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Deccan Herald » State » Full Story

MSIL sows moneytree seeds

Investors were not assured of security in the schemes. The chit scheme launched by MSIL, will attract investors due to its reliability, A Ramaswamy said.



And now comes a chit scheme which provides 100 per cent security for the money invested. Venturing into the chit scheme for the first time, the State owned Mysore Sales International Limited (MSIL) on Friday launched ‘Moneytree’ chits in Bangalore.

Karnataka has become the second state in the country after Kerala to have a state owned Chit scheme. The MSIL has on offer 16 different chit schemes of varying amounts from Rs 1,000 to Rs 10,000 per month for 20 and 40 months. The chit value ranges from Rs 20,000 to Rs 4 lakh. Unlike many other chit schemes, the MSIL chits provide for the payment of dividend from the second installment onwards. Monthly installments can be paid by cash, cheque, DD or money order, MSIL Managing Director Meera Saksena said at the launch of the scheme. Enrolment to the scheme is free and there are no hidden costs.

Initially the scheme will be applicable to Bangalore. ‘We will cover the entire state soon’, she said. The chit scheme is designed to suit the needs of small investors from middle and lower income groups. ‘There is 100 percent security for the money invested as MSIL is a government company’, she said. The company, which is into various enterprises including air cargo handling, lottery is expecting a turnover of over Rs 2,000 crore for the year 2004-05.

The ‘Moneytree’ chits will have a ceiling of 40 per cent in the bid and MSIL’s commission for running the chit will be five per cent of the value of the chit, she said.

Some of the features of the scheme are that personal surety is acceptable for liability up to Rs 3 lakh; liberalised security/surety norms; bidding up to 40 per cent of the chit amount is allowed facilitating maximum returns for investments; land and buildings, fixed deposits, bank guarantee, NSC, LIC policy are accepted as security for future liability in the chits and prize amount can be deposited in fixed deposits with bank and the same deposit can be offered as security for the chit liability.

Ms Saksena said that Karnataka decided to launch the chit scheme following the success of the scheme in Kerala.

Inaugurating the scheme, Mr A Ramaswamy, Principal Secretary, Co-operatives Department said during the last 10-years, a number of private chit fund operators in the country have cheated customers of nearly Rs 6,500 crore. Details on the scheme can be had from MSIL (Chit funds division), 36, Cunningham Road, Bangalore. Phone: 22250173/22250169/22264021-28. Website: www.msilonline.com

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