The World Wide Web (Internet) www.chitfund.comThe ASAF 96
In keeping with our philosophy of opening up communication channels with the subscribers, we have recently launched our independent site on the world wide web. You will notice that our address on the Internet in a very simple "chitfund.com".
The site will host a wealth of information on Chandra Lakshmi and the chit products that it has to offer. Various details that cannot be otherwise communicated will now be made available on the Chandra Lakshmi site.
The most striking feature of the net is that it opens up a two way communication channel and the subscribers can not only access details and informations they can also leave an e-mail for us detailing their requirements and needs. The e-mail is a convenient medium for communication that is fast and reliable at the same time.
We request all our subscribers who have an Internet connection to visit our site and give us your valuable suggestions on what all may be added to the site and also your feedback about the information made available on the site.

The Reserve Bank of India (Amendment) Act 1997
The ordinance promulgated by the President in Jan'1997 took the shape of an Act in March this year, though with some amendments.
The ordinance proposed to make it mandatory for financial institutions to have a base minimum capital of Rs 50 Lacs only. The ordinance had a very large reach in terms of coverage of each and every player of the financial markets. The Act has left out many of these financial institutions and chit fund companies have been exempted from complying with the requirements of this Act.
Chandra Lakshmi, never the less, has initiated a process of capital augmentation and is well prepared to face any challenges in terms of fulfillment of statuary requirements.

Save A life - Donate Blood
Chandra Lakshmi appeals to all its subscribers to donate blood at a blood donation camp to be held shortly (tentative date 22nd September) at the Ranjit Nagar Community Centre, close to its office. Chandra Lakshmi has been sponsoring some of the activities of the Lions Club. In the past it has sponsored a blood donation camp at Connaught Place and also contributed some of their other activities like eye camps.
We at Chandra Lakshmi feel that we must go beyond our commercial objectives and do something for our society also. We hope that this camp will be attended by our subscribers in large numbers. The final date of the camp, will be intimated very shortly.

The Year 96 - 97 in Retrospect
The business cycle completes yet another round on the 31st of March this year. The highlights of the past twelve months are as follows:

1. Keeping up the tradition of providing our subscribers with value added and feature packed schemes, this year has been the launch of some new chit series.
   • The Quarter Million Series-I has a 40 month duration and a fortnightly auction plan. The monthly subscription for this Rs 2,50,000/- series has been about Rupees Four Thousand in the initial months. Two such series were commenced during the year.
   • As a result of the feedback of the Customer Service Week it came to light that there was a demand for short duration series. In this context some new series were launched.
     The Quarter Million series -II is a ten month series, of which two groups were commenced during the year. One such series is the Rs 3,00,000/- series with a 15 month duration which was launched in this year.
   • Apart from the above, many of our regular series also opened for subscription during the year. These include the Maximum Liquidity SeriesTM and the Maximum Dividend SeriesTM among others.
2. During the year we have worked persistently with various associations and organisations-
   • The All India Federation or Chit Funds met in Bombay in June'96 to transact its regular business and hold talks with various institutions and the Reserve Bank of India. As an Executive Member of the Federation, Mr.Kamal Bhambhani joined the team that met the chief officer of the Department of Financial Companies, RBI.
   • The Delhi Chit Funds Association organised a "Dinner Colloquium" in December'96. This was addressed by academicians, politicians and bureaucrats. As an executive of the association we have participated actively in hosting this Colloquium.
   • As a member of the Delhi Management Association we have participated in their activities and conferences
   • The Institute of Chartered Financial Analysts hosted the twelve nations Asian Securities Analysts Federation Conference (ASAF'96) in December. The four day international event at the Taj Palace, Delhi has seen our participation.
3. The first Subscription Rewards Program of the company was launched between September and December, 1996. This Program encouraged the subscribers to avail the benefits of chits for themselves and also to introduce their friends to chits. The Program provided attractive benefits to those who introduced new members beyond a threshold limit.
4. We have put in our best effort to open communication channels with our subscribers. In order to provide latest information to the subscribers regular mailers are sent. Lakshmi Patrika completes three years of regular circulation. So as to be more approachable, the fax and tele-answering machines are activated during non-office hours to enable you to leave your messages and instructions whenever you feel comfortable. This makes us available to you 24 hours of the day.
5. In order to strengthen our hold over the many new and innovative schemes launched by us and to protect our intellectual property rights, Chandra Lakshmi has taken appropriate registrations under the relevant trade marks, copyright and patent legislations.

New Group Launches in the coming month