ.എസ്.എഫ്.ഇയുമായി ചേർന്ന് നമ്മുടെ ജീവിതത്തിൽ നല്ലമാറ്റങ്ങൾ കൈവരിക്കുകയും, സമ്പാദ്യം
വളര്‍ത്തുകയും അത�ോട�ൊപ്പം പുതിയ�ൊരു കേരളം പടുത്തുയർത്തുന്നതിനായി കൈക�ോര്‍ക്കുകയുമാകാം.

  (...)

KSFE CHIT INFOGRAPHICS

Traditional Chit Forms in Kerala

Changathi
Dhanya -chitti
Kuri

Pana- Kuri-
Palli-kuri
payattu kalyanam
-16-

Chit forms World Over

Seettuva-
Ekub -Ethiopia Srilanka
Wichin Gye- Consorcios-
Korea Brazil

Xtique - Arisan-
Tontine- West
Mozambique Africa Indonesia

Susus- South
Africa
Tanomoshiko-
Japan

djanggis-
Cameroon Kuri -Kerala
Likelemba- Congo

Rotating & Saving Credit Organisations (ROSCA)- Features-1

• Creating transparency that fosters trust
• A social savings network nurturing the habit of saving
• Building and accessing credit with trusted groups
• Equitable financial services without an expensive trusted third party
• Decentralised services with peer to peer banking and peer to peer lending
• Facilitates availability of lump sum allowing higher investment to be made earlier than
accumulation of savings
• Bidding Loans brings in competition
• Profits are equally distributed to all members.
• Risk of default shared by members and sets up peer pressure to ensure that members
make their contributions on time

  (...)

    

KSFE Chit at a glance-2018

Parameter Quantum
Total Number of running chits 33,053
Aggregate sala per year 18,246 Crores
Number of Subscribers 16,69,480
Estimated number of unique subscribers (Based on Sample) 11,06,291
Sala default 798 Crores
Chit Security Deposit in Trust 2,968.74 Crores

KSFE CHIT- District wise

Distribution of Chitty Turnover across districts
300.00

249.60
250.00
214.09

200.00 183.27

150.00
129.78 128.88
120.03 114.42

100.00
74.56 72.96 68.45
60.20
50.00
25.28 22.38 22.12

0.00

Sala in Crores

Growth of KSFE Chits across years

-17-
-18-

    

Pravasi Chitty - Technology Plan
Dr. P.V. Unnikrishnan, K.B. Shyam, Nisha Warrier

Digitally transforming Chit life cycle

Marketin
g

KYC and
Chit
Enrolme
Closure
nt

Prize
money
Auction
, security
handling
Transacti
ons &
Accounti
ng
-20-

Marketing the product-USPs

Partnering
Goodwill of Innovative sop
with
KSFE Chits design
Associations

Agents with Simple

Global Sponsorship
networks model

KYC and Enrolment

Technology ,community marketing converge with agency

Agent IPV & KYC onsite with passport and Visa, NORKA linkage

Integration with onsite e-KYC systems

Provision for mobile,e-mail, re-rgistration

Re-KYC on passport and Visa Expiry

    

    

Auction
Provision for
proxy in
auction

Complete log Auction time

and minutes preset by
available admin

Secret bid at Response time

the end of for calls set by
auction admin

Transactions and accounting

Fully integrated accounting

Penal interests Substitution new product

Insurance, Pension, Fixed

Discounts and dividends Agency, Appraiser, Valuator
Deposits integrated

-21-
-22-

Prize Money and Security Handling

Personal Gold
Security mortgage

Bank
Land and
deposits,
building
bonds

Product Design
CRM &
Contact
Centre

Mobile for
Mobile for Core
NORKA
convenience Application registration

Integration
of branches
and ROs
through
workflow

    

    

CRM and Contact Centre

Housed in Transport Towers

5 agents 24X7 scaleable upto 15

CRM to handle 40 hundred thousand clients

Target response time of 5 seconds

IVR, Chat, Mail, Social Media and BOT integration

Mobile for NORKA Application

Android and IOS versions

NORKA registration from any where globally

Simple wallet and digital payment integration

Provision for recommending friends abroad

Registration provision for relatives at home

-23-
-24-

Integration of Branches and RO on workflow

KYC Confirmation pas per RBI Norms by Virtual Branch by exception

Security handling integrated with Branches, RO, HO with digital workflow

Digital repository with integrated document tracking

Security creaytion wiith SLAs and Online monitoring

KYC and Security status 24X7

Mobile for Convenience

Android and
IOS options

Wallet , Debit
Extensive
and Internet
Personal
Banking
profile
integrated

Auction view Convenient

for notification
authorised and Alerts

    

    

Core application

Complies fully with CFA 1982

Unique auction room solution with TV playout

Complete chit life cycle covered

Integrates subscriber registration, chit enrolment, chit payments, auctions and pay outs

Complete transaction accounting

Statutory reports as per CFA

Infrastructure

• Fully meshed domestic DS3/STM1 backbone for

multiple gateway access
• On premise data Centre with databases and
application virtualisation for CRM and Workflow
• Disaster recovery and business continuity plan for
core applications over cloud

-25-
-26-

Skillsets
• DDFS Training in all Branches, RO, HO
• Leadership training in Virtual Branch
• State of the art Contact Centre
• Console operations integrating cloud & Data Centre

    

KEY FEATURES OF KSFE PRAVASI CHITTY
• Extends benefits of KSFE Chit to the Malayalee diaspora as per RBI norms
• Full compliance of Chit Fund Act 1982 for subscriber protection
• Completely guaranteed by Government of Kerala
• Agency support across the globe for chit enrolment and KYC
• Simple KYC with passport and Visa after in person verification by an authorised
agent
• Chit basket with varied instalment options for customer
• Convenient no interest financing for those in need
• Easy security for prize money based on salary certificate, gold, land and building in
Kerala
• 581 branches and 11 regional offices of KSFE for collateral processing
• Unique saving instrument for Non Resident Keralites
• Diverse digital payment options through bank, mobile and international money
transfer channels
• Zero remittance charges for channel transfer through KSFE authorised agents
• Unique Kerala Lottery ticket draw entitlement for non-defaulting chit subscribers
• Group Insurance cover for unhindered chit payment from LIC
• Optional annuity pension scheme for chit subscribers from LIC
• Unique sponsor chit options with co-branding open to associations, community
groups, corporates
• Branding options for location based NRK chits in Kerala linked to development
projects managed by KIIFB
-28-

KSFE CHIT Technology Solution

• Innovative technology platform for smart chit operations
• Solution security tested as per international standards
• 24X7 Contact centre for customer support in Malayalam and English
• Integrated Chat, Bot, E-mail, SMS, Social Media support
• Web and mobile based enrolment with electronic trail for IPV and KYC, re-KYC
processes
• Online selection of chit options
• Unique web based online auction room with proxy options
• Secure and transparent bidding process
• Mail reminders and alerts for payments, auctions etc.
• Convenient payment options through bank, debit card, mobile wallets and
authorised international money transfer channels
• Electronic trail for collateral security status and Prize money payment
• Reports and queries empowering the customer on chit status, payments, auctions,
prize money payments, defaults, fine
• Completely transparent chit administration covering registration, foreman’s
transactions, accounts, minutes, balance sheets etc.
• Unique digital repository for security documents with customer view options
• Individual customer file view with complete record of all customer transactions

  (...)

PRAVASI CHITTY -
INSURANCE AND PENSION SCHEMES
Life Insurance Cover

One of the main attractions of the NRI Chitty is the insurance cover for the subscriber in
the event of death or permanent disability. If such an event happens, LIC will cover the
balance amount of the chitty so that the heir of the subscriber need not pay the remaining
subscriptions of the chit.

Life Insurance Corporation of India has come forward with proposal for covering the death of
the chit subscriber and the State Insurance Department is covering permanent disability. The
proposals along with draft Rules and the Master Agreement are attached herewith.

When a person subscribes to the chit, he/she will also automatically enrolled in the Group
Insurance Scheme of the LIC. In the event of death of the subscriber, LIC will pay the sum
insured to the KSFE, against that subscriber. By insuring for the chit sala payment continuity
could be insured. This means that, if a person has subscribed to a chit with a sala of Rs.10
lakhs (40(months)*Rs 25,000) subscription amount), he will be insured for an amount of Rs.
10 lakhs with LIC. In the event of death in the first year, LIC will pay Rs. 10 lakhs to KSFE
for the continued payment of the subscriptions of that deceased subscriber. At the start of
the second year, the amount insured will be reduced to Rs 7 lakhs i.e. (28 (balance months)
*Rs25,000). If the death takes place in the second year, LIC will pay Rs. 7 lakhs to KSFE.
Similarly, if the death takes place in the third year the sum insured will be Rs. Four Lakhs and
in the fourth year, it will be Rs. One Lakh. With this amount, KSFE will make the payments
to the subscriptions on behalf of the subscriber for the remaining period. At the end of the
said chit, if any balance is remaining from the amount given by the LIC, same should have
been transferred to the legal heirs of the deceased subscriber. This arrangement will ensure
-30-

that the family of the subscriber will not be burdened with the payment of the balance
instalments that would have to be made by the deceased.

The premium will be calculated on the balance amount of the chit at the time of renewal on
yearly basis. On the part of KSFE, at the beginning of the year, KSFE has to make payments
of the premium to LIC on the balance amount of the chit which is Rs. Four for Rs.1000 sum
insured (SA) on profit sharing basis. That means for a chit with sala of Rs. 10 lakhs, KSFE
has to pay an amount of Rs. 4000 in the first year, Rs. 2,800 (coverage for Rs. 7lakhs) at the
beginning of the second year, Rs. 1,600 (coverage for Rs.4,lakhs) in the third year and Rs. 400
(Coverage for Rs. One Lakh) in the fourth year. Based on the profit sharing scheme agreed
by LIC, the balance amount of premium collected after deducting the settlements made and
the administrative expenses of LIC will be shared with KSFE and this balance amount will be
adjusted against the future premium. The current premium amount of Rs. 4/-for Rs.1,000 ,
will be reviewed after three years.

The conditions now applicable to the said insurance of LIC are

1) The scheme is only for the Non Resident Indians who are in the age group of 18 to 55
years joining the KSFE Chit.

2) Maximum amount a person can subscribe is Rs 10 lakhs (for the first year).

3) Maximum Age at Exit 60 years

Administration of the LIC Group Insurance Scheme

KSFE has to share the details such as Name of Subscriber, Date of Birth, Chit Amount,
Subscription Period, Passport Number, Country of Residence and the details of Nominee with
LIC. LIC will issue a Master Policy to KSFE and the subscribers of the chits will be added to
this Master Policy as and when they join the chit. All the claims will be in Indian Rupees and
the claim has to be submitted through KSFE.

  (...)

    

Proposal for Kerala State Financial Enterprises Ltd (KSFE)

Chit based Group Insurance Scheme from LIC:
Objective:
The objective of the Group Insurance Scheme is to provide a comprehensive insurance
scheme for the chitty subscribers of KSFE Chit Schemes.

Eligibility to join the scheme:

1. Non Resident Keralites who are subscribing to the Chit Schemes offered by KSFE ltd.
2. Age at Entry : 18 to 55 years
3. Maximum Age at Exit : 60 Years

Term of Cover
The term of the insurance cover for a member will be the subscription period of the respective
chit subjected to the age restriction as given in Eligibility.

Insurance Cover
The scheme will begin with restriction on SA to 10 lakhs for first year and for subsequent
years we will be able to review the restriction on Sum Assured. The insurance cover amount
will vary according to the Chit size and the subscription period. The cover in the first year
shall be chit size. The cover in the subsequent years shall be the chit size less the total
subscription amount paid during the previous years.

Premium
The premium rate will be Rs.4/- per 1000 SA + applicable GST on profit sharing basis which
means that a portion of the premium collected will be adjusted against the future premium
in case of favourable claim experience. This premium rate is applicable for Sum Assured up
to Rs.10 Lakhs only.

The above rate will be reviewed once in three years based on the experience of the scheme.
Initially One year suicide clause and 45 days lien clause will not be imposed as the premium
is paid by KSFE and the membership is compulsory for all the NRI’s joining in the online KSFE
chitty who are eligible to join the scheme as detailed in the Eligibility Conditions. However
on review of the claim experience the same can be reconsidered.

Minimum Group Size:

Minimum 50 members are required to start a new policy.

Data Required
We need the member data such as Name of the subscriber, Date of Birth, Chit Size, Subscription
Period, Passport Number, Country of residence and the details of Nominee. The data should

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-32-

be provided to LIC in an excel sheet with all the above fields. Additional data like Simple
Questionnaire on Health of member may be required.

Benefits
Upon death of a member during the term of the cover, on admission of claim by the
Corporation, the sum assured shall become payable:

Settlement of Claims:
In the event of death of the insured member whilst being covered under the scheme, the
benefits under the Assurance on his life will be paid to the KSFE on receipt of claim papers
along with the requirements. The Corporation reserves the right to cause an investigation to
be made into the genuineness of any claim preferred or disbursement effected.

The settlement of death claim would be subject to the Nodal Agency submitting to the
Corporation claim-cum-discharge form (Annexure V) with LIC id and copy of the Death
Registration Certificate. Death claims should be preferred with the corporation within 6
months of the date of death of the insured member.

Administration of Scheme:
The Master Policy Holder for this scheme will be KSFE Ltd. When the KSFE Ltd floats a chit
for subscription and once the subscription for the chit started, the members of the chit are
eligible for the Group Insurance subject to the eligibility conditions. The KSFE Ltd will send
the data of members to be covered under the scheme and premium to LIC when the chit
starts. The data will cover the members’ data related to the chits floated.

Claim
All claims will be paid in Indian Rupees by Bank transfer only. All claim papers will be
submitted through the Master Policy Holder only. Claim will be settled within 30 days from
the date of receipt of all the requirements from KSFE Ltd. Claims which are neither settled
nor is the reason for non settlement intimated in writing to KSFE Ltd even after receiving all
the requirements, will be paid penal interest as declared from time to time by LIC.

  (...)

    

RULES OF GROUP INSURANCE SCHEME

SECTION – I

1. DEFINITIONS :
In these Rules, the following words and expressions shall unless repugnant to the context,
have the following meanings:-

i) “the COMPANY” shall mean Kerala State Financial Enterprises Ltd

ii) “THE Nodal Agency” shall mean the Company and any other Company/Firm or
Corporation which may be in future be managed or controlled by or become associated
with the Company and which may agree to become by these Rules.
iii) “the CORPORATION” shall mean the Life Insurance Corporation of India established
under Section 3 of the Life Insurance Corporation Act, 1956.
iv) “THE SCHEME” shall mean Group Insurance Scheme.
v) “THE RULES “shall mean the Rules of the Scheme as set out below and as amended
from time to time.
vi) “the MEMBER” shall mean the NRI’s who subscribes the online Chitty of the Nodal Agency
and on whose life an assurance has been or is to be effected in accordance with the
Rules.
vii) “EFFECTIVE DATE” shall mean the _________________________ date as from which
the Scheme commences.
viii) “ENTRY DATE” shall mean (a) in relation to Original Members the Effective Date, and (b)
in relation to a new Member to be admitted to the Scheme after the Effective Date 1st
day following the month in which they become eligible.
ix) “ANNUAL RENEWAL DATE” shall mean, in relation to the Scheme
the____________ and the ____________ in each subsequent year.
x) “TERMINAL DATE” shall mean in respect of each Member the Annual Renewal Date
which is coincident with or next following the date on which the Member completes
the age of ___ years.
xi) “the ASSURENCE” shall mean the particular Assurance or Assurances to be effected on
the life of the Member.
xii) “THE BENEFICIARY” shall mean the Nodal Agency.
xiii) “Chitty period” shall mean the period of the date in which the subscribed chitty
started to the chitty terminating date.
xiv) “SALA” shall means the outstanding chitty amount on the Annual Renewal Date

2. The Nodal Agency will act for and on behalf of the Members in all matters relating
to the Scheme and every act done by agreement made with and notice given to the
Corporation by the Nodal Agency shall be binding on the Members.

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-34-

3. ELIGIBILITY
(a) The Members who are within the following category shall be eligible to join the Scheme:
All Members who are aged not less than 18 years and not more than 59 years.
It will be a condition that all future Members shall become Members of the scheme
automatically when the new chitty starts

(b) No member shall withdraw from the Scheme while he is still an eligible Member
satisfying the conditions of Eligibility described above.

4. EVIDENCE OF AGE:
Evidence of Age satisfactory to the Corporation shall be furnished by every Member at
the time of becoming a member.

5. EVIDENCE OF HEALTH:
Satisfactory evidence of health as required by the Corporation shall be furnished by
every Eligible Member, at the time of his entry into the Scheme and on each occasion
when an increase in Assurance is granted. The terms of acceptance may be varied if in
the opinion of the Corporation the evidence of health is not satisfactory or other special
hazards exist.

  (...)

    

SECTION – II

CONTRIBUTIONS, ASSURANCE & BENEFITS

6. CONTRIBUTIONS :
The Nodal Agency shall pay to the Corporation in respect of each Member on the Entry
Date and relevant Annual Renewal Dates, such contributions as are required to secure
and continue the Assurance on his life as described in these Rules.

7. ASSURANCE:
An Assurance shall be effected on the life of each member under One Year Renewable
Term Insurance Plan for a sum assured equal to sala . The Assurances shall be held by
the Nodal Agency UPON TRUST for the benefit of the persons entitled to in accordance
with these Rules.

8. BENEFITS ON DEATH PRIOR TO TERMINAL DATE :

Upon the death of the Member whilst in Chitty Period prior to Terminal Date, the sum
assured under the Assurance then in force shall be payable to the Nodal Agency for the
benefit of the Beneficiary.

9.
TERMINATION OF ASSURANCE:
The Assurance on the life of a Member shall immediately terminate upon the happening
of any of the following events and no benefit will become payable thereunder:-
(a) discontinuance of contributions relating to the Assurance
(b) the Member reaching the Terminal Date
(c) the Member ceasing to be in Chitty Period of the Nodal Agency

10. RESTRAINT ON ANTICIPATION OR ENCUMBRANCE:

The benefits assured under the Scheme are strictly personal and cannot be assigned,
charged or alienated in any way.

11. DISCONTINUANCE OR AMENDMENT OF THE SCHEME:

The Nodal Agency reserves the right to discontinue the Scheme at any time or to
amend the Rules thereof on any Annual Renewal Date subject to 3 months’ notice
being given to the Members and the Corporation.

12. JURISDICTION:
All Assurances issued under the Scheme shall be Indian Contracts. They will be subject
to Indian Laws including the Indian Insurance Act, 1938 as amended, the Life Insurance
Corporation Act, 1956, the Income Tax Act, 1961 and to any legislation subsequently
introduced. All benefits under the Scheme arising out of death of any Member shall be

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payable in Indian Rupees.

13. MASTER POLICY AND CERTIFICATE OF ASSURANCE:

The Corporation will issue a Single Master Policy incorporating all the Assurances
effected under the scheme.

14. APPOINTMENT OF BENEFICIARY:

Every Member shall appoint his spouse or one or more of his/her child/children or
dependants to be his Nominee or Nominees. In the event of death of the Member whilst
in Chitty Period, the Benefits then in force under the Assurance on his life will be paid
to the Beneficiary. If the member does not have a wife or child/children or dependents
then he shall appoint his legal personal representative to be his Nominee.

15. RATES OF PREMIUM AND CONDITIONS OF ASSURANCE:

The rate of premium and conditions of Assurance under which the Corporation is
prepared to arrange the Scheme shall be subject to an agreement between the Nodal
Agency and the Corporation. The conditions of acceptance of risks and rates of premium
may be amended by the Corporation from time to time on any Annual Renewal Date
subject to 3 months’ notice being given to the Nodal Agency.

  (...)

    

Life Insurance Corporation of India Pension and Group Schemes Department Divisional
Office, ______________

LIC’s NEW ONE YEAR RENEWAL GROUP TERM ASSURANCE PLAN-II (UIN:512N276V01)

Master Policy No. OYRGTA – II /

GRANTED TO

WHEREAS

(i) THE LIFE INSURANCE CORPORATION OF INDIA (hereinafter called “the Corporation”)
having received a Proposal and Declaration and the first premium from ______________
whose office is situated at________________
(hereinafter called “the Grantees”), being the policyholder for this group insurance
policy for providing benefits as described in the Rules of the aforesaid group insurance
scheme (certified copy of which Rules has been furnished to the Corporation by the
Grantees), which Rules together with the aforesaid proposal are hereby declared to be
the basis of this policy.
(ii) The Grantees have also furnished to the Corporation statements as asked for by the
Corporation completed and signed by the Grantees and by the persons for whose
benefit the Assurance hereunder are being effected.
(iii) The Grantees have further agreed to pay the premiums as required in accordance with
the provisions hereof and to furnish such statements and information as is material to
the contract as may be required by the Corporation which statements and information
together with the application, Rules and all statements referred to in (i) and (ii) above
and any other statements or information already furnished and to be furnished by
the Grantees as provided hereunder giving all the variations in the particulars of the
Employees in so far as such variations have any bearing on the Assurances effected
hereunder from time to time, the Grantees have agreed, shall be and are hereby
declared to be the basis of this Policy AND WHEREAS the Corporation has received an
amount of Rs.____________ being the premium due on the date of commencement
of this Policy (hereinafter called the “Effective Date”) in respect of the Assurances
effected hereunder, on the lives of …… persons, being the total eligible members of
the group, for the total Sum Assured of Rs………………..

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-38-

NOW THIS POLICY WITHNESSES AND IT IS HEREBY AGREED AND DECLARED AS FOLLOWS:
1. In this Policy where the context so admits, the masculine shall include the feminine
and the following expressions shall unless repugnant to the context have the following
meaning:
(i) In case of employer-employee group, the ‘Company’ shall mean
……………………………………..
(ii) The non employer-employee group shall mean……………………….
(iii) The ‘Employer’ shall mean the Company and any other company, firm or corporation
which may in future be managed or controlled by or become associated with the
Company and which may agree to become bound by these Rules.
(iv) The ‘Scheme’ shall mean ……… New One year Renewal Group Term Insurance
Scheme described in the Rules hereinafter defined.
(v) The ‘Rules’ shall mean the Rules of the Scheme for the time being in force and as
amended from time to time.
(vi) ‘Eligible Employee’ shall mean an Employee who is or shall become eligible to the
benefits of the Policy as more particularly set forth in Part I of The Schedule hereto.
(vii) ‘Member’ shall mean a person who as an eligible employee of an employer-employee
group/eligible member of non employer-employee group becomes entitled to the
benefits of this Policy and on whose life an Assurance has been effected according to
the provisions of The Schedule hereof and shall include any such person so long but
only so long as he continues to be entitled to the benefits hereunder.
(viii) ‘Effective Date’ shall mean the ……. day of …………, 20…., the date from which this
policy takes effect.
(ix) ‘Annual Renewal Date’ shall mean in relation to the Scheme the …. day of …….…… in
the year ……….. and the …… day of ……….in each subsequent year.
(x) ‘Entry Date’ shall mean (a) in relation to original Members the Effective Date
and (b) in relation to new Members admitted to the Scheme after the Effective
Date, the 1st of the month or Annual Renewal Date which is coincident with or
immediately next follows the date on which they become eligible.
(xi) ‘Terminal Date’ shall mean in respect of each Member the Annual Renewal Date which
is coincident with or next following the date on which the Member completes the
age of …….years or the date from which he ceases to be an Eligible Employee of an
employer-employee group/member of non employer-employee group.
(xii) ‘Salary’ shall mean basic monthly salary of the Member excluding dearness allowance,
bonus, commission or any other emoluments of a contingent or variable nature or as
defined in Scheme Rules.
(xiii) ‘Assurance’ shall mean the particular Assurance or Assurances effected or to be
effected hereunder on the life of the Member or the moneys representing the same.
(xiv) ‘Beneficiary’ shall mean the person or persons appointed by the Member to receive
the benefits hereunder in the event of his death.

  (...)

    

(xv) The ‘Register’ shall mean the Register of Members kept by the Corporation which
Register shall be deemed to be incorporated in and to form part of this policy.
(xvi) The terms ‘herein’, ‘hereinafter’ ‘hereafter’, ‘hereof’, ‘hereto’, and ‘hereunder’
used whenever in the Policy refer to the Policy in its entirety.
2. The Grantees shall hold the Policy and all benefits payable hereunder UPON TRUST
for the benefit of the persons to whom the said benefits are payable in accordance
with the Rules and the Schedule hereto and the Grantees shall have no beneficial
interest hereunder.
3. So soon as a member of this scheme becomes entitled to the benefits of this Policy
and is intimated of by the Policyholder whereupon an Assurance has been effected on
his life in accordance with the provisions hereof, the Corporation will enter his name
in the register.
4. On proof of the happening of the contingency stated herein, the Corporation will
pay through the Grantees for the benefit of the person or persons concerned, the
appropriate benefits in accordance with the terms and provisions of The Schedule
and General Conditions hereof subject to the payment of the appropriate premiums
specified herein.
5. The benefits assured hereunder in respect of the Member are strictly personal and
cannot be assigned, charged or alienated in any way whatsoever by the Member.
6. All moneys payable to or by the Corporation hereunder shall be paid at the Divisional
Office of the Corporation in ________, in Indian Rupees and the Assurances effected
hereunder shall be expressed in Indian Rupees.
A discharge or receipt of the Grantees or on their behalf of any person or persons duly
authorised in writing by the Grantees shall be a good, valid and sufficient discharge
to the Corporation in respect of any payment made by the Corporation hereunder.
7. Service tax, if any, shall be as per the Service Tax laws and the rate of service tax
as applicable from time to time. Service tax shall not be included in the contractual
premium and it will be collected from the policyholder separately as over and above
such premium.
8. In any case where the Corporation is liable to account to the Revenue Authorities for
income-tax, or any other taxes or duties or any payments made under this policy, the
Corporation shall deduct such sums from the respective payments and the Corporation
shall not be liable to the Member or the Grantees for the sums so deducted.
9. It is hereby expressly agreed between the Grantees and the Corporation that this
Policy is effected in accordance with the provisions of the Rules of the Scheme and in
the event of the Rules being amended, such amendments, if they have any bearing on
or affect in any way, the terms and conditions of this policy or any of the Assurances
effected hereunder, shall become effective only if the said amendments are approved
by the Corporation. Any alternation or amendment that may become necessary in
the terms and conditions of this Policy on account of amendment or alternation,
approved by the Corporation in the provisions of the Rules shall be given effect to
by appropriate endorsements to the Policy signed by the authorised Officer of the
Corporation. Any alternation or amendment in the terms and conditions of this Policy

-39-
-40-

will be done with prospective effect with the prior approval of IRDA.
10. It is hereby further expressly agreed between the Grantees and the Corporation that
all disputes of any kind whatsoever which may arise under or in connection with this
Policy shall be submitted to the appropriate Court or Courts having jurisdiction over
the city of __________________.
11. The provisions hereinafter contained i.e. the ‘General Conditions’, ‘The Schedule’
and ‘Table of Premium rates’ attached herewith and every endorsement placed on
the Policy by the Corporation shall be deemed part of this Policy as full as if recited
over the signature affixed hereto.

Dated at this ………………. day of …………………………20

For and on behalf of the

LIFE INSURANCE CORPORATION OF INDIA

Examined………………….. MANAGER (P&GS)

  (...)

    

GENERAL CONDITIONS
1. Every member of this scheme shall become entitled to the benefits under the Policy as
from the Entry Date on which he first becomes an Eligible Employee of an employer-
employee group/Eligible member of the non employer-employee group after the
completion of waiting period as mentioned in paragraph 15 of Schedule Part II or (subject
to the consent of the Grantees and the Corporation and to production at his own cost, if
so required by the Corporation, of evidence of health in the form and manner prescribed
by the Corporation) as from any subsequent Entry Date.
2. Every Member shall produce evidence of insurability in the form and manner prescribed
by the Corporation before the Assurance on his life under this Policy or before an increase
thereof shall become effective.
3. Evidence of age of the Member satisfactory to the Corporation will be required before
any benefits in respect of him are paid under the Policy.
4. Subject to the provisions of these General Conditions, the Assurance shall be renewable
yearly at the option of the Grantees on each Annual Renewal Date.
5. If the Grantees do not pay the premiums within the grace period, the policy shall be
treated as lapsed. Lapsed policy may be revived within a period of 3 months from the
date of first unpaid premium or the next Annual Renewal Date whichever is earlier, on
payment of arrears of premium together with interest (compounding half-yearly) at such
rate as may be prevailing at the time of payment. The Corporation reserves the right
to accept at the original terms, accept with modified terms or decline the revival of
discontinued policy.
6. It shall be a condition of employment for all future employees of the Grantees or in
case of non employer-employee group it shall be a condition of membership of the
Grantees that they must become Members of the scheme and the Grantees shall take
effective steps to ensure that relevant information is furnished to the Corporation
immediately but not later than one month and that appropriate Assurances are
effected hereunder. In the event of breach of this condition, the Corporation shall
be entitled to give written notice to the Grantees of termination of this Policy.
Schedules of costs and benefits in respect of the Members who become entitled to
the benefits under this policy shall be issued to the Grantees from time to time which
Schedules shall be deemed to form part of the Policy.
7. Variations in the total benefits assured hereunder as on the Annual Renewal Dates shall
be given effect to by endorsements over the signature of a duly authorised Officer of the
Corporation.
8. The Corporation reserves the right to vary from time to time the rates, terms and
provisions of this Policy including the General Conditions and The Schedule upon giving
to the Grantees 30 days’ previous notice in writing expiring on the Annual Renewal Date
following the date of the notice, of its intention to do so and any such variations will
apply only to Assurance hereunder effected or to be effected on or after the date of
expiry of such notice.
9. The Grantees shall furnish to the Corporation all such data information and evidence
as the Corporation may reasonably require upon or with regard to any matter affecting

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-42-

the Assurances effected or to be effected hereunder and the Corporation shall not be
liable for any action taken in good faith upon any data, information, or evidence so
furnished which shall be or shall prove to have been erroneous or inaccurate. Such of the
Employer’s/non employer-employee group’s records in original (or certified photostat
copies thereof) as in the opinion of the Corporation have bearing on the benefits to
be provided or the premiums payable hereunder shall be open for inspection by the
Corporation at all times.
10. The Grantees shall at the request of the Corporation produce the Policy whenever
necessary for the purpose of stamping, reference or inspection.
11. For claiming the amount of sum assured as laid down under Part II of the Schedule the
Grantees will have to submit to the Corporation, the death certificate, in original, of the
member along with the claim form.
12. Premium under this Policy being normally payable annually, in case the Grantees choose
to pay premiums under any other mode viz. monthly, quarterly or half-yearly, the
Grantees will not be entitled to discontinue the payment of premium on any date other
than the Annual Renewal Date for continuity of the risk cover.
13. No loan shall be available under this plan.
14. A grace period of 30 days from due date of premium will be allowed for payment of
premiums for half-yearly and quarterly mode of premium payment. For monthly mode
of premium payment, the grace period shall be 15 days. Upon non-payment of premium
within the grace period the Policy shall be treated as lapsed and nothing shall be payable
in the event of death. If any death occurs during the grace period, the Sum Assured shall
be payable after deduction of due but unpaid premium.
15. If Grantees do not renew this Policy on any Annual Renewal Date by paying the premiums
then falling due on or before due date or within such extended time as the Corporation
may allow, the Grantees shall (unless the Corporation otherwise agree) be deemed to
have discontinued payment of premiums hereunder and shall not be entitled to resume
payment except with the consent of the Corporation.
16. In case the premiums stipulated hereunder shall not be duly paid or in case any conditions
herein mentioned or any endorsements made hereto shall be contravened or in case it
shall hereafter appear that an untrue, or incorrect averment is contained in the proposal,
declaration, lists or statements already furnished or to be furnished to the Corporation
by the Member or the Grantees in accordance with the provisions hereof or otherwise
in respect of the Assurance effected or to be effected hereunder or that any of the
matters set forth or referred to in such proposal, declaration, lists or statements have
not been truly and fairly stated or that any material information has been suppressed or
withheld, then and in every such case but subject to the provisions of Section 45 of the
Insurance Act 1938, wherever applicable, the benefits under this Policy, in so far the same
relate to the Member or Members in respect of whom such contravention of conditions
or suppression or withholding of material information takes place or such untrue or
incorrect averment has been made either by the Member himself or by the Grantees,
shall be void and the relative Assurances shall cease and be determined and all claims
to any benefits in respect of the Assurances shall be null and void and all the Moneys
paid in respect of such Assurances shall belong to the Corporation excepting always in

  (...)

    

so far as relief is provided in terms of the provisions hereof and without prejudice to
the rights of the Corporation to condone any such contravention of condition or untrue
or incorrect averment or suppression or withholding of material information in so far as
Law permits such condonement or to reinstate the Assurance or parts thereof the original
values subject to fulfilment of such conditions as the Corporation may prescribe for such
reinstatement or to grant any other relief to the Grantees or to the Member or Members
concerned at the sole discretion of the Corporation.
17. The Corporation reserves the right to terminate the scheme without assigning any reason
whatsoever by giving to the Grantees 30 days notice in writing expiring on the Annual
Renewal Date following the notice.
18. This is a non participating plan.
19. Cooling Off period: The Grantees may review the terms and conditions of the Master
Policy and choose to return the Master Policy to the Corporation within a period of 15
days in case of any objection with a written communication stating the reasons of their
objection. The period of 15 days shall be reckoned from the date of receipt of Master
Policy by the Grantees.
On receipt of such a communication, the Master Policy shall be cancelled and the amounts
received shall be refunded to the Grantees after deduction in respect of the following:
a. Recovery of proportionate charges towards risk premium,
b. Stamp duty.
20. All communication in relation to this Policy shall be addressed to:
Manager (P&GS)
LIFE INSURANCE CORPORATION OF INDIA
Pension & Group Schemes Department,

21. In case of any grievance under the policy, the address of the Insurance Ombudsman is
as under:

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-44-

THE SCHEDULE

PART – I ELIGIBILITY
ELIGIBILITY FOR The employees of an employer-employee group/members of non
MEMBERSHIP employer-employee group who on the Effective Date are within the
following category/categories shall be eligible to become members and
be entitled to the benefits of this Policy as from the Effective Date.

All permanent employees of the Employer or all members of the

employer-employee groups who are aged not less than ….. years and not
more than…. years.

Future employees of an employer-employee group/members of non

employer-employee group shall become eligible for membership
hereunder on the first of the month or Annual Renewal Date which is
coincident with or which next follows the date of their entry into the
above category.

The benefits under this policy shall only be available till the date of
employment/ membership.

PART – II BENEFITS AND PREMIUMS

Subject to the provisions of paragraph 4 below, the Assurance is
effected under LIC’s New One Year Renewable Term Insurance
PLAN OF
1. Plan-II. The Assurance in respect of the Member shall commence
ASSURANCE
from the Entry Date and shall be renewable yearly on the
subsequent Annual Renewal Dates.
An Assurance shall be effected on the life of each Member for a
Sum Assured equal to an amount calculated as per the Rules.
AMOUNT OF SUM
2. The Assurance shall be held by the Employer UPON TRUST for the
ASSURED
benefit of the persons entitled to in accordance with these
Rules.
3. Term Annually Renewable
The Assurance shall be renewable annually on the subsequent
Annual renewable dates until the Terminal Date for
appropriate Sum Assured determined in the manner described
RENEWAL OF
in paragraph 2 above PROVIDED THAT if the Sum Assured on the
ASSURANCE IN
4. subsequent Annual Renewal Date is for a sum higher that the
RESPECT OF A
Sum Assured under the Assurance as on the last preceding Annual
MEMBER
Renewal Date, such increase in Sum Assured (the excess over the
sum assured as on the last preceding Annual Renewal Date) shall
be effected subject to the provisions of paragraph 5 below.

  (...)

    

Evidence of insurability satisfactory to the Corporation

in the form and manner prescribed by the Corporation shall be
furnished in respect of the Member before the Assurance or
increase in Sum Assured under the Assurance is effected.
CORPORATION’S If the evidence submitted in respect of the Member is not
RIGHT TO satisfactory or the Assurance on his life involves special risk
5.
RESTRICT or hazard of a medical or other nature, the Corporation shall
ASSURANCE modify the terms of acceptance of the Assurance.
If such satisfactory evidence is not furnished or if the Member
is found uninsurable on the Entry Date or the relevant Annual
Renewal Date, the Assurance or increase in Assurance shall not
be effected in respect of him.
The premiums payable for the Assurance in respect of the Member
on the Entry Date and subsequent Annual Renewable Dates shall
depend on the size and risk characteristics of the Scheme.
The premium rates applicable on the Effective Date shall be
ascertained from the Table of Rates given in Part III of The
Schedule according to the amount of Sum Assured, the age nearer
birthday of the Member. However, on each Annual Renewable Date
6. PREMIUMS
the premium rates applicable at that time may vary depending
upon the mortality experience of the scheme and size of the
group. The Corporation shall furnish separately, the applicable
premium rates to the Grantees on each Annual Renewal Date.
The premiums paid shall carry the life assurance benefit for
the Member for the period in respect of which it is paid and no
further.
In respect of Members admitted to the benefits of this Policy on
any dates other than the Effective Date or an Annual Renewal
Date, a proportionate Premium shall be payable immediately,
PROPORTIONATE
determined on the basis of the yearly premium calculated as
7. PREMIUM FOR NEW
in (6) above per Member for the period from the Date of Entry
ENTRANTS
to the next Annual Renewal Date reckoned in the months,
the fraction of a month being treated as one month subject to a
minimum of 6 months premium being charged.
In the event of a Member leaving the service of the Grantees on
a date other than the Terminal Date and if the mode of Premium
payment is yearly, the Corporation shall refund to the Grantees
REFUND OF
an amount equal to the proportion of premium paid in respect of
8. OVERPAID
the Member, the proportion being determined having regard to the
PREMIUM
complete number of months from the date of leaving service to
the next following Annual Renewal Date.
For other mode of premium payment, nothing shall be refunded.

-45-
-46-

WHEN THE SUM The Sum Assured under the Assurance shall become payable only
9. ASSURED BECOMES in the event of death of the Member whilst in Service/during
PAYABLE. membership, provided the Assurance is in force at that time.
The Sum Assured shall be payable through the Grantees for the
10. TO WHOM PAYABLE
benefit of the Beneficiary of the Member.
The Sum Assured in respect of the deceased members shall be
11. HOW PAYABLE
paid up in lump sum.
WHEN THE
The Assurance on the life of the Member shall terminate on the
ASSURANCE
happening of any of the following events: discontinuance of
12. TERMINATES IN
payment of premium, the Member ceasing to be in the Service of
RESPECT OF A
the Employer/membership of non employer-employee group.
MEMBER
SURRENDER AND The assurance effected hereunder carries no
13.
PAID-UP VALUES Surrender or paid-up values.
This policy will be eligible for profit sharing. The profit will
be calculated on the premiums collected after deduction of
total claims during the period and allowing for expenses
and contingent reserves, adjusted for credibility of claim
14. PROFIT SHARING experience, and carried forward amount of losses, if any. A
percentage of this profit depending on the group size will be
shared as adjustment against the next renewal premium. In
case of losses, the same will be carried forward to the following
year.
In case of non employer-employee group no claim is admissible
15. WAITING PERIOD for deaths during the first 45 days from the Effective Date. For
employer-employee group there will be no waiting period.
In case of death of a member due to suicide, within 12 months
from the date of inception of the policy or date of entry of the
member into the scheme whichever is later, claim payable shall
16. SUICIDE CLAUSE be 80% of the premium paid in respect of that member, provided
the policy is in force. However, in case of employer-
employee groups where the participation is compulsory, this
clause shall not be applicable.

  (...)

    

PART III TABLE OF PREMIUM RATES

The Age nearer
The Age nearer birthday Amount of Premium Amount of Premium
birthday of the
of the Member on the required to secure required to secure Sum
Member on the Entry
Entry Date/Annual Sum Assured of Assured of Rs.1,000 for
Date/ Annual
Renewal Date (Yrs) Rs.1,000 for One year One year
Renewal Date (Yrs)
8 to 14 46
15 47
16 48
17 49
18 50
19 51
20 52
21 53
22 54
23 55
24 56
25 57
26 61
27 62
28 63
29 64
30 65
31 66
32 67
33 68
34 69
35 70
36 71
37 72
38 73
39 74
40 75
41 76
42 77
43 78
44 79
45 80

(Insert Tabular Rates here – In case of uniform rates mention the rate and age band)
The above premium rates are exclusive of service tax.

SECTION 45 OF INSURANCE ACT, 1938

“No policy of life insurance effected before the commencement of this act shall after
the expiry of two years from the date of commencement of this Act and no policy of life
insurance effected after the coming into force of this Act shall after the expiry of two years
from the date on which it was effected, be called in question by an insurer on the ground
that a statement made in the proposal for insurance or in any report of a medical officer, or

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-48-

referee, or friend of the insured, or in any other document leading to the issues of the policy,
was inaccurate or false, unless the insurer shows that such statement was on a material
matter or suppressed facts which it was material to disclose and it was fraudulently made by
the Policyholder and that the Policyholder knew at the time of making it that the statement
was false or that it suppressed facts which it was material to disclose:
Provided that nothing in this section shall prevent the insurer from calling for proof of age
at any time if he is entitled to do so, and no policy shall be deemed to be called in question
merely because the terms of the policy are adjusted on subsequent proof that the age of the
life assured was incorrectly stated in the proposal.”
• All communication in relation to this policy shall be addressed to:
LIFE INSURANCE CORPORATION OF INDIA
………………… DIVISIONAL OFFICE
PENSION & GROUP SCHEMES DEPT.
……………………………………
……………………………………
Any change in the above address shall be communicated to the Grantees.

• In case you have any Complaints/Grievance, you may approach Grievance Redressal
Officer/ Ombudsman, whose address is as under:
Address of Grievance Redressal officer:
Address of Ombudsman:

Note: In case of dispute in respect of interpretation of these terms and conditions and
special provisions/conditions the English version shall stand valid.

THE GRANTEES ARE REQUESTED TO EXAMINE THIS POLICYAND SATISFY THEMESELVES THAT
THE VARIOUS PROVISIONS CONTAINED THEREIN CONFORM TO THEIR REQUIREMENTS. IF ANY
AMENDMENT OR MODIFICATION IS FOUND NECESSARY, THE CORPORATION MAY PLEASE BE
ADDRESSED IN THE MATTER IMMEDIATELY.

Optional pension scheme from LIC

LIC has also proposed a Pension Scheme for the NRI Chitty Subscribers. KSFE can start an
exclusive Pension Linked Chits for this purpose. Apart from exclusive Pension Chits, option
may be given for the normal NRI Chit subscriber to deposit the prize money in the pension
scheme, if he desires so, at the time of winning the prize money. In order to facilitate
this, LIC will extend their New Group Superannuation Cash Accumulation Scheme. Under the
scheme the prize-money of the chit can be deposited with LIC and same will be accumulated
with interest rate declared by LIC from time to time. From this accumulated fund, the
pension will be given to the subscriber based on different options of Pensions. Details of
different options available are attached.

  (...)

    

Proposal for Kerala State Financial Enterprise (KSFE)

Chit based New Group Superannuation Cash Accumulation Scheme

It is proposed to provide an LIC’s New Group Superannuation Cash Accumulation Superannuation

Scheme (NGSCA) to all the subscribers of the proposed pension chit floated by KSFE Ltd
for NRIs and also to the members who opt for Superannuation in other Chits floated by
KSDE Ltd for NRIs. The Group Pension Schemes offers a vehicle for individual subscribers to
accumulate a fund for their retirement provision. The contributions paid by the subscribers
are accumulated in their account with the interest rate declared by the Corporation from
time to time.

The salient features of the pension scheme are as follows:

1. Minimum Contribution Amount

The minimum contribution to the pension scheme per month can be as fixed by KSFE
based on the chit size if required.

2. Maximum Contribution Amount

The contribution can be enhanced any time during the contribution period either in lump
sum or in regular payments. There is no ceiling on the contribution amount.

3. Normal Vesting Age 40 Years to 60 Years.

4. Contribution Period
Duration of the Chit opted for pension.

5. Benefits:

a. On Normal Vesting Age – The accumulated fund after commutation (if allowed under
the Rules of the Scheme) shall be used to pay pension.

b. On Death before Vesting - The accumulated fund shall be used to pay pension or the
nominee can opt for refund of accumulated fund if allowed under the Scheme Rules.

c. On exit before Normal Vesting - The accumulated fund after commutation (if allowed
under the Rules of the Scheme) shall be used to pay pension.

However, the benefits as detailed in 5 (a, b, c) above are applicable only to the members
who pay their chit instalments in full before the benefits are disbursed. Accumulated
amount of those members who default in payment of chit instalments after the prize
money is received and invested with LIC will only be paid to KSFE Ltd on their demand.

The payment of pension subject to prevailing annuity rates, minimum pension amount

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-50-

prescribed from time to time and the type of annuity chosen at the time of vesting.
If the accumulated fund is not sufficient to meet the minimum pension amount which
is prescribed from time to time, then the accumulated fund will be returned to the
subscriber.

It is also to be noted that the tax (if any) will be applicable as per IT Rules.

5. Payment of Pension:
The pension shall be paid in Indian Rupees only and through Bank Transfer only.

6. Administration of Scheme:
The Master Policy Holder for this scheme will be KSFE Ltd. The subscribers of Chits floated
by KSFE Ltd, will be given an option to join the proposed pension scheme. The Master
Policy Holder shall collect the contribution amount from the subscribers and remit the
same to LIC of India along with the reconciled list of subscribers. All claim papers will be
submitted through the Master Policy Holder only.

  (...)

    

KSFE CHITTY PENSION SCHEME FOR NRKs’

1.0 INTRODUCTION
It is proposed to include all the subscribers of the NRK Pension Chitty floated by KSFE
to an LIC’s New Group Superannuation Cash Accumulation Superannuation Scheme
(NGSCA) with KSFE as Nodal Agency. The Group Pension Schemes offers a vehicle
for individual subscribers to accumulate a fund for their retirement provision. The
contributions paid by the subscribers are accumulated in their account with the
interest rate declared by the Corporation from time to time

2.0 TITLE
The Scheme will be called KSFE NRKs’ PENSION SCHEME.

3.0 DEFINITIONS:
In these Rules, the following words and expressions shall unless repugnant to the
context, have the following meanings:-

i) The “COMPANY” shall mean Kerala State Financial Enterprises Ltd

ii) The “Nodal Agency” shall mean the Company and any other Company/Firm or
Corporation which may be in future be managed or controlled by or become associated
with the Company and which may agree to become by these Rules.

iii) The “CORPORATION” shall mean the Life Insurance Corporation of India
established under Section 3 of the Life Insurance Corporation Act, 1956.

iv) The “SCHEME” shall mean New Group Superannuation Cash Accumulation Scheme.

v) The ”RULES “shall mean the Rules of the Scheme as set out below and as amended
from time to time.

vi) The “MEMBER” shall mean the NRI’s who subscribes the online Chitty of the Nodal
Agency and on whose life an assurance has been or is to be effected in accordance
with the Rules.

vii) The Nodal Agency will act for and on behalf of the Members in all matters relating
to the Scheme and every act done by agreement made with and notice given to the
Corporation by the Nodal Agency shall be binding on the Members.

4.0 EVIDENCE OF AGE:

Evidence of Age satisfactory to the Corporation shall be furnished by every Member
at the time of becoming a member.

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-52-

5.0 PLAN
5.1 The Scheme will be under Defined Contribution Plan, wherein the pension contribution
from the member to the Fund will be defined with the size and length of the pension
chitty opted.

5.2 Each member will have an individual account. Contribution by the member will be
remitted to his personal pension account. Interest on the fund contributed will also
be added to this account.

5.3 The pension corpus of the member / beneficiary shall depend upon the accumulated
contribution in the Fund and the applicable outflow as defined under the Scheme, at
the time of prescribed separation.

5.4 The prize money of the Chitty will compulsory be invested in the pension fund

5.5 The Corporation’s liability is limited to the member’s contribution and interest
accumulated thereon at any given point of time.

6.0 EFFECTIVE DATE

The Scheme will come into force with effect from --/--/---- with option to members
for joining the scheme.

7.0 ELIGIBILITY FOR JOINING THE PENSION SCHEME

7.1 The Scheme will be applicable to all NRKs’ subscribing the KSFE chitty with an option
for pension.

7.2 All eligible members are required to submit an application in the prescribed format
for joining the pension scheme.

7.3 The KSFE’s decision regarding the eligibility of a member for the purpose of the
Scheme shall be final and binding on all the parties concerned.

8.0 OPTION TO JOIN THE PENSION SCHEME

The Scheme will be applicable to all NRKs’ subscribes KSFE pension chitty who meet
the eligibility criteria. However, those members who subscribe other NRK chitties
interested in joining the pension scheme initially will be given an option for the
same provided they furnish their option in writing before receiving the prize money.

9.0 CONTRIBUTION
9.1 Minimum Contribution Amount
The minimum contribution if required to the pension scheme per month can be as
fixed by KSFE based on the chit size.

9.2 Maximum Contribution Amount

The contribution can be enhanced any time during the contribution period either in
lump sum or in regular payments. There is no ceiling on the contribution amount.

  (...)

    

9.3 Member’s Voluntary Contribution

The KSFE, at its sole discretion, may allow a member to contribute an additional sum
as voluntary contribution over and above the ordinary monthly contribution by the
member.

9.4 Lump-sum contribution

A member may be allowed to contribute a lump-sum amount at any time before the
commencement of pension payment.

9.5 Contribution of Prize Money

The prize money of the chitty will be compulsorily contributed towards the pension
account.

10.0 OPERATION OF SCHEME

10.1 The Scheme will be administered by KSFE NRK’s Pension Cell.

11.0 APPOINTMENT OF NOMINEE

11.1 Every eligible member on the rolls of the scheme shall nominate one or more persons
of his/her “family” as nominee or nominees in the prescribed format to receive the
benefits. If a member acquires family after the date of nomination, he/she will give a
fresh nomination and the earlier nomination will become invalid.

11.2 Every appointment to be made under this Rules shall be in writing, signed by the
member and shall be according to the prescribed form and shall remain in full force
and effect until the death of the nominee or until the same has been revoked in
writing by the Member by whom the same was made and a fresh appointment is made
in the manner aforesaid.

11.3 A member may, from time to time or at any time without the consent of the nominee,
if any, revoke or change the nomination by giving a written intimation of change to the
company in the prescribed form. The new nomination shall take effect on the date the
revised nomination was signed.

11.4 If a nominee at the time of his appointment is a minor or otherwise under disability,
not competent to give a legal receipt or discharge to KSFE, the member must at the
time of such appointment as aforesaid, appoint a guardian who has attained majority
and who is capable of giving a legal receipt or discharge to KSFE as and when the
benefits are to be paid for and on behalf of such nominee so long as the nominee is
minor or under disability

11.5 If more than one nominee is appointed and in such appointment, the member has
failed to specify their respective share, the nominees so named shall share equally.
If any designated nominee predeceases the member, the interest of such nominee
shall terminate and his share shall be payable equally to such of the remaining of

-53-
-54-

the nominees surviving the member unless the member has made written request
otherwise, to KSFE in the prescribed form.

12.0 PENSION CORPUS

12.1 On superannuation, the member alone will be eligible to get the benefits under the
scheme and no member of his / her family shall have any claim on the same.

12.2 The nominee, as per nomination given by the Member, becomes entitled to pension
corpus only in the event of death of the member before vesting.

13.0 PENSION PAY-OUT

13.1 For the purpose of payment of pension to the member / nominee, annuity shall be
purchased from annuity provider (s) opted by the member / nominee, from among the
annuity provider (s) empanelled by KSFE at the time of receipt of individual pension
corpus as per eligibility.

13.2 Annuity will be effective from the date of authorization of pension corpus and purchase
of the annuity by the member /nominee and the member / nominee shall not be
entitled to claim pension from back date.

13.3 The Pension shall be paid to the member as per the frequency chosen (monthly,
quarterly, half yearly or yearly) and as per the pension option selected by him from the
various options as offered by the Insurance Company. Pension benefit would depend
upon the accumulated corpus available in his/her individual account.

13.4 After purchase of annuity and disbursement of pension, any query / complaint on
the same will have to be taken up by the member/nominee directly to LIC of India.
KSFE will not have any liability to resolve / remedy such complaints / query. In case
the query/complaint of the Member/Nominee is not redressed by the Insurance
Company, the Member/Nominee will be free to take up the matter with the insurance
ombudsman or any other channel as per his / her choice (viz.Consumer Court, IRDA
etc).

13.5 The annuity option once chosen cannot be changed and it shall be final and binding on
the Member/Nominee.

14.0 BENEFITS
14.1 Benefits on superannuation

14.2 Upon superannuation of a Member on the superannuation date, the pension shall
become payable to him .His accumulated corpus available in his account, which shall
be utilized to provide him appropriate pension, would be based on the following:

a. Total contributions to his account, comprising of contributions by the prize money

and member including the additional contributions made by the member towards the
Fund, if any, and interest earned thereon.

  (...)

    

14.2.1 On superannuation, an annuity will be purchased for the pension plan. The pension
will be computed on the prevailing annuity rate at the time of superannuation. Pension
shall be paid to the members as per the frequency chosen (monthly, quarterly, half
yearly or yearly) and as per the pension option selected by him from the various
options as offered by the insurer. An option for commutation will also be available to
the member.

14.3 Benefit on death

In case of Member’s death before commencement of the pension, the nominee will
have an option to receive the amount in lump sum or as a pension.

Where the nominee is more than one, the amount of pension will be distributed on the
basis prescribed in the nomination form by the member. In the absence of nomination,
the amount of pension will be distributed among the legal heirs as per the succession
certificate to be produced by such legal heir(s) from the appropriate court.

14.4 Benefit on exit prior to superannuation date

14.4.1 The accumulated fund after commutation ( if allowed under the Rules of the Scheme)
shall be used to pay pension. If the accumulated fund is not sufficient to pay the
minimum pension the accumulated fund along with accrued interests shall be refunded
to the member.

15.0 COMMUTATION OF PENSION

The benefits under the Scheme shall be payable only in the form of pension. However,
if the member, so desires, a part of the pension may be commuted for single payment,
provided that such payment shall not exceed one-third of the pension:

Notes:

1. The commuted value shall be determined by the Corporation having regard to the age
of the member, the state of his health, the rate of interest and officially recognized
tables of mortality.

2. Written notice by the member of his having selected to commute part of the pension
must be furnished to KSFE 60 days prior to the Normal Superannuation date.

15.1 Jurisdiction

The Master Policy to be effected under the Scheme shall be an Indian contract, subject
to the laws of India including the Indian Insurance Act, 1938, as amended, the Life
Insurance Corporation Act, 1956, the Income Tax, Act, 1961 and to any legislation
subsequently introduced. All benefits under the Scheme shall be payable only in India.
Should anything contained in these Rules, or in any amendment made thereof be
repugnant to any provisions of the Income Tax Act, 1961 or the Income Tax Rules,
1962 and the Trust’s act on it shall be ineffective to the extent of such repugnance.

-55-
-56-

Any such repugnance in so for as it relates to Income Tax Act 1961 and the Rules
thereunder shall be removed by the Trustees if so directed by the Commissioner of
Income Tax.

15.2 Master Policy

The Corporation will issue a single Master Policy to KSFE to provide for the benefit of
the Members under the Scheme.

15.3 Deduction of sums due to Income Tax authorities

Income Tax : In any case where the KSFE or the Corporation is liable to account to the
Income Tax Authorities for Income Tax on any payments due under the Scheme, the
KSFE or the Corporation shall deduct a sum equal to the tax from such payment and
the shall not be liable to the Members for the sum so deducted.

15.4 The company may at any time amend the Scheme. Such amendment shall always have
effect from the date on which the applicable notices have been served.

15.5 A member or his nominee shall have no interest and/or right in the Master Policy
taken out in respect of the members or any investment otherwise made by the KSFE
in accordance with the Rule of the Scheme but shall be entitled to receive pension in
accordance with the Rules.

Provided always that the KSFE shall administer the Scheme for the benefit of the
members and their nominees in accordance with the provisions of these rules.

15.6 The Corporation (Insurer) shall issue to KSFE within one month from the closing of
every financial year, a certificate indicating member wise total amount of fund as on
31st March,

15.7 Interpretation

It shall be a condition of the membership of the scheme that on any question arising
on any point of interpretation of these Rules or any point relating to cessation of
membership, the decision of the KSFE shall be final. If the decision has any bearing
on the provisions of the Income Tax Act, 1961 or the Income Tax Rules, 1962 or any
amendments thereto, it has to be forthwith reported to the Commissioner of Income
Tax and if the Commissioner of Income Tax so requires, the KSFE shall review the
decision.

  (...)

    

(Format for joining the Pension Scheme)

Sir,

Sub : __________ Members Superannuation Pension Scheme

With reference to the Circular No……………………dated……………………. and in line with the

_________ Members Pension Scheme, I hereby opt for becoming a member of the Captioned
Scheme. I agree to all the conditions stipulated in the ___________

Members Pension Scheme. Relevant particulars for joining the Scheme are given hereunder:

Name
Member No.
Designation
Unit / Division
Date of birth
Date of joining organisation
Period of service, if any, in
a CPSU immediately prior to
joining company.
Basic Pay as on 1/04/2011
Basic Pay as on date
Effective date opted for joining
the pension scheme*
(* Members are given option to join the scheme either retrospectively from 1/4/2011 or
prospectively from……… Refer circular in this regard)

Nomination (see instructions below)

Details of Nominees:

Proportion by which
Sl Name of Address of Relationship Age of
pension will be
No Nominee Nominee With Member Nominee
shared

Witness
Name : --------------------------------------------------
Address : --------------------------------------------------
Signature of Witness : ---------------------------------------------------

Dated : Signature of Member

-57-
-58-

INSTRUCTIONS FOR FILLING UP NOMINATION

(a) In case of male member, nominee should be his wife, children married/unmarried, his
dependent parents and his deceased son’s widow and children.

(b) In case of Female member, nominees should be her husband, children whether married
or unmarried, her dependent parents or her husband’s dependent parents ( any one
way relation as per choice of that female member) and her deceased son’s widow and
children.

(c) In case of a member who has got no family, or is bachelor, nomination may be in favour
of any person or persons, whether related to him or not or even to an institution.\

(FOR USE BY HR DEPARTMENT)

Total service in company till the
date of superannuation :-------- Yrs ----- Months
Total service in other CPSU
Immediately prior to joining company :-------- Yrs ----- Months
Total eligible service for joining
Pension Scheme :-------- Yrs ----- Months
The Member has a total eligible service of ----------- Yrs ----- Months

He / She is, therefore, eligible / not eligible (strike out whichever is not applicable) for
joining the Pension Scheme. The particulars given by the applicant in the application is found
correct as per the service records.

Name & Signature

UNIT / DIVISION HR HEAD
Date :

  (...)

    

(Format for change of nomination)

I, Shri / Smt./Kum------------------------------------- working as ------------------------ (Designation)

at ------------------------------------------------ (Unit / Division) wish to change the nominees for
receiving the pension and accordingly nominate the following persons to receive the pension
under the relevant provisions of the scheme in the event of my premature death in service:

Details of Nominees:

Proportion by which
Sl Name of Address of Relationship Age of
pension will be
No Nominee Nominee With Member Nominee
shared

Witness
Name : --------------------------------------------------
Address : --------------------------------------------------
ignature of Witness : ---------------------------------------------------

Dated : Signature of Member

(For use in HR Department)

Nomination form verified and found to be correct and kept in record.

Name & Signature

UNIT / DIVISION HR HEAD

Date :

-59-
-60-

Add-On Pension Scheme

It is proposed to add a LIC’s New Group Superannuation Cash Accumulation Superannuation

Scheme (NGSCA) to all the subscribers of the above proposed Group Insurance Scheme. The
Group Pension Schemes offers a vehicle for individual subscribers to accumulate a fund for
their retirement provision. The contributions paid by the subscribers are accumulated in
their account with the interest rate declared by the Corporation from time to time.

The salient features of the pension scheme are as follows:

1. Minimum Contribution Amount

The minimum contribution to the pension scheme per month can be as fixed by
KSFE based on the chit size.
2. Maximum Contribution Amount
The contribution can be enhanced any time during the contribution period either in
lump sum or in regular payments. There is no ceiling on the contribution amount.

3. Normal Vesting Age

40 Years to 60 Years.
4. Contribution Period
Duration of the Chit opted for pension.

5. Benefits:
a. On Normal Vesting Age - The accumulated fund after commutation (if allowed
under the Rules of the Scheme) shall be used to pay pension.
b. On Death before Vesting -The accumulated fund shall be used to pay pension or
the nominee can opt for refund of accumulated fund if allowed under the Scheme
Rules.
c. On exit before Normal Vesting -The accumulated fund after commutation (if
allowed under the Rules of the Scheme) shall be used to pay pension.
The payment of pension subject to prevailing annuity rates, minimum pension
amount prescribed from time to time and the type of annuity chosen at the time of
vesting.
If the accumulated fund is not sufficient to meet the minimum pension amount which
is prescribed from time to time, then the accumulated fund will be returned to the
subscriber.
It is also to be noted that the tax (if any) will be applicable as per IT Rules.

6. Payment of Pension:
The pension shall be paid in Indian Rupees only and through Bank Transfer only.
Pension Options Available:
The following options are available under the plan
• Type of Annuity:
o Annuity payable for life at a uniform rate.
In this option the pension is payable as long as the annuitant is alive.
o Annuity payable for 5,10,15 or 20 years certain and thereafter as long as the
annuitant is alive.

  (...)

    

In this option annuity is payable certain for 5,10,15or 20 years to annuitant or spouse
(in absence of annuitant). If the annuitant survive after the period till his death
annuity is payable
o Annuity for life with return of purchase price on death of the annuitant.
In this option the pension is payable as long as the annuitant is alive and the
purchase price return to nominee on death of annuitant
o Annuity payable for life increasing at a simple rate of 3% p.a.
The pension is payable for life with increase at a simple 3% every year till the
annuitant survives.
o Annuity for life with a provision of 50% of the annuity payable to spouse
during his/her lifetime on death of the annuitant
The full pension is payable to the annuitant and on the death of annuitant 50% of
annuitant’s pension is payable to the spouse till death.
o Annuity for life with a provision of 100% of the annuity payable to spouse
during his/her lifetime on death of the annuitant.
The full pension is payable to the annuitant and on the death of annuitant the
same pension is payable to the spouse till death
o Annuity for life with a provision of 100% of the annuity payable to spouse
during his/ her life time on death of annuitant. The purchase price will be returned
on the death of last survivor.
The full pension is payable to the annuitant and on the death of annuitant the same
pension is payable to the spouse till death. On death of both annuitant and spouse
the purchase price is payable to the nominee

You may choose any one. Once chosen, the option cannot be altered.

Mode:
• Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals.
You may opt any mode of payment of Annuity.

7. Administration of Scheme
The Master Policy Holder for this scheme will be KSFE Ltd. The subscribers of Chits floated
by KSFE Ltd, will be given an option to join the proposed pension scheme. The Master Policy
Holder shall collect the contribution amount from the subscribers and remit the same to
LIC of India along with the reconciled list of subscribers. All claim papers will be submitted
through the Master Policy Holder only.

-61-
-62-

Disability Cover by State Insurance Corporation

State Insurance Department with their co-insurance partner M/s. United India Assurance
Company has agreed to cover the disability cover for the scheme. The permanent disability
due to accident is defined as loss of two limbs or sight of both eyes or loss of one limb and one
eye or permanent total disablement or paralysis and confined to wheel chair due to accident.
In the event of such an incident, the compensation will be 100% of sum insured. The premium
agreed is Rs 25 for a sum assured of Rs One lakh. That means for a sala of Rs. 10 lakhs (40*
Rs 25000), the payment for disability coverage will be Rs 250 in the first year. Rs. 175 in the
second year (coverage for Rs7Lakhs), Rs100 (coverage for Rs 4 lakhs) in the third year, Rs. 25
(coverage for Rs. One Lakh).

Scheme for transporting to homeland in the event of disability a disabled person with a
companion or in the event of death the body with a companion

State Insurance Department has also agreed to bear the expenses incurred for bringing back
the dead body of the deceased subscriber or a permanently disabled chit member along with
a companion in the economy class. The rate proposed is Rs350 plus GST per person.

  (...)

   

-63-
-64-

    

Pravasi Chitty: Legal Framework
and Business Model
ROADMAP FOR OPERATIONALIZING NRI CHITS

1. The Chit Fund Act, 1982 is a Central Act enacted to provide a uniform framework to
regulating activities of chits across different states of the country. The administration
of the Act has been left to the concerned state governments. The Act also envisages
an oversight and advisory role for the Reserve Bank of India. The Act is a complete
code and has detailed provisions regarding every aspect of conducting a chit right
from registration to its winding up.

2. The Reserve Bank of India vide Foreign Exchange Management (Permissible Capital
Account Transactions) (Second Amendment) Regulations, 20151 and Foreign Exchange
Management (Transfer or Issue of Security by a Person Resident outside India)
(Second Amendment) Regulations, 20152 made amendments to the Foreign Exchange
Management (Permissible Capital Account Transactions) Regulations 2000 and Foreign
Exchange Management (Transfer or Issue of Security by a Person Resident Outside
India) Regulations, 2000, respectively, permitting Non-Resident Indians(NRI) to
subscribe to chit funds subject to certain conditions. The notification also required
chit funds to obtaining requisite approvals from the concerned state governments
before accepting chit subscriptions from NRIs.

3. The Taxes Department, Government of Kerala vide G.O. (MS) No 136/2015/TD

dated 29.07.2015 granted approval to Kerala State Financial Enterprises(KSFE) for
accepting subscriptions from NRIs in chits in accordance with amendments made

1. Notification No. FEMA.337/2015-RB dated March 2, 2015, vide G.S.R. No. 283(E) dated April 13, 2015
2. Notification No. FEMA.338/2015-RB dated March 2, 2015, vide G.S.R. No. 284 (E) dated April 13, 2015
-66-

to the FEMA regulations. Accordingly, KSFE is now proposing float chits specifically
designed for NRIs using an online platform and has sought approval of the state
government for the same. KSFE has represented that certain provision of the Act
may not be compatible with chit designed for an online platform and has sought
exemptions from the applicability from such provision subject to such safeguards as
may be imposed by the state government in consultation with the RBI.

4. Section 87 of Act empowers the state government, in consultation with RBI, to

exempt persons/class of persons or chits or class of chits from the applicability of
the Act or its specific provisions subject to conditions as may be prescribed. The
exemption’s sought by KSFE from the provisions of the Act can be broadly classified
under the following four heads,-

A. Exemptions from provisions requiring foreman to provide written notice to

subscribers
Section Provision Proposed alternative
Copy of the Chit agreement has to be
10(1) Shall be provided by email
provided to all subscribers
Issuing of written notice by the foreman
28(1) Notice to be served via email
to the defaulting non-prized subscriber
Demand of consolidated payment from
33(1) Demand to be made via email
defaulting prized subscriber

B. Exemptions from the requirement of maintaining physical records by the

foreman
Section Provision Proposed alternative
Minutes of Proceedings to be Minutes to be maintained electronically
maintained in the physical form. which can be accessed by the registrar
17 Minutes have to be signed by subscribers and subscribers electronically. Minutes
and registrar or his nominee, if present, to be put up for negative approval of the
for the draw as applicable registrar or his nominee
All the books, records etc. required to
be maintained by the foreman shall be
Book and records to be maintained by
23 maintained electronically and shall be
foreman
open for inspection by subscribers and
registrar
Register containing details of the Details of the defaulting subscriber to be
28(2) defaulting subscribers has to be maintained
maintained Electronically
Register containing details of the Details of the substituted
29(1) substituted subscribers has to be subscriber to be maintained
maintained Electronically
Options for transferring the rights to be
Details of transfer of rights of non-
provided electronically and information
35 prized subscriber to be maintained by
regarding such transfer shall also be
foreman
maintained in an electronic form

  (...)


C. Exemptions from physical filings to be made before Registrar
Section Provision
Hard copy of the Chit Agreement to be
7(1)
filed with the Registrar
Declaration to be filed stating that chit
9(1)
has been fully subscribed
Report to filed before registrar stating
10(2) that copy of the chit agreement has
been provided to all subscribers
Copy of the Minutes of proceedings of
18
the draw to be filed before the registrar
24 Balance Sheet to flied with registrar
Information regarding defaulting
28(3)
subscribers has to be provided to Registrar
Information regarding substituted
29(2)
subscribers has to be provided to Registrar
Details of transfer of rights of non- prized
35
subscriber to be informed to the registrar
D. Exemptions from certain approvals required to be obtained from the Registrar
Section Provision
Prior sanction has be obtained from
4(1)
the state government before operating Chits
Registrar has to endorse a copy of the chit agreement
7(2)
indicating the same has been filed before him
9(2) Certificate of commencement to be issued
E. Other exemptions
Section Provision
Chit Agreement to be in Duplicate
6(1)
and signed by the subscriber and two witness
Draw to conducted in the presence of
16(2)
two subscribers
Registrar or his nominee to be
16(3) present for auction if subscribers
could not be present
Consolidated payment made by
33(4) defaulting prized subscriber to be
deposited in bank account
Transfer of non-prized subscriber’s rights to be in
35
writing
   
Proposed alternative
Copy to be electronically filed
Declaration to be filed Electronically
Registrar to be electronically
informed regarding the
Compliance
To be filed electronically
To be maintained and filed electronically
Details of the defaulting subscriber to be
provided to the registrar
Details of the substituted subscriber to be
provided to the registrar
The details of the such transfer to be
provided electronically to the registrar.
Proposed alternative
May be addressed be fine
tuning the approval process
Endorsement to be made on the
e-copy filed before the registrar
Certificate to issued online
Proposed alternative
Electronic chit agreement which
can be accepted by subscriber
online through click wrap
agreement
All Subscribers will be given
secured credentials for
accessing the online auction
room
Registrar to be given access to
online auction room. Further,
this provision would need to be
invoked only in cases where at
least two subscribers are not
present for the online auction
Exemption subject to such
payments being invested in KIIFB
bonds
Provision for transfer to be
provided in the online portal
operated for the chit
-67-
-68-

5. A draft notification under Section 87 for granting the above exemptions

subject to the conditions that have been prescribed in placed as Annexure
‘A’.
6. It is, however, noted that the exemption sought by KSFE classified under the head
‘B’ and ‘C’ above is essentially substituting the physical record submission and
approval process contemplated under the Act with an electronic process. For such
an electronic mechanism for submitting records and granting approvals to function
effectively, adequate systems will have to be in place at the registrar level also.
7. It is therefore proposed that instead of seeking exemptions from such approvals
through a notification under section 87, the issue may be tackled by making provisions
for submitting records and obtaining such approvals from the registrar electronically
under the framework provided under Information Technology (Electronic Service
Delivery) Rules, 2011 and Information Technology (Use of electronic records and
digital signatures) Rules, 2004. The said rules would empower the registrar to specify
the class of documents and records which can be submitted electronically and the
procedure for electronically granting approvals contemplated under the Act.

  (...)

    

MODIFICATIONS REQUIRED IN THE ACT FOR NRI CHITTY

Obligation
Section Marginal
Sec. No. Modifications required
Note Normal Chitty
for Online NRI Chitty
Prohibition of chits
No chit can be commenced without obtaining the
not sanctioned or
4 previous sanction of the state government and No
registered under
without registering in accordance with the Act.
the Act
Every chit agreement shall be in duplicate and shall
be signed by each of the subscribers or by any person May be complied
Form of chit
6 authorised by him in writing and the foreman and with using electronic
agreement
attested by at least two witnesses. it also has to contain signature
the specified documents
Filing of chit Every chit agreement shall be filed in duplicate by the
7 No
agreement.— foreman with the Registrar.
foreman shall, after all the tickets specified in the chit
Commencement of
9 agreement are fully subscribed, file a declaration to that No
chit.—
effect with the Registrar
The possibility of
sending the copy of the
After obtaining the certificate of commencement and agreement by email
before the date of the first draw of the chit, furnish to to the NRI subscriber
every subscriber, the foreman shall, send a certified true with a physical copy
Copies of chit
copy chit agreement to all the subscribers. being posted to the
agreement to
10 address in Kerala may
be given to
be explored.
subscribers
A foreman shall, within fifteen days after the close of
the month in which the draw for the first instalment of
the chit is held, file with the Registrar, a certificate to No
the effect that copy of the agreement has been posted
to all the subscribers
Where the foreman is a company or co-operative
society, the aggregate chit amount of the chits
Aggregate amount
13 conducted by it shall not at any time exceed ten times No
of chits.
the net owned funds of the company or the co-operative
society, as the case may be.
No person carrying on chit business shall utilise the
moneys collected in respect of such business except
for—
(a) carrying on chit business; or
Utilisation of (b) giving loans and advances to non-prized subscribers
14 No
funds. on the security of subscriptions paid by them; or
(c) investing in trustee securities within the meaning of
section 20 of the Indian Trusts Act, 1882 (2 of 1882); or
(d) making deposits with approved banks mentioned in
the chit agreement.

-69-
-70-

The possibility of
sending the copy
Every draw in a chit shall be held on the date, at the
of the notice by email
time and place mentioned in the chit agreement and
to the NRI
a notice therefore in such form and in such manner as
subscriber with a
may be prescribed shall be issued by the foreman to all
physical copy
the subscribers.
being posted to the
(2) Every such draw shall be conducted in accordance
address in
Date, time with the provisions of the chit agreement and in the
Kerala may be
and place of presence of not less than two subscribers.
16 explored.
conducting 3) Where any draw was not conducted on the ground
chits.—( that two subscribers required to be present at a draw
Discussion would need
under sub-section (2) were not present or on any other
to held to
ground, the Registrar may, on his own motion or on
overcome this
an application made by the foreman or any of the
restriction. It could
subscribers, direct that the draw shall be conducted in
be overcome by
his presence or in the presence of any person deputed
using the
by him
procedure provided
in (3)
The minutes of the proceedings of every draw shall If the meeting has
be prepared and entered in a book to be kept for that been conducted
purpose immediately after the closure of the draw and in presence of the
shall be signed by the foreman, the prized subscribers, registrar or
Minutes of if present, or their authorised agents, and at least officer deputed by
17
proceedings two other subscribers who are present, and where a him compliance with
direction has been made under sub-section (3) of section 16(3), registrar or
16, also by the Registrar or the person deputed by him officer deputed by him
under that would have to sign the
sub-section minutes
A true copy of the minutes of the proceedings of every
draw
Copies of minutes certified as such by the foreman shall be filed by the
18 to be filed with foreman with No.
Registrar. the Registrar within twenty-one days from the date of
the draw
to which it relates.
No person carrying on chit business shall open a new
Restriction on
place of business without obtaining the prior approval
opening of new Yes. Given separately
19 of the Registrar within whose territorial jurisdiction his
place in Note
registered office or, as the case may be, the place or
of business
the principal place of business is situated.

  (...)

    

Obligation
Modifications
Sec. Section
required for
No. Marginal Note Normal Chitty
Online NRI
Chitty
For the proper conduct of the chit, every foreman shall,
before
applying for a previous sanction under section 4,—
1[(a) deposit in an approved bank an amount equal to the chit
amount in the name of the Registrar; or]
(b) transfer Government securities of the face value or market
Security to value (whichever is less) of not less than one and a half times
20 be given by the chit amount in favour of the Registrar; or No.
foreman (c) transfer in favour of the Registrar such other securities,
being securities in which a trustee may invest money under
section 20 of the Indian Trusts Act, 1882 (2 of 1882), of
such value, as may be prescribed by the State Government
from time to time: Provided that the value of the securities
referred to in clause (c) shall not, in any case, be less than
one and a half times the value of the chit amount.
The foreman shall maintain in his registered office, or, as
the case may be, in the place or the principal place of his
Books, business, or, where the foreman has any branch office, sub-
records, etc., office or any place of business for the conduct of chit business
23 No.
to be kept by in a State other than the State in which his registered office
foreman. or the principal place of his business is situated, in such
branch office, sub-office or place of business in respect of the
business conducted in that State—
every foreman shall prepare and file with the Registrar within
Balance
24 such time as may be prescribed, a balance sheet as on the last No.
sheet.—
date of each calendar year
(1) A non-prized subscriber who defaults in paying his
subscription in accordance with the terms of the chit
Removal of
agreement shall be liable to have his name removed from the
28 defaulting No.
list of subscribers and a written notice of such removal shall
subscribers
be given by the foreman to the defaulting subscriber within
fourteen days of the date of such removal:
Every substitution referred to in sub-section (1) shall, with the
Substitution date thereof, be entered in the relevant book maintained by
29. of the foreman and a true copy of every such entry shall be filed No
subscribers. by the foreman with the Registrar within fourteen days from
the date of substitution

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Foreman shall, out of the amounts payable by and realized

from the substituted subscriber towards the instalments
relatable to the period before the date of the substitution
deposit, before the date of the next succeeding instalment,
Amounts due
in a separate identifiable account, an amount equal to the
30 to defaulting No
contributions made by the defaulting subscriber, and shall
subscribers.
inform the defaulting subscriber as well as the Registrar of
the fact of such deposit and shall not withdraw the amount so
deposited except for payment to the
defaulting subscriber.
Prized
subscriber to
31.
furnish
security.—
Foreman
to demand
A foreman shall not be entitled to claim a consolidated
future
33. payment from a defaulting prized subscriber under section 32 No
subscriptions
unless he makes a demand to that effect in writing.
by written
notice
Transfer of
non-prized Every transfer by a non-prized subscriber of his rights in the
35 subscriber’s chit shall be in writing duly attested by at least two witnesses No
rights to be and shall be filed with the foreman.
in writing.
Every transfer under section 35 shall, within a period of
fourteen days from the date of receipt of the proposal for
transfer by the foreman, be recognised by him unless the
Recognition
transferee is not solvent or the transfer was effected with
36 of transfer by
a view to defeating the provisions of any law including
foreman.
this Act and the decision of the foreman to recognise the
transfer or not shall forthwith be communicated to the
parties concerned.
Every transfer under section 34 or section 35 shall be entered
Entry of
by the foreman in the books of the chit forthwith and a true
transferee’s
37 copy of such entry shall be filed by the foreman with the No
name in the
Registrar within fourteen days from the date of making such
books.
entry

  (...)

    

(1) The foreman may, on his own motion, convene a special

meeting of the general body of subscribers for considering any
proposal to pass a special resolution.
(2) The foreman shall convene such a meeting on the
requisition in writing of not less than twenty-five per cent.
of the number of non-prized and unpaid prized subscribers,
and the meeting so convened shall be held within thirty days
of the date of receipt of the requisition and if the foreman
refused or fails to call such a meeting within fourteen days
Meetings of of the date of receipt of such requisition, not less than
general body twenty-five per cent. of the number of non-prized and unpaid Will need to
38
of prized subscribers may give notice of the fact to the Registrar. be discussed
Subscribers (3) The Registrar shall, within twenty-one days of the receipt
of the notice under sub-section (2), convene or direct the
convening of a special meeting of the general body of the
subscribers and on receipt of such a direction, it shall be the
duty of the foreman to comply with such direction.
(4) Notice of not less than fourteen days shall be given to all
the subscribers of a meeting under this section specifying the
object, date, hour and place of meeting and a copy of
the special resolution shall also be sent along with the notice
of the meeting.
chit shall be deemed to have terminated,—
(a) when the period specified therefor in the chit agreement
has expired provided the payment of dues to all the
Termination subscribers has been completed; or
40 No.
of chits (b) when all the non-prized and unpaid prized subscribers
and the foreman consent in writing to the termination of the
chit and a copy of such consent is filed with the Registrar as
required under section 41
Copy of true copy of every assent referred to in section 26 and of
assent or every consent referred to in clause (b) of section 40 with
41 consent to be their dates shall be filed by the foreman or by the surviving No.
filed partner or partners, as the case may be, with the Registrar
with Registrar within fourteen days from the date of such assent or consent.
State
government
may
The State Government may, in consultation with the Reserve
consider
Bank, by notification in the Official Gazette, and subject to
Power to exempting
87. such conditions as may be specified in the notification, exempt
exempt.— KSFE NRI
any person or class of persons or any chit or class of chits from
Chitty from
all or any of the provisions of this Act.
the
provision of
the ACT

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-74-

[TO BE PUBLISHED IN THE GAZZETE, EXTRAORDINARY]

KERALA GAZETTE
EXTRAORDINARY
PUBLISHED BY AUTHORITY

Thiruvananthapuram, 30th May 2017

Vol Tuesday
No XXXX

GOVERNMENT OF KERALA
Taxes (C) Department
NOTIFICATION
GO No------------------------------------------------ Dated, Thiruvananthapuram

SRO No--------In exercise of the powers conferred by Section 87 of The Chit Funds Act, 1982
(Central Act 40 of1982) (hereinafter referred to as the said Act), the Government of Kerala,
in consultation with the Reserve Bank of India, hereby exempt the Chits conducted by Kerala
State Financial Enterprises for Non-Resident Indians(NRIs) and the foreman of the said chits
from the provisions of sub-section
(1) of section 4, sub-section (1) of section 6, sub-section (1) and (2) of section 7, sub-
section (1) and (2) of section 9, sub-section (1) and (2) of section 10, sub-section
(3) of section 13, section15, section 16, section 17, section 18, clause (a) of section 20,
section 23, section 24, section 28, sub-section (2) of section 29, sub-section (1) and (4) of
section 33, section 35 and section 38 of the said Act, subject to the following conditions,
namely:-
1. Exemption from the requirement of providing, -
a. a copy of the chit agreement to the subscriber under sub-section (1) of
section 10,
b. written notice to defaulting non-prized subscriber under sub-section (1) of
section 28, and
c. written notice for demanding consolidated payment from prized subscriber,
has been provided subject to copy of the chit agreement and notices as
required under the respective sections are delivered to the subscriber by
electronic mail.
2. Exemption is being granted to the foreman from,
a. maintaining the minutes of proceedings of every draw as mandated under
Section 17,
b. keeping books, records etc. as required under section 23,
c. maintaining register containing details of defaulting subscriber as per sub-
section (2) of section 28,

  (...)

    

d. maintaining register details of substituted subscriber as per sub-section (1)

of section 29, and
e. maintain register containing details regarding transfer of rights of
non-prized subscriber as per Section 35,
subject to information as required under the respective sections being
maintained electronically in a format accessible by the registrar and
subscribers, anytime.
3. Exemption from filing before the Registrar, -
a. copy of the Chit Agreement under sub-section (1) of section 7,
b. the declaration sub-section (1) of section 9 stating the chit has been fully
subscribed,
c. a report stating that copy of the chit agreement has been provided to all
subscribers as required by sub-section (2) of section 10,
d. the minutes of proceedings of every draw as mandated under Section 18,
e. audited balance sheet provided under Section 24,
f. details of defaulting subscriber as per sub-section (3) of section 28,
g. details of substituted subscriber as per sub-section (2) of section 29, and
h. details regarding transfer of rights of non-prized subscriber as per Section
35.
has been provided subject to the information as required in the respective
section being filed with the Registrar electronically.
4. Exemption is being provided from the requirement under sub-section section(2)
of section 6 that the Chit Agreement has to be in duplicate and signed by the
every subscriber and two witness, subject the electronic Chit Agreement being
offered and accepted by subscriber online through click wrap agreement.
5. Exemption is being from the provided from the requirement under sub-section
(3) of section 13, subject to KSFE compling with such conditions regarding
maintenance of “net owned funds” as may be prescribed.
6. Exemption is being provided from the requirement under sub-section (2) of
section 16, that every draw has to be conducted in the presence of at least
two subscribers subject to draws being conducted through an online auction
mechanism wherein all subscribers can participate.
7. Exemption is being provided from the requirement under sub-section (3) of
section 16, subject to registrar or his nominee being given suitable access to the
online auction process.
8. Exemption is being granted from the provisions of section 35, subject to provisions
is being provided transfer of rights of non-prized subscribers being provided in
the online portal maintained for the chit.
By order of the Governor,

Secretary to Government.

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Explanatory Note

(This does not form part of the notification, but is intended to initiate its general purport.)

The NRI Chit funds programme to be organised by the Kerala State Financial Enterprise
(KSFE) seek to reach out to a reasonable portion of the nearly 2 million Kerala Gulf diaspora
residing in UAE, Saudi Arabia, Oman, Qatar, Kuwait, Bahrain, Iran, and Iraq. The targeted
subscriber base is around 1 lakh over a one-year period. KSFE has through National Informatics
Centre, developed a comprehensive software application for the conduct of the chit. It is
proposed to establish a virtual branch for organising the documentation and transactions
of the chit with a state of the art contact centre to facilitate interactions with the KSFE
registered office and the various field offices for time bound delivery of services required in
connection with the conduct of the chit. After a thorough review of the functionality of the
application developed by the NIC and the preparations of KSFE for the conduct of the chit,
the Government in consultation with the Reserve Bank of India, have decided to exempt
the foreman from the following provisions for effective organisation of the chit through the
virtual branch remotely for the benefit of the Kerala Gulf diaspora.

1. As per sub-section (1) of the section 4 of the act, for the proper conduct of the act,
the foreman of the chit shall obtain prior sanction of the State Government within
whose jurisdiction the chit is to be commenced or conducted. Exemption is granted
for this in the light of the electronic processes put in place which have designed in a
manner fully protecting the interests of the subscribers joining the chit.

2. Section 6 of the act requires the Chit agreement be made in duplicate as a by all the
subscribers their witnesses, two each and the foreman. For the NRI chits this creates
very cumbersome processes. Therefore, the Online version of the Chit Agreement
with electronic signature or signature attested by authorities designated for the
purpose shall be submitted online through the application.

3. Section 7 of the act requires the Chit agreements submitted by the foreman to
be duly endorsed by the registrar. Since the agreements are submitted online the
endorsement shall be done online.

4. Subsection (1) of the Section 9 of the act requires the foreman to make a declaration
that all the tickets specified in the chit agreement have been fully subscribed based
on which the Registrar shall grant a certificate for commencement of the chit. The
declaration of the foreman based on the online version of the chit agreement and
the online subscription payments accounted appropriately in the accounting system
which is part of the software application shall be also made online.

5. Subsection 3 of the section 9 requires the commencement of the chit only after
a certificate of commencement is issued by the Registrar. Once the declaration
under subsection (1) of Section 9 is done as described in para 4 above the required

  (...)

    

certificate of the commencement of the chit shall be authenticated by the registrar

by affixing his digital signature.

6. Subsection (1) of Section 10 of the act requires copy of the chit agreement to be
given to subscribers before the commencement of the first draw. The true copy of
agreement with digital signature of the foreman shall be circulated as a pdf copy by
e-mail using the software application and the certificate shall be displayed online.

7. Subsequent to this the foreman’s certification to the Registrar that prerequisites as

per Subsection (1) of Section 10 have been complied with shall be also made online.

8. Section 15 of the Chit Fund Act requires that alteration of chit agreement requires
the foreman and subscribers to give their consent by a hard copy in writing. The
consent of the foreman and the subscribers shall be obtained using the application
through an electronic signature or attestation by authorized agent by the subscribers
and digital signature by the foreman.

9. Subsection (1) of section 16 of the chit requires the foreman to communicate to the
subscribers the date, time and place of every draw of the chit. This notice shall be
issued electronically by mail and/or by sms in the registered mobile number and /
or by mail or sms through mobile to the agent authorized by the subscriber, all the
communications being effected through the software application.

10. Subsection (2) of section 16 requires that the presence of not less than two subscribers
is required for every draw. The draw for NRI chit is done virtually in an online auction
room in the application and the virtual presence of subscribers could be ensured over
the web and through the SMS gateway and mobile application.

11. Subsection (3) of section 16 requires that the Registrar may direct that the draw
which could not be conducted on the ground that not less than two subscribers
were present be conducted in his presence or in the presence of his nominee.
Prior intimation of the online draw could be done electronically by the foreman to
Registrar through the application whose objections to the recorded auction room
proceedings of the draw, if any, could be made electronically within 48 hours after
the commencement of the draw through the application.

12. The minutes of the proceedings of every draw of the chit shall be prepared, entered
in the minutes’ book, signed by the foreman after the closure of the draw, signed
by the prized subscribers or their agents present at the auction and in the case of
direction from the registrar by the registrar or his nominee. Recorded copy of the
auction room proceedings of draw electronically signed by the prized subscribers or
their agents and digital signed by foreman submitted to registrar as online minutes’
book using the application to be authorised by the Registrar.

13. Subsection (a) of section 20 of the act requires the foreman to deposit in the name
of the Registrar an amount equal to fifty percent of the chit amount as cash in an

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-78-

approved bank and maintain the remaining 50% as bank guarantee or securities. For
the NRI chit funds the Government of Kerala wants KSFE to maintain an amount equal
to the chit fund in KIIFB as deposit for which KIIFB shall pay KSFE interest. The NRI
Chit fund software provides provision for conveniently transferring the deposit to a
pooled account and thereafter to KIIFB as callable bonds periodically.

14. Section 23 of the act provides for books, records etc. to be kept by the foreman.
The NRI chit fund software makes provision for maintaining a Register of subscribers,
Minutes Book Ledger to be maintained electronically and made available in hardcopy
if required.

15. Section 24 of the act requires the foreman to prepare a balance sheet and a profit
and loss account as on the last date for every financial year as per the forms set
out in para I and para II of the Schedule and file the same with the Registrar within
such time prescribed. The NRI Chit fund software provides for online generation of
the Balance Sheet and Profit and Loss Account as per the forms set out in the chit
fund act in electronic form which shall be filed electronically before the Registrar
electronically.

16. Section 28 of the CFA lays down the procedure for removal of a defaulting subscriber
from the chit as per the terms of the chit agreement and the notification of the
removal of the subscriber shall be given by the foreman through a notice. For the
NRI Chit the notification for removal of a subscriber who defaults in payment of
his subscription within fourteen days of his removal as per the terms of the chit
agreement shall be through e-mail, registered mobile or intimation to designated
agent as advised by the subscriber in the chit agreement electronic trail of which
shall be maintained in the NRI chit software.

17. The Section 29 of the CFA spells out the procedure for substituting a person in place
of the defaulting subscriber details of which shall be maintained in a Register and
filed with the Registrar. In the NRI Chit the particulars of substitution of subscribers
in place of defaulting subscribers shall be maintained in an Electronic register in
the chit software and copy of record filed with the Registrar within fourteen days
electronically.

18. Subsection 1 of Section 33 of the CFA necessitates the foreman to raise a written
notice for demanding future subscriptions as a consolidated payment from a
defaulting subscriber. For the NRI chit the software provides for issuing the said
notice to the defaulting subscriber in electronic form e-mail or sms to the subscriber
or to his authorised agent.

19. Subsection (4) of Section 33 of the CFA requires all consolidated payments collected
by the foreman be deposited by him in the approved bank mentioned in the chit
agreement. In the NRI chit the Government of Kerala wants KSFE to maintain the

  (...)

    

future subscriptions of defaulting subscribers in KIIFB. The NRI Chit fund software
provides provision for conveniently transferring the deposit to a pooled account and
thereafter to KIIFB as callable bonds periodically.

20. Section 35 of the CFA requires transfer of rights of a non-prized subscriber by a

request in writing. In the NRI chit transfer of rights of non-prized subscribers in the
chit shall done online or signed and attested by designated authority through the
software.

21. Meetings of the Special General body of the subscribers for passing a special resolution
are required to be convened by the subscriber after issuing a notice of fourteen
days. In the NRI chit Special General bodies shall be convened by the foreman or
based on electronic requests of not less than 25% of the subscribers by notices sent
electronically by e-mail or sms to the subscriber or the agent authorized. The meeting
shall be organized in an electronic chat room with the members participating over
web or by SMS. The special resolution shall be circulated electronically along with
the notice by the foreman (or the registrar in case the foreman refuses to call the
special governing body and approved by a two-third majority of the subscribers
present in the chat room.

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-80-

SECTIONS AND SUB SECTIONS IN WHICH KSFE SOUGHT EXEMPTION

FROM GOVERNMENT OF KERALA IN CONSULTATION WITH THE
RESERVE BANK OF INDIA
Section 87 of the Chit Fund Act 1982 deals with the power of Exemption. The State Government
may, in consultation with the Reserve Bank, by notification in the official Gazette, and
subject to the conditions as may be specified in the notification, exempt any person or class
of persons or any chit or class of chit from all or any of the provisions of this Act.
6. Form of chit agreement. - (1) Every chit agreement shall be is duplicate and shall be
signed by each of the subscribers or by any person authorised by him in writing and the
foreman and attested by at least two witnesses
7. Filing of chit agreement
(1) Every chit agreement shall be filed in duplicate by the foreman with the Registrar
(2) The Registrar shall retain one copy of the chit agreement and return the duplicate to
the foreman with an endorsement that the chit agreement has been registered:
9. Commencement of chit. - (1) Every foreman shall, after all the tickets specified in
the chit agreement are fully subscribed, file a declaration to that effect with the
Registrar (2) As soon as may be after a declaration is filed under sub-section (1), the
Registrar shall, after satisfying himself that all the requirements relating to sanction,
registration of chit and other matters have been duly complied with, grant a certificate
of commencement to the foreman.
10. Copies of chit agreement to be given to subscribers. - (1) A foreman shall, as soon as
may be after he has obtained the certificate of commencement under sub-section (2)
of section 9, but not later than the date of the first draw of the chit, furnish to every
subscriber, a copy of the chit agreement certified to be a true copy.
(2) A foreman shall, within fifteen days after the close of the month in which the draw for
the first instalment of the chit is held, file with the Registrar, a certificate to the effect
that the provisions of sub-section (1) have been complied with.
13. Aggregate amount of chits. - (3) Where the foreman is a company or co-operative
society, the aggregate chit amount of the chits conducted by it shall not at any time
exceed ten times the net owned funds of the company or the co-operative society, as
the case may be.
15. Alteration of chit agreement: Chit agreement shall not be altered, added to or
cancelled except with the consent in writing of the foreman and all the subscribers to
the chit.
16. Date, time and place of conducting chits. - (2) Every such draw shall be conducted in
accordance with the provisions of the chit agreement and in the presence of not less
than two subscribers.
17. Minutes of proceedings. - (1) The minutes of the proceedings of every draw shall
be prepared and entered in a book to be kept for that purpose immediately after
the closure of the draw and shall be signed by the foreman, the prized subscribers,
if present, or their authorised agents, and at least two other subscribers who are
  (...)
    

present, and where a direction has been made under sub-section (3) of section 16, also
by the Registrar or the person deputed by him under that sub-section
18. Copies of minutes to be filed with Registrar. - A true copy of the minutes of the
proceedings of every draw certified as such by the foreman shall be filed by the
foreman with the Registrar within twenty-one days from the date of the draw to which
it relates.
20. Security to be given by foreman. - (1) For the proper conduct of the chit, every
foreman shall, before applying for a previous sanction under section 4, deposit in an
approved bank an amount equal to the chit amount in the name of the Registrar;
23. Books, records, etc., to be kept by foreman.
24. Balance sheet.- Without prejudice to the provisions of the Companies act, 1956 (1
of 1956.),every foreman shall prepare and file with the Registrar within such item as
may be prescribed, a balance sheet as on the last date of each calendar year, or as the
case may be the financial year of the foreman, and a profit and loss account relating
to the year of account, in the forms set out in Parts I and II of the Schedule or as near
thereto as circumstances admit, in respect of the chit business and audited by auditors
qualified to act as auditors under the Companies act, 1956, or by chit under appointed
under section 61:
28. Removal of defaulting subscribers.- (1) A non-prized subscriber who defaults in paying
his subscription in accordance with the terms of the chit agreement shall be liable to
have his name removed from the list of subscribers and a written notice of such removal
shall be given by the foreman to the defaulting subscriber within fourteen days of the
date of such removal; Provided that if the defaulter pays the defaulted instalment with
interest at such rate as may be prescribed within seven days of the date of receipt of
such notice, his name shall be re-entered in the list of such subscribers.
29. Substitution of subscribers. - (2) Every substitution referred to in sub-section
(1) shall with the date thereof, be entered in the relevant book maintained by the foreman
and a true copy of every such entry shall be filed by the foreman with the Registrar
within fourteen days from the date of substitution
33. Foreman to demand future subscriptions by written notice. -
(1) A foreman shall not been titled to claim a consolidated payment from a defaulting
prized subscriber under section 32unless he makes a demand to that effect in writing.
(4) All consolidated payments of future subscriptions realised by a foreman shall be
deposited by him in an approved bank mentioned in the chit agreement before the
date of the succeeding instalment and the amount so deposited shall not be withdrawn
except for payment of future subscriptions
35. Transfer of non-prized subscriber’s rights to be in writing. - Every transfer by a non
prized subscriber of his rights in the chit shall be in writing dully attested by at least
two witnesses and shall be filed with the foreman
38. Meetings of general body of subscribers. - (1) The foreman, may, on his own motion,
convene a special meeting of the general body of subscribers for considering any
proposal to pass a special resolution.
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-82-

[See SECTION 6 and RULE 14]

THE KERALA STATE FINANCIAL ENTERPRISES LIMITED
(A GOVERNMENT OF KERALA UNDERTAKING)
REGD. OFFICE:"BHADRATHA" P.B. NO. 510 MUSEUM ROAD, THRISSUR 680 020
BRANCH OFFICE
CHIT AGREEMENT FOR ONLINE KSFE NRI CHITTY

(1) Name of the Subscriber

(2) Residential Address of the Subscriber
(3) Mobile Number
(4) Personal E-mail
(5) C/o E-mail 1. Relative
2. KSFE/NRI Chit Agent
(6) Office where the chit is registered
(7) Year and registered number Year No
(8) Name of foreman
(9) Address of foreman
(10) Chit amount
(11) Number of tickets held by the subscriber
(12) Number of Instalments
(13) Amount without discount payable for each ticket at every instalment
(14) Interest or penalty payable for any default in payment of instalment
(15) Chit Auction
(i) Place
(ii) Probable date
(iii) Time of commencement of the proceedings
(16) Chit Instalments
(i) Date of 1st instalment
(ii) Dates of subsequent instalments
(iii) No. of instalments per year
(17) Date of termination
(18) Duration of the chit Years Months
Maximum amount of discount which prized subscriber has to
(19) 30%
forego at any instalment
(20) Instalment at which foremen is to get the chit Amount
(21) Name of the approved bank
Nature and particulars of the security to be
(22) KIIFB-KSFE series Bonds
offered by the foreman
No. and date of the certificate of Registrar of Chits regarding
(23)
the sufficiency of security.
The Audited Books will be
Dates and time when inspection of books will be available for inspection
(24)
allowed by the foremen any time through the on-
line Chitty Portal.
1.
Name and details of the nominee of the subscriber
(25) 2.
with percentage share
3.

  (...)

    

(26) Mode of notification

(1) All intimations to the customer will be sent by mail to the customer in the
registered personal mail.
(2) For subscribers who do not have an e-mail, provision to provide a C/o mail id
of his /her close relative for communications has been made.
(3) If necessary a notification of the communications by SMS shall be provided.
This SMS shall be chargeable to subscriber.
(4) The subscriber who does not have an e-mail can cite an authorised KSFE NRI Chit
agent to handle communications on his behalf. The responsibility of collecting
information from the agent shall be with the individual concerned and KSFE
shall only ensure that the notification is sent to the the agent .if required a
notification of the communications by SMS can be provided. This SMS shall be
chargeable to subscriber.
(5) The following mandatory notifications under the CFA-1982 shall be organised
by the foreman through the KSFE NRI Chit Portal by e-mail
a. Copy of Chit Agreement to be provided to all subscribers under subsection
1 of Section 10.
b. Certificate that provisions of subsection 1 of section 10 are complied with
to be provided.
c. Notice to the defaulting non-prized customer under subsection(1) of
section 28 of CFA.
d. Notice to the defaulting prized customer for consolidated payment under
subsection 1 of section 33 of CFA.
e. Notice of Special Meeting under Section 38 of CFA.
f. Intimations regarding alterations in the chit agreement (if any) under section 15 of
the CFA.
(6) The following documentation which is mandatory as per the CFA shall be published on
the portal electronically
a. Electronic Chit Agreement between subscriber and the foreman as required under
subsection 1 of section 6. (The Electronic Chit Agreement between foreman and
subscriber shall be accepted by subscriber online through click wrap agreement.)
b. Copy of the chit agreement to be filed before registrar under subsection 1 of
section 7
c. Declaration of commencement of the chit under subsection (1) of Section 1
d. Details of security maintained by KSFE for the chit
e. the mode and proportion in which the discount is distributable by way of dividend,
foreman’s commission.
f. Copy of minutes of proceedings of auction under Section18.
g. Notification of prized subscriber at each instalment.
h. Details of prized subscriber in various chits and particulars of payment amount as
per subsection 1 of section 22.
i. Information regarding default subscribers under subsection 3 of section
j. Amount liable to defaulting subscribers and payments under subsection 1 section 30.
k. Information regarding substituted subscribers under subsection 2 of section 29

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l. Details of transfer of rights of non-prized subscriber under section 35.

m. Amount received by the foreman in each chit with split up under subsection 4 of
section 22.
n. Copy of balance sheet under section 24
o. Details of disputes and arbitration under section 64 of CFA.
(27) Mode of conducting the chit.
(1) The subscriber who is to get the prize at any instalment shall be determined by lot or
by auction. The Auction will be conducted as provided at Sl. No. 12.
(2) Where the prize is to be determined by auction, a ticket shall be auctioned for a sum
not less than the chit amount minus foreman’s commission, and the subscriber who
bids for the highest discount not exceeding 30% of the total amount of the chit shall be
entitled to have it confirmed in his name.
(3) In cases where the subscribers are not prepared to bid any ticket where the discount is
not sufficient to meet the foreman’s commission, the subscriber who is entitled to the
prize amount shall be determined by lot. The subscriber so determined shall be deemed
to be the prized subscriber who shall be entitled to the chit amount for his ticket less
foreman’s commission for that ticket.
(4) A defaulter subscriber shall not be entitled to take part in the proceedings.
(5) If for any reason the subscriber is unable to take part in the proceedings, he may
authorise an agent on that behalf using the nomination option provided in the online
Chitty portal using the click wrap agreement. Such agent shall have all the rights and
privileges of a subscriber at such proceedings.
(6) The duration of auction proceedings of a chit limited to thirty (30) minutes. If the
proceedings through online continues up to the 28th minute, the online portal will
intimate the subscribers through a message, who are live at that time , to quote one
more amount only at their option and the bidder will be finalised who quote the the
maximum amount on completion of the 30th minute.
(28) Mode of payment of such instalment.
(1) Every subscriber shall on the date of each instalment pay to the foreman the amount
due for his ticket(s) for each such instalment through the KSFE online Chitty portal.
An online receipt will be provided for every successful payment using the KSFE online
Chitty portal.
(2) In the case of a prized subscriber, if the amount due from him for a particular instalment
is not paid on the date of that instalment, it shall be paid before the due date of the
next instalment with interest of not less than 12% failing which it shall be competent to
the foreman to realise from the defaulter in a lump all the future subscription due from
him together with the interest due thereon and other incidental expenses.
(3) In the case of a non-prized subscriber, if the amount due from him for a particular
instalment is not paid on the date of that instalment, it shall be paid before the due
date of the next instalment with interest at 9-12% failing which it shall be open to the
foreman to remove him from the list of subscribers and have another person substituted
for such defaulter subscriber. A notice of such removal shall be given by the foreman
within 14 days of such removal and substitution electronically. If such a removal is

  (...)

    

not effected, it need not be presumed that such a defaulted non-prized subscriber is
allowed to continue in the Chit as per the terms of the agreement
(4) Note :
(i) Under clauses (2) and (3) the period within which the amount shall be paid and
the rate at which interest due thereon shall be paid may be such as shall not be
inconsistent with the provisions of the Act or any law for the time being in force.
(ii) The rate of interest payable by a defaulting subscriber in pursuance of the proviso
to section 28(1) of the Act shall not exceed 12 per cent per annum.
(5) A non-prized defaulting subscriber shall be entitled to the amount paid by him and
the discount due to him on his executing an acknowledgement through click wrap
agreement at the time the substituted subscriber draws the prize amount. If the
defaulter subscriber fails to obtain the amount due to him, the foreman shall deposit
the same in the approved bank as callable KIIFB-KSFE series bonds of suitable tenure .
If the foreman fails to pay such subscriber, the amount due to him on the due date, it
shall be competent for such subscriber to realise such amount with interest permissible
under the law for the time being in force.
(29) Procedure for receiving the prize amount by a prized subscriber.
(1) A prized subscriber or his nominee shall receive from the foreman the prize amount
within 30 days from the date of auction after furnishing to the satisfaction of the
foreman sufficient security for the payment of future subscriptions.
(2) In case the prized subscriber or his nominee fails to furnishing sufficient security for
receiving the prize amount , the foreman shall deposit the amount in the approved bank
as callable KIIFB-KSFE series bonds of suitable tenure and inform the prized subscriber
of that fact.
(3) In case the amount so deposited is not sufficient for the payment of future subscriptions,
it shall be competent to the foreman to realise from such prized subscriber such amount
as may be deficient together with the interest due thereon and all other incidental
charges.
(4) In case there remains any portion of the amount deposited after paying the future
subscriptions and other charges such portion shall be payable by the foreman to the
prized subscriber after the termination of the chit, failing which it shall be competent
to the prized subscriber or his nominee to realise from the foreman such portion as
remains together with the interest due thereon from the date of termination of the
chit.
(5) If at any time after the prize amount is deposited in an approved bank, the prized
subscriber or his nominee furnishes sufficient security, the foreman shall withdraw the
amount so deposited and pay it to the prized subscriber or his nominee after deducting
from the amount due from him for the payment of the instalments prior to the date on
which the security is furnished.
(6) If the foreman fails to pay the prize amount to the prized subscriber or his nominee
furnished sufficient security it shall be competent to such subscriber or nominee to
realise from the foreman the prize amount together with the interest due thereon from
the date of furnishing such security.

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(30) Disbursement of discount.

The discount for every ticket auctioned shall be distributed equally between the prized and
non-prized subscribers after deducting the foreman’s commission.
(31) Foreman’s commission and the instalment at which the foreman is to get the prize.
(1) (Here specify the date and number of instalment at which the foreman is to get the
prize). First and the last instalment not being subject to auction, the subscribers shall
be liable to pay the full amount of their tickets.
(2) Here specify the rate per cent of foreman’s commission and the total
amount of commission chargeable on the chit amount.
Note : Any other amount agreed to by the subscribers for any other purpose may also be
specified here.
(32) Transfer how to be effected.
(1) It shall not be competent to any subscriber to transfer his rights in a chit except with
the electronic consent of the foreman through click wrap agreement, provided that
no such consent shall be necessary in the case of transfer by a subscriber whose name
has been removed by the foreman from the list of subscribers for default of payment
of subscriptions. The transferee (whether he is already a subscriber or not) shall be
entitled to no more rights than the transferor had in the chit in respect of the ticket or
fraction thereof transferred.
(2) No transfer of the rights of a foreman to receive subscriptions from the prized
subscriber shall be made without the electronic sanction of the Registrar of Chits. Any
such transfer shall, if it defeats or delays a non-prized subscriber, be avoidable at the
instance of such subscriber.
(33) Balance sheet and subscriber’s right to examine chit records.
(1) On termination of a chit, the foreman shall prepare balance sheet containing a summary
of the assets and liabilities of the chit and giving such particulars as will disclose the
nature of assets and liabilities and how the value of the assets has been arrived at. Such
balance sheet shall be made available for auditing by the auditors specified in rule 29
and a certificate of such auditing shall be received by the foreman and kept by him.
(2) The foreman shall make available for examination by the subscribers all the chit
records through the online Chitti Portal.
(34) Miscellaneous
(1) The subscriber who gets his prize at the last instalment shall be entitled to the chit
amount less the foreman’s commission. The foreman shall pay up such amount within
(here specify the period) after the date of termination of the chit failing which such
prized subscriber shall be competent to realise the amount from the foreman together
with the interest due thereon from the date aforesaid.
(2) Any amount due to the foreman from any subscriber on account of the chit shall be a
first charge on the subscriptions paid by such subscribers.
Similarly, the security and all chit money’s deposited by the foreman shall be liable for
a discharging any amount due from the foreman to the subscribers.
(3) Receipts shall be granted for all payments by the foreman to the subscribers or by the
subscribers to the foreman.

  (...)

    

(4) The chit amount shall in no case be enhanced, but if necessary it may be reduced.
(5) The foreman shall convene a meeting on the receiving electronic applications of not
less than 25 per cent of the number of non-prized and unpaid prized subscribers through
click wrap agreement for making any alteration in the chit agreement not inconsistent
with the provisions of the Act and the Rules made there under.The meeting could be
organised as a video conference to avoid costs of commuting.
(6) If, for any default of the foreman, the conduct of the chit is not continued, the foreman
shall pay to the non-prized subscribers their contributions including discount within
(here specify the period) failing which it shall competent to such subscribers to realise
the amount together with the interest due thereon from the foreman or from all or any
of the following assets.
(a) The security given or deposited by the foreman;
(b) Other properties belonging to the foreman;
(c) The future subscriptions due to the foreman from the prised subscribers.
(7) In case where the foreman holds tickets as an ordinary subscriber in addition to the
ticket of which he is entitled to the prize without deduction of the discount he shall not
have any more rights or privileges than the other subscribers have in the chit. When the
foreman bids such tickets, he shall furnish sufficient security for the payment of future
subscriptions as required by the Act and the rules made there under.
(8) If before the termination of the chit, the foreman becomes unable to conduct the
chit.
(9) Here specify any other provisions that may be agreed to such as payment of interest or
penalty, if any, payable for any default in the payment of stipulated instalments, etc.
(35) Acceptance of the Chit Agreement.
Acceptance will bind you and your nominees to the terms of this agreement. By
clicking “I Accept”, you will be deemed to have read, understood and accepted all
the terms of this agreement. If you do not wish to accept the terms, you must not
click “I Accept” and you may not become a subscriber of the KSFE NRI chitty.
(36) Consequences of violation of the chit agreement
All disputes regarding the conduct of the Chit shall be settled and finalized by the Assistant
Registrar of Chits as established by the Section 64 of the CFA 1982. In the event of death of
subscriber, the person nominated herein shall have the right to conduct the chit and to receive
the prize money and other benefits relates to this Chit.
(37) Creation of Security
The manner of creation of various types of security by prized subscribers is provided in
Schedule I.

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SCHEDULE 1

Types of security options available for prized subscriber

A prized chit subscriber, who wishes to avail the prizemoney of chit can avail the same by offering
the following any one of the securities or in combination.

a) Personal Surety: Kerala State Government Employees or Central Government employees

working in Kerala State, also having a permanent address in Kerala, can offer as sureties.
Remaining users in service and quantum of salary are the parameters in deciding their
eligibility.

b) Property Security: Land in the Kerala State having valid title deed can be accepted subject to
the legal clearance and completion of certain formalities.

c) Gold Security: Gold ornaments can be accepted as security depending upon their purity,
market value and the future liability to be covered.

d) Fixed Deposit: Fixed Deposit of Nationalised, Scheduled Banks, KSFE, Treasury etc can be
accepted by noting their lien in our favour for releasing prize money.

e) LIC Policy, National Savings Certificate, Kissan Vikas Patra: These documents can be accepted
as securities based on the applicable mortgage value.

f) Bank Guarantee: It can be accepted as security for releasing the prize money.

In offering anyone of the above securities, through an online procedure, it is deemed that the subscriber
is adhering the rules and regulations of the security at the time of prizing and further shall offer an
official receipt for acknowledging the prize money at the time of availing the same.

  (...)

പ്രവാസി ബന്ധുസംഗമം
കേരളം പുതിയ ചക്രവാളങ്ങളിലേയ്ക്ക് വികസിക്കുകയാണ്. നവകേരളം സൃഷ്ടിക്കുന്നതിനായി സംസ്ഥാന
സർക്കാർ പ�ൊതുജന നിക്ഷേപങ്ങളിലൂടെ കണ്ടെത്തുന്ന തുക വിവിധ വികസന പ്രവർത്തനങ്ങൾക്കായി
ചെലവഴിച്ച് കേരളത്തിൽ പുതിയ�ൊരു മാതൃക സൃഷ്ടിക്കുകയാണ്. ചിട്ടിയിൽ നിക്ഷേപിക്കുന്നതിന�ൊപ്പം
പ്രവാസി മലയാളികൾക്ക് സാമൂഹ്യസുരക്ഷ ഉറപ്പു വരുത്തുകയും, അതിന�ൊപ്പം തന്നെ അടിസ്ഥാന
സൗകര്യ രംഗം, ആര�ോഗ്യം, വിദ്യാഭ്യാസം, പ�ൊതു സാമൂഹ്യ സുരക്ഷ തുടങ്ങി കേരളത്തിന്റെ സമഗ്ര
വികസനത്തിന് ഉതകുന്ന വിധം ആ നിക്ഷേപം ഉപയുക്തമാക്കുന്നതിനുമായി കേരള സ്റ്റേറ്റ് ഫിനാൻ
ഷ്യൽ എന്റർപ്രൈസസ് (കെ എസ് എഫ് ഇ) സംഘടിപ്പിക്കുന്ന നിക്ഷേപ അവസരമാണ് പ്രവാസി
ചിട്ടികൾ. അതെക്കുറിച്ച് കേരളത്തിലെ അവരുടെ ബന്ധുക്കൾക്ക് അടിസ്ഥാന വിവരങ്ങൾ പകർന്നു
നൽകുന്നതിനായി സംഘടിപ്പിക്കുന്ന പദ്ധതിയാണ് പ്രവാസി ബന്ധു സംഗമം.
1969ൽ ആരംഭിച്ച സർക്കാർ ഉടമസ്ഥതയിലുള്ള കമ്പനിയായ കെ എസ് എഫ് ഇ ചിട്ടി നടത്തിപ്പിലൂടെ
ഇന്ന് ഏവർക്കും സുപരിചിതമായ സ്ഥാപനമാണ്. കേരളത്തിന്റെ ഗ്രാമ-നഗരങ്ങളിലായി ഇപ്പോൾ 581
ബ്രാഞ്ചുകളുള്ള ഈ സ്ഥാപനത്തിന് ഇന്ന് 32000 ക�ോടി രൂപ യ�ോളം വിറ്റുവരവുണ്ട്. വിദേശമലയാളി
കൾക്ക് ചിട്ടി നടത്തുന്നതിനുള്ള അനുമതി റിസർവ്വ് ബാങ്ക് നൽകിയത�ോടെ കെ എസ് എഫ് ഇ
പ്രവാസി ചിട്ടികൾ നടത്തുന്നതിനായി തീരുമാനിച്ചിട്ടുണ്ട്. ചിട്ടികളിലൂടെ പ്രവാസി മലയാളികളുടെ
സമ്പാദ്യവും നിക്ഷേപവും ഇൻഷൂറൻസ് ഉൾപ്പടെയുള്ള സുരക്ഷയും ഉറപ്പാക്കുന്നത�ോട�ൊപ്പം ഈ തുക കേ
രളത്തിന്റെ അടിസ്ഥാന സൗകര്യവികസനത്തിന് ഉപയ�ോഗപ്പെടുത്തുന്നതിന് കൂടിയാണ് ന�ോർക്ക അട
ക്കമുള്ള വിവിധ ഏജൻസികളുമായി സഹകരിച്ച് നടപ്പാക്കുന്ന ഈ പദ്ധതി ലക്ഷ്യമിടുന്നത്.
ചിട്ടി അഥവാ കുറി കേരളീയർക്ക് സുപരിചിതമായ പദമാണ്. ചിട്ടി നടത്തുന്നയാളും വരിക്കാരനും തമ്മി
ലുള്ള ഉടമ്പടിയിലൂടെ നിശ്ചിത തവണകളായി തുക നൽകുകയും, ലേലത്തിലൂടെയ�ോ നറുക്കെടുപ്പിലൂടെ
യ�ോ തുക വരിക്കാർക്ക് നൽകുകയും ചെയ്യുന്ന ഈ സമ്പ്രദായം കുറേക്കൂടി ആധുനികവൽക്കരിച്ച്, വിദേ
ശമലയാളികളുടെ സമ്പാദ്യവും, സാമൂഹ്യസുരക്ഷയും ലക്ഷ്യമിട്ട് നടപ്പാക്കുന്നതിനാണ് കെ എസ് എഫ്
ഇ ശ്രമിക്കുന്നത്. ഓൺലൈൻ സമ്പ്രദായത്തിൽ നടപ്പാക്കുന്ന ഈ പദ്ധതിയുടെ വിശദാംശങ്ങൾ
പ്രവാസി മലയാളികളുടെ ബന്ധുക്കൾക്ക് മുന്നിൽ അവതരിപ്പിക്കുന്നതിനാണ് പ്രധാനമായും പ്രവാസി
ബന്ധുസംഗമം സംഘടിപ്പിക്കുന്നത്.
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പ്രവാസി ചിട്ടികൾ ആരംഭിക്കുന്നതിലൂടെ സമ്പാദ്യത്തോട�ൊപ്പം പെൻഷൻ, ഇൻഷൂറൻസ് തുടങ്ങിയ

സാമൂഹ്യസുരക്ഷാപദ്ധതികൾ നടപ്പാക്കണമെന്ന പ്രവാസിമലയാളികളുടെ വർഷങ്ങളായുള്ള ആഗ്രഹവും
ആവശ്യവും നടപ്പാവുകയാണ്. ഇന്റർനെറ്റ് അധിഷ്ഠിത സാങ്കേതികവിദ്യയിലൂടേ നടപ്പാക്കുന്ന ഈ പദ്ധ
തിയിലൂടെ രജിസ്ട്രേഷൻ, പണം കൈമാറ്റം, സെക്യൂരിറ്റി രേഖകളുടെ സമർപ്പണം തുടങ്ങിയ എല്ലാ
കാര്യങ്ങളും ഓൺലൈനായി നടത്താൻ കഴിയുന്നു എന്നതാണ് സവിവിശേഷത. 24 മണിക്കൂറും ലഭ്യമാ
കുന്ന ഓൺലൈൻ സഹായകേന്ദ്രവും ഉണ്ടാകും.
കെ.എസ്.എഫ്.ഇ. യുടെ ബാധ്യതയിൽ ലഭ്യമാക്കുന്ന ഇൻഷൂറൻസ് പദ്ധതി വഴി ദൗർഭാഗ്യവശാൽ
വരിക്കാരന് മരണമ�ോ സ്ഥിരമായ അംഗവൈകല്യമ�ോ സംഭവിച്ചാൽ ഇൻഷൂറൻസ് കവറേജിൽ ചിട്ടിവ
രിക്കാരന്റെ പിൻതുടർച്ചക്കാരന് 10 ലക്ഷം രൂപ വരെയുള്ള ഭാവി ബാധ്യത ഒഴിവാക്കപ്പെടും. പെൻഷൻ
സ്കീം ഉറപ്പു വരുത്തുന്ന ചിട്ടികളിൽ നിക്ഷേപിച്ചാൽ സ്ഥിരമായ പെൻഷൻ ലഭിക്കുന്നു എന്നതും ഈ
പദ്ധതിയുടെ പ്രധാന സവിശേഷതയാണ്. വിദേശത്തുള്ള സ്ഥാപനങ്ങൾക്ക് ജീവനക്കാരെ ചിട്ടിയിലേ
ക്ക് ചേർക്കുന്നതിനും വരിസംഖ്യ മാസഗഡുക്കളായി ശമ്പളത്തിൽ നിന്നും കുറവ്ചെയ്ത് നൽകുന്നതിനുമു
ള്ള സൗകര്യവും ഉണ്ട്. ഈ ചിട്ടികൾക്ക് വേണ്ടി മാത്രമായി വിദേശത്ത് കെ എസ് എഫ് ഇ ഏജൻസി
സമ്പ്രദായവും നടപ്പാക്കുന്നുണ്ട്. ചിട്ടി വരിക്കാരുടെ ആവശ്യങ്ങൾ അറിഞ്ഞ് പരിഹരിക്കുകയാണ്
ഏജൻസിയുടെ ലക്ഷ്യം. കൂടാതെ ദൗർഭാഗ്യവശാൽ വിദേശത്ത് വെച്ച് മരണം സംഭവിക്കുകയാണെ
ങ്കിൽ, മൃതദേഹം നാട്ടിലെത്തിക്കാനുള്ള സംവിധാനവും ഈ സംരംഭത്തിലുണ്ട്.
കേരളത്തിലുടനീളം ഏതാണ്ട് 120 ഇടങ്ങളിലാണ് പ്രവാസി സംഗമം നടത്തേണ്ടത്. ആദ്യത്തെ മാതൃകാ
സംഗമം തലശ്ശേരിയിലും തുടർന്ന് വർക്കല, ക�ോഴിക്കോട്, മഞ്ചേരി, ചാവക്കാട്, തിരുവല്ല എന്നിവിടങ്ങ
ളിലും നടക്കും. മാതൃകാസംഗമത്തിന് ശേഷമാണ് മറ്റ് സംഗമങ്ങൾ നടത്തേണ്ടത്. വിദേശത്ത് ജ�ോലി
ചെയ്യുന്നവരുടെ കുടുംബാംഗങ്ങളെയാണ് ഈ കുടുംബസംഗമത്തിൽ പങ്കെടുപ്പിക്കേണ്ടത്. കെ എസ്
എഫ് ഇ ശാഖകൾ കേന്ദ്രീകരിച്ച് ഇവർക്ക് ക്ഷണക്കത്തുകൾ നൽകണം. കൂടാതെ പ്രവാസി സംഘട
നകൾ, ഈ മേഖലയിലെ മറ്റ് പ്രസ്ഥാനങ്ങൾ എന്നിവവഴിയും ക്ഷണക്കത്ത് നൽകി പങ്കാളിത്തം ഉണ്ടാ
ക്കണം. ഒരു സംഗമത്തിൽ ശരാശരി 100 പേരുടെ പങ്കാളിത്തം പ്രതീക്ഷിക്കണം. കുടുംബാംഗങ്ങൾക്ക്
സൗകര്യമായി ഒത്തുചേരാൻ പറ്റിയ അന്തരീക്ഷമുള്ള സ്ഥലത്താവണം സംഗമം നടത്തേണ്ടത്. രണ്ട്
മണിക്കൂർ നേരം (വൈകുന്നേരം 4 മുതൽ 6 വരെ) ഒത്തുചേരാനും, പ്രവാസി ചിട്ടികൾ പരിചയപ്പെടുത്താ
നും, ചെറിയ കലാപരിപാടികൾ അവതരിപ്പിക്കാനും ലഘുഭക്ഷണം കഴിക്കാനും സൗഹൃദം പങ്ക് വെക്കാ
നുമുള്ള ഒരു കൂടിച്ചേരലായിരിക്കണം ഈ ബന്ധു കുടൂംബസംഗമം.
പ്രവാസി ബന്ധുസംഗമത്തിന്റെ കാര്യപരിപാടി ചുവടെ ചേർത്ത രീതിയിൽ ക്രമീകരിക്കാവുന്നതാണ്.
സംഗമത്തിലേക്കുള്ള രജിസ്ട്രേഷൻ ഓൺലൈനായി നടത്താൻ സൗകര്യം നൽകണം.
കാര്യപരിപാടി
03.30-04.00 : രജിസ്ട്രേഷൻ
04.00-04.15 : സ്വാഗതം, അദ്ധ്യക്ഷൻ, ഉദ്ഘാടനം
(വളരെ ചെറിയ പരിപാടിയാവണം. കെ എസ് എഫ് ഇ ഉദ്യോഗസ്ഥൻ സ്വാഗതം
ആശംസിച്ച് എം.പി/എം.എൽ.എ/നഗരസഭാ-പഞ്ചായത്ത് അദ്ധ്യക്ഷൻ ഉദ്ഘാടനം
ചെയ്യാവുന്നതാണ്. പ്രവാസിസംഘടനാ പ്രതിനിധികളെ അദ്ധ്യക്ഷത/ ആശംസകൾ
ക്കായി ക്ഷണിക്കാം)
04.30-05.30 : പ്രവാസി ചിട്ടികൾ വിശദീകരണം, ഡമ�ോൺസ്ട്രേഷൻ, വീഡിയ�ോ പ്രദർശനം,
താൽപ്പര്യമുള്ളവർക്ക് ചിട്ടി രജിസ്ട്രേഷൻ.
(കുടുംബാംഗങ്ങൾക്ക് പ്രവാസി ചിട്ടി വിശദാംശങ്ങളുടെ ബ്രോഷർ നൽകണം)
05.30-06.00 : ലഘുഭക്ഷണം, കലാപരിപാടികൾ

  (...)

    

KERALA STATE FINANCIAL ENTERPRISES (KSFE)

EXECUTIVE SUMMIT ON
LAUNCHING OF PRAVASI CHITTY & PRAVASI BANDHU SAMGAMAM
Venue: Travancore Hall, Technopark, Thiruvananthapuram
Date: 2017 October 12 & 13

PROGRAMME SCHEDULE
Day 1 (12.10.2017, Thursday)
09.00 : Pick up delegates from Hotel Ginger, Techno-park
09.30-10.00 : Registration
10.00-10.45 : Welcome Speech
10.45-11.15 : Keynote address – Adv. Peelipose Thomas Chairman, KSFE
Presentation on Transformation of KSFE and new Business Models
11.15-11.30 : Tea Break
11.30-12.15 : Inauguration - Dr. T M Thomas Isac (Minister for Finance)
Presentation on KSFE – Pravasi Chitty, KIIFB and Kerala Development
12.15-12.45 : Presentation on KSFE Pravasi chitty, KIIFB Bond converter – an overview.
Dr. K M Abraham, CEO, KIIFB and Chief Secretary, Govt.of Kerala
12.45-13.15 : Presentation on KSFE Growth prospectus in the context of Pravasi chitty
Shri. A Purushothaman Managing Director, KSFE
13.15-14.15 : Lunch Break
14.15-14.45 : Presentation on Pravasi Chit – Technology Plan
Chairman: Shri. K.B. Syam
Dr. P.V. Unnikrishnan (Joint Director, C-DIT), Shri. K.B. Syam (KIIFB),
Smt. Nisha Warrier

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14.15-15.00 : Presentation on Insurance and Pension Scheme, LIC and State Insurance
Chairman: Shri. George (KIIFB)
Representatives from Life Insurance Corporation of India, State Insurance
15.00-15.15 : Tea Break
: Demonstration and Interactions
15-15-19.30
Chairman: Shri. Ajith Brahmanand, Sr. Technical Director, NIC
Smt. Zeena Shinto, Principal System Analyst, NIC (Presenter)
1. CRM, Lead Generation (Agency and Sponsor)
2. Subscription and KYC
3. Chitty Opening and Registration
4. Auctions
5. Securitization
Formation of District groups and discussions
20.00-21.00 : Dinner
21.00-22.00 : Post Dinner Open house
22.00 : Dropping back the delegates to Hotel Ginger, Technopark

Day 2 (13.10.2017, Friday)

09.00 : Pick up delegates from Hotel Ginger, Technopark
09.30-10.00 : Presentation on KSFE Pravasi Chitty- Legal Frame work and Business
Models
Chairman: Shri. Deepu (KIIFB)
Shri. V.P. Subrahmaniyan (General Manager, Business)
10.00-10.30 : Screening of Videos on KIIFB and Pravasi Chitty by C-DIT
10.30-11.00 : Presentation on Pravasi Bandhu Samgamam
Shri. V.P. Subrahmaniyan (General Manager, Business)
Smt. M.T. Sujatha (DGM-in-Charge, Business & Operations)
11.00-11.15 : Tea Break
11.15-12.30 : Group Discussions (District-wise groups)
12.30-13.30 : Lunch Break
13.30-14.00 : Planning of Pravasi Bandhu Samgamam
14.00-14.45 : Presentation on District-wise plan on Pravasi Bandhu Samgamam
14.45-15.30 : Plenary Session and Conclusion

  (...)