Privacy Policy

1. Contact Us
Last updated on: 20.03.2025
You may contact us using the information below:
Merchant Legal entity Name: KODACHARI CHITS PRIVATE LIMITED
Registered Address: #17/1, MEC ROAD, MARAPAPANAPALYA, YESHWANTHPUR, BENGALURU-560 022
Administration Address: #158, 1st FLOOR, 1st MAIN, 1st ‘N’ BLOCK, RAJAJINAGAR, BENGALURU- 560010
Telephone No: 080-23571795
E-Mail ID: Info@mykcpl.com
Merchant Legal entity Name: KODACHADRI CHITS PRIVATE LIMITED
Business / Registered Address: #17/1, MEC ROAD, MARAPAPANAPALYA,
YESHWANTHPUR, BENGALURU-560 022
City: Bengaluru
State: Karnataka
Pin code: 560 022
Operational / Administration Address: #158, 1st FLOOR, 1st MAIN, 1st ‘N’ BLOCK, RAJAJINAGAR, BENGALURU- 560010
Telephone No: 080-23571795
E-Mail ID: Info@mykcpl.com

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2. Privacy Policy
Last updated on 20.03.2025
This privacy policy (“Policy”) relates to the manner KODACHADRI CHITS PRIVATE LIMITED (“we”, “us”, “our”) in which we use, handle and process the data that you provide us in connection with using the products or services we offer. By using this website or by availing goods or services offered by us, you agree to the terms and conditions of this Policy, and consent to our use, storage, disclosure, and transfer of your information or data in the manner described in this Policy.

We are committed to ensuring that your privacy is protected in accordance with applicable laws and regulations. We urge you to acquaint yourself with this Policy to familiarize yourself with the manner in which your data is being handled by us KODACHADRI CHITS PRIVATE LIMITED may change this Policy periodically and we urge you to check this page for the latest version of the Policy in order to keep yourself updated.

What data is being collected
We may collect the following information from you:
● Name
● Contact information including address and email address
● Demographic information or, preferences or interests
● Personal Data or Other information relevant/ required for providing the goods or services to you
● The meaning of Personal Data will be as defined under relevant Indian laws Note: Notwithstanding anything under this Policy-as required under applicable Indian laws, we will not be storing any credit card, debit card or any other similar card data of yours. Please also note that all data or information collected from you will be strictly in accordance with applicable laws and guidelines.
What we do with the data we gather We require this data to provide you the services offered by us including but not limited, for the below set out purposes:
● Internal record keeping.
● For improving our services.
● For providing updates to you regarding our services including any special offers.
● To communicate information to you
● For internal training and quality assurance purposes

Who do we share your data with:
We may share your information or data with:
(a) Third parties including our service providers in order to facilitate the provisions of services to you, carry out your requests, respond to your queries, fulfill your orders or for other operational and business reasons.
(b) With our group companies (to the extent relevant)
(c) Our auditors or advisors to the extent required by them for performing their services
(d) Governmental bodies, regulatory authorities, law enforcement authorities pursuant to our legal obligations or compliance requirements.

How we use cookies
We use "cookies" to collect information and to better understand customer behavior. You can instruct your browser to refuse all cookies or to indicate when a cookie is being sent. However, if you do not accept cookies, you may not be able to avail our services to the full extent. We do not control the use of cookies by third parties. The third party service providers have their own privacy policies addressing how they use such information.
Your rights relating to your data
Right to Review - You can review the data provided by you and can request us to correct or amend such data (to the extent feasible, as determined by us). That said, we will not be responsible for the authenticity of the data or information provided by you. Withdrawal of your Consent - You can choose not to provide your data, at any time while availing our services or otherwise withdraw your consent provided to us earlier, in writing to our email ID: Info@mykcpl.com

In the event you choose to not provide or later withdraw your consent, we may not be able to provide you, our services.
Please note that these rights are subject to our compliance with applicable laws. How long will we retain your information or data for?
We may retain your information or data (i) for as long as we are providing services to you; and (ii) as permitted under applicable law, we may also retain your data or information even after you terminate the business relationship with us. However, we will process such information or data in accordance with applicable laws and this Policy.

Data Security
We will use commercially reasonable and legally required precautions to preserve the integrity and security of your information and data.
Queries/ Grievance Officer
For any queries, questions or grievances around this Policy, please contact us using the contact information provided on this website. Input Fields from User Populate Details (Reg/merchant Keys) NA
Reg Name
Support Email
3. Shipping & Delivery Policy: NA
4. Cancellation & Refund Policy
4.1 Cancellation of Chit membership
Last updated on 20.03.2025
E-mail Address: Info@mykcpl.com
KODACHARI CHITS PRIVATE LIMITED believes in helping its customers as far as possible, and has therefore a liberal cancellation policy. Under this policy:
 Cancellations will be considered only if the request is made by the customer.
 If any subscriber not paid the 3 instalment of the subscription amount then automatically chit membership of such subscriber will be cancelled and refund will be made after the chit group is closed by deducting the 5% commission on Sala amount and GST as applicable on that date.
4.2. Refund Policy:
 A cancelled subscriber is entitled to the amount actually subscribed by him, i.e., exclusive of dividends, less 5% of the Sala amount and GST as applicable on that day towards damages for breach of contract. This amount is payable on application at end of the chit period

 In case of death of a non-prized subscriber, the nominee so mentioned, shall be entitled to continue the chit on the same terms and conditions. The said nominee shall be liable to execute a fresh chit agreement and in case the nominee does not wish to continue the chit, he/she will be entitled to the amount, which the deceased Subscriber has actually Subscribed i.e., exclusive dividends less 5% of the Sala amount and GST as applicable on that day, damages for breach of contract.
5. Terms & Conditions
Last updated on 20.03.2025
TERMS AND CONDITIONS:
1. Mode of Conducting the Chit and Ascertaining the Prized Subscriber :
 The Proceedings will be regulated and conducted by the Foreman or his Authorized Officer and in all cases of dispute, the decision of the Foremen/Authorized officer will be final. The auction shall start from the Foreman’s Commission of 5% of the chit value and bidders may, in auction raise the bid amount up to 40%.

 A Non prized subscriber, who cannot personally participate in the auction, may send his authorized agent, or forward to the foreman a bid offer stating the maximum amount of bid he is willing to offer which must be received by the Foreman at least one day before the concerned auction date. Defaulted subscribers will not be allowed to participate in the auction. No outside shall be permitted to participate in the auction. Chits which have been given as security for other prized chits will not be allowed to be auctions without written consent from the Foreman.

 Bidder who bid the maximum amount and are awarded the prize must deliver the NACH and MINUTES forms to their nearest branch within 3 days of the auction, failing which their auction will be cancelled.

 If the prized subscriber wishes to cancel his bid due to bail or another reason, he must notify it within 4 days of the auction and the second highest bidder must undertake to take the money. The difference between the two will have to be paid first.

 If both the first and second bidders refuse to claim the prize money, the ticket will be re-auctioned, where both will have to pay the difference equally.

 In case the bid is cancelled after the specified date, the prized subscriber will have to pay the difference in re-auction or 1% of the voucher amount, whichever is higher.
2. Mode of Payment of each instalment and /or Penalty for belated payments: Each and every subscriber shall pay to the Foreman the amount due to his ticket for each instalment on or before the due date of each such auction and shall get a receipt from the office. Where payments are made by cheque. Cheques drawn on local banks should reach at least 7 days before the due date of payment and outstation cheques should reach at least 20 days before the due date of payment. Only after the realization of the cheques, the Subscriber shall get the eligibility to participate in the auction. Subscribers should include bank service charges to outstation cheques. All cheques & Drafts should send duly crossing them. If realization of the cheque is unduly delayed, the Subscriber should pay the cash against such cheque whenever Foreman insisted. If any cheque delivered by the Subscriber us returned unpaid, service charges and other bank charges shall be paid by the Subscriber and in future only D.D/ Cash shall be accepted from such Subscribers. Subscribers are advised to collect valid receipt after depositing Cash / Delivering D.D. /Cheque and thereafter get it entered in the respective pass book. They are advised not to write anything of their own in the Pass Book. Non receipt of the intimation by the subscriber should not be the valid reason for not paying the subscription every subscriber must pay the instalment on or before the due date.

3. Non-Prized Subscriber
If a non-prized subscriber fails to deposit his/her monthly subscription before the due date penalty will be charged at the rate of 3 paise per rupee or part thereof. If the default is continued to second month, penalty will be charged at the rate of 6 paise per rupee or part thereof per month. If the default continues for more than two months, the subscriber will not be entitled to dividends in addition to the aforesaid penalty charges. A subscriber who has not made up to date payments of all the instalments due from him/ her, will not be permitted to bid in the auction. If a Non-Prized subscriber fails to subscription for three consecutive instalments be shall be liable to be removed from the list of subscribers and the Foreman, at his option, shall be entitled to substitute a new subscriber in place of defaulting or subscriber may himself subscribe for the ticket and the defaulted ticket of the chit will be dealt with in accordance with the relevant provisions of Chit Funds Act. The Foreman at his discretion can waive the penalties partly of fully and also postpone the removal of membership in suitable and deserving cases. An expelled subscriber, not substituted may be readmitted on such terms as the Foreman deems proper. A cancelled subscriber is entitled to the amount actually subscribed by him, i.e., exclusive of dividends, less 5% of the chit amount towards damages for breach of contract. This amount is payable on application at end of the chit period or earlier, if the vacancy is substituted.

4. Prized Subscriber:
When a prized Subscriber defaults in payment of Subscription amount a penalty of 6 paise per rupee or part thereof will be charged per month. If the defaults continue over a month, such a Subscriber will also not be entitled to dividends for the instalments after default in addition to the aforesaid penalty of 6 paise per rupee or part thereof per month. If the default is continued consecutively for a period of 3 months, the Prized Subscriber lose the future dividends and the benefit of paying the future subscriptions in instalments. The Prized Subscribers and their sureties shall become liable to make a consolidated payment of all the future Subscriptions inclusive of the defaulted instalments with interest at the rate of 24% per annum from the date of default, apart from the legal expenses involved. The foreman, at his discretion, can condense such defaults and receive any amount from the chit holded and allow him to continue as subscriber. Such condonation will not in any way discharge the liability of the executants of security documents or of nominees or legal heirs. The death of a Subscriber will also not discharge the liability of the nominee of the legal heirs of the Subscriber.

4. PROCEDURE FOR RECEIVING THE PRIZE AMOUNT BY A PRIZED SUBSCRIBER:
 The Prize amount will be paid to the Prized Subscriber at the Foreman’s office during hours on working days through RTGS/NEFT. This will be done within one month of his/herfurnishing sufficient security for the due payment of future instalments and the security on inspection, scrutiny, etc., found to the satisfaction of the Foreman. Prized Subscribers, before drawing the chit amount, must furnish necessary security or sureties to the satisfaction of the Foreman for due payment of the future instalments. The security may be any of the following where the future liability of Rs. 3,00,000/- or less.
 In cases where the future liability exceeds Rs.3,00,000/- no personal security will normally be accepted. Security should be in the form of mortgage of immovable urban property, the value of which should exceed by one and half time of the amount due from the Prized Subscriber and such property should be situated within a radius of ten miles of the Foreman’s Office, where the liability rests. In exceptional cases, and entirely at the discretion of the Company, personal sureties may also be accepted.
 The Foreman reserves his right to accept or reject any or all of the sureties In case the Prized Subscriber or his nominee fails to furnish security and /or surety before the next succeeding auction date, the Foreman shall deposit the amount in the Approved Bank and inform the fact to the Prized Subscriber and the Registrar.
 In case the amount so deposited is not sufficient for the payment of future Subscriptions, the Foreman shall realize the balance amount from the Prized Subscriber with interest at 12% per annum and incidental charges.
 In case there remains a portion of the amount deposited after adjustment of all future subscription and incidental charges, the Foreman shall pay such amount to the Prized Subscriber after the termination of the Chit. In case the Forman fails to do so, the Prized Subscriber or his nominee shall realize the same from the Foreman together with interest thereon 12% per annum from the date of termination.
 If at any time after the prize amount is deposited with approved Bank, the Prized Subscriber or his nominee furnishes sufficient security to the satisfaction of the Foreman, the amount so deposited shall be withdrawn and paid to the Prized Subscriber after deducting any unpaid subscription till that date.
 Where any Prized subscriber does not collect the prize amount in respect of any instalment of a chit within a period of two months from the date of the draw, it shall been open to the foreman to hold another draw in respect of such instalment. Where the prized subscriber informs the Foreman in writing about his inability to draw the prize amount, it shall be open to the foreman to hold another draw in respect of such instalment without waiting for two months.
 When the Prized Subscriber either does not furnish sufficient security and the prize money available is not sufficient to meet future subscriptions or the bid falls in the re auction held in respect of such instalment, the Foreman has the right to recover such losses and incidental charges from the amounts showing to the credit of such unpaid Prized Subscriber.
 If the Foreman fails to pay the prize amount to the Prized Subscriber of his nominee after furnishing sufficient security, they shall be eligible to realize the prize money from the Foreman with interest at 12% per annum from the date of furnishing security.
 If the winning bidder fails to furnish the surety and does not pay the subscription three months after the auction, the auction and the voucher will be cancelled. Bid loss will be recovered from re-auction.
 Surety once offered and accepted will not be entertained again as surety for another chit holder till the liability of the pervious chit holder is cleared. This may be waived at the discretion of the management. Any subscriber who has no monthly or regular income or whose monthly income does not exceed the amount as specified for sureties or who has already stood as a surety to another subscriber, may be called upon to furnish additional sureties. The sureties must furnish proof that their terms of service in Government, Public Sector Undertakings, Banks and other institutions will be at least double that of the period remaining the prizing.

Note: The Prized Subscriber have to bear the charges for inspection of the property offered as security, legal fees document writing charges etc.
DISBURSEMENT OF DISCOUNT:
1. The discount for every ticket auctioned shall be disbursed as dividend equally between the prized and non-Prized subscriptions after deducting there from Foreman’s commission, Such dividend shall be adjusted towards the subscription payable for the next instalment.
2. FOREMAN’S COMMISSION AND THE INSTALLMENT AT WHICH THE FOREMAN IS TO
GET THE PRIZE AMOUNT:
1. All the Subscribers should pay the amount of 1st Instalment in full. The foreman shall subscribe to a ticket in the chit and he shall obtain the chit amount in the first instalment without any deduction of discount.
2. The Foreman’s commission shall be at five percent of the chit amount.
TRANSFER HOW TO BE EFFECTED:
1. If a non-prized subscriber wishes to transfer his right in the chit, he shall file an application to that effect with the Foreman, specifying the name and address of the person in whose favour he wishes to transfer his rights. The foreman has the right to approve or not to approve such transfer. If he does not approve a transfer, the decision therefore shall be communicated to the said Non-Prized Subscriber. If the transfer is approved, the Transferee shall be entitled to no more rights than the Transferor had in respect of the said ticket transferred.
2. Without the pervious sanction in writing from the Registrar of Chits, the Foreman shall not Transfer his right to receive the Subscribers from the Prized Subscribers. Any such transfer shall, if it defeats or delays a non-Prized subscriber be avoidable at the instance of the Subscriber.
PROCEDURE TO BE ADOPTED ON THE DEATH OF A SUBSCRIBER BEFORE THE TERMINATION OF THE CHIT:
Every subscriber is required to nominate at the time of enrolment his successor with full description of his/her name, age profession and address. In case of death and non-eligibility of a non-prized subscriber, the nominee so mentioned, shall be entitled to continue the chit on the same terms and conditions. The said nominee shall be liable to execute a fresh chit agreement and in case the nominee does not wish to continue the chit, he/she will be entitled to the amount, which the deceased Subscriber has actually Subscribed i.e., exclusive dividends less 5% of the chit amount, damages for breach of contract. The amount due after the aforesaid deduction will be paid at the termination of the chit. But is case to subscriber is substituted, the nominee shall execute an acknowledgement and an indemnity bond, against possible claims from third persons or other legal heirs of the deceased subscriber. In the event, a prized subscriber, who has been declared for the prize amount, expires before receiving the prize amount, the Foreman shall call upon the nominee, mentioned in the agreement, either to take the place of the deceased subscriber or to take the prize amount subject to deduction of all future Subscriptions and the recovery of any or all losses caused by the deceased Subscriber as per the terms of chit agreement.
When a prized subscriber expires after receiving the prize money and thereby becomes a defaulter, the Foreman will proceed against his legal heirs, representatives, sureties, securities act, for such relief as he is entitled to.

BANKS WHERE CHIT MONEY MAY BE DEPOSITED
The chit money shall be deposited in any of the banks approved under the Provision of the chit Funds Act, 1982. Name(s) of Bank(s):
MISCELLANEOUS:
1. Any amount due to the Foreman from any Subscriber on account of his/her chits or chits guaranteed by him/her shall be appropriated from the Subscriptions paid by such Subscriber in any of his/her other chits with the Foreman. Similarly, the security and other deposits of money made by the Foreman in respect of the chit shall be liable for discharging the liability of the Foreman to the Subscribers.
2. Incidental charges pertaining to intimations sent to the defaulted Subscribers and to their guarantors and also enrolment fees fixed by the Foreman, should be borne by the concerned subscribers only”.
3. Receipts shall be issued by the Foreman for all payments received by him. The Subscribers shall pass on proper acknowledgements for other documents and vouchers for all money received by them from the Foreman.
4. The chit amount shall in no case be enhanced, if necessary, may be reduced.
5. If the foreman fails to conduct and continue the chit, he shall pay the Non-Prized Subscribers their contributions including dividend within one month failing which the said Subscribers shall be entitled to realize the same with permissible interest from the Foreman of from all or any of the following assets:
The Security Deposit given by the Foreman
Other properties belonging to the Foreman
Other properties belonging to the foreman from the Prized Subscribers.

6. Other than the one chit amount which the foreman is entitled to take in the first instalment without any discount, if the subscriber holds any other tickets and becomes prized, he shall give sufficient security for payment of future subscriptions in respect of these additional tickets, to the satisfaction of the Registrar. The Foreman shall not have any more rights than the other subscribers have in respect of such additional tickets.
7. As the foreman is an incorporated co-operative chit fund, the question of the Foreman dying or becoming unable to conduct the chit does not arise, unless it goes into liquidation. If it goes into liquidation, the official liquidator under the Provision of the chit fund act will act as Foreman.
8. Even if the dates fixed for auctions fall on holidays, the auction will be conducted on next working days only. If the auction could not be conducted on the appointed day owing to causes beyond the control of the Foreman, such as freak of nature, bundhs, riots, etc.,the auction will be adjourned to some other convenient date on intimation the Subscribers.
9. If any dispute arises between the Foreman and the Subscribers and in the absence of any provisions in this Chit Agreement, the provisions of the Chit Funds Act 40 of 1982 and the Rules framed thereunder shall apply and be binding on both the Foreman and the Subscribers.
10. The Foreman a receipt of a fee Rs.5/- will allow examination of pertinent chit record by non-Prized and unpaid Prized Subscriber under Section 44 of Chit Funds Act 1982 at the Foreman’s office during office hours on all working days. One-week prior notice should be given to the Foreman. The inspection fee shall be leviable separately for each chit for which inspection is desired.
11. If the Subscriber or the Guarantor dies or becomes unsound mind or is otherwise incapacitated, the amount due to the Foreman will recovered from the legal heirs of the deceased Subscriber or guarantor as the case may be.
12. In case of required of Duplicate Pass Book, such Subscribers should pay Rs. 150/- towards charges.
13. In case of Transfer of Chit, the Foreman shall charge 1% Transfer Fee of sala amount for customers.
14. In respect of other points that have not been covered in this agreement, it should be dealt with in accordance to the Provisions of chit Funds Act, 1982.
15. General Laws shall have application on points found to have not been covered either by this Chit Agreement or the Chit Funds Act, 1982.
16. The Subscribers shall declare that, they have received the copy of the Chit Agreement, they have gone through it / heard it and abide it.
17. If the company finds any lack of trustworthiness (providing fake document, threatening, cheating, rude/ unbecoming behaviour) in the Subscriber at any time, the membership of such Subscriber will be cancelled. And the loss incurred by them, including the subscriber who did not receive the prize or was assigned to receive the prize, will have to be borne by that subscriber