Kamitee India is your Financial Inclusion Tool
Kamitee India has been established with an aim to eradicate all the barriers which an individual faces for their financial needs.
Long Ago when there were no banks, people used to borrow money from money lenders at very high interest rates. Because interest rates were high and unaffordable, people came up with a very unique solution 'KAMITEE'. Under this idea, a group of people used to pool a fixed amount from their savings on a fixed date every month and one person from the group was awarded with that money and hence people didn't have had to worry about high interest rate or their lands(which they used as guaratee while borrowing money from money lenders) and thus meeting their financial needs.
Kamitee India works on this idea and is hence your perfect Finacial Inclusion Tool.
If you are contributing Rs. 90,000/- during the tenure and getting Rs. 1,00,000/- from the Kamitee after the completion of the tenure, your income from the Kamitee would be Rs. 10,000 only. The same would be your income for the purpose of Income Tax, taxable in the category �Other sources�. If your contribution is higher than your return, it is a loss.
Businessmen and traders can set off this loss from Kamitee against the business income. This will reduce the cost of capital for the borrower.
*Loss or profit and its magnitude can only be ascertained at the end of a Kamitee.
*Hence declaration of this income/loss should only be done at the end.
At the end of a kamitee the total amount received is much more than the total amount paid by you. Your total profit is around 14% which is 5% more than that offered by your bank�s FDs and RDs.
Documentation is simple with Kamitee India. You only need to have your:
Our Expert team is always available to render help to our members. You can contact us for any query or issue faced by you. Our Expert will be solving your problems and queries as soon as possible.
Rewards makes us feel special. At Kamitee India, we want you to feel special. For first thousand subscribers participating in the Kamitee will receive special awards.