Chandra Lakshmi on Internet
In our effort to reach out to our existing members and to all those who wish to know about chits, Chandra Lakshmi has hosted its site on the World Wide Web. Care has been taken to load a wealth of information on the site with short and explanatory writeups where-ever required. The site is being constantly improved and any suggestions for the same are welcome.
The internet is a two-way medium and any person who comes to our site may not only access the information, he may ask for any further information or query there itself. It is safe and convenient to leave a message for us on the internet and the officers at Chandra Lakshmi will respond in the best way possible.

Rotary 4 Way Test
On the occasion of the Golden Anniversary of Indian Independence let us pledge to follow the Golden Rotarian Test :
The Four Way Test - Of the things we think, say or do :
1. Is it the truth ?
2. Is it fair to all concerned ?
3. Will it build Goodwill and Better Friendship ?
4. Will it be Beneficial to all concerned ?

Independance Day Celebration
In keeping with the Independence day celebrations The Ranjit Nagar Commercial Complex Welfare Association organised a function in our complex. Chandra Lakshmi took keen interest in hosting this prestigious function which was attended by dignitaries and the residents of this complex. Students of the Local Government Girls School performed a very beautiful cultural show with songs on the national theme. The day was marked by the onset of tree plantations in our complex.

The Dinner Colloquium on 14th July 1997 Organised by Delhi Chit Funds Association
The dinner meet organised by DCFA in July was attended by directors of more than 100 chit companies. The gathering was addressed by eminent spokepersons from all spheres and included the Present Registrar of Chits (Delhi Government), the previous Registrar of Chits, a nominee from the Reserve Bank of India and two Delhi MLA's Mr O P Babbar and Mr Bodhraj apart from the representatives and executives of the DCFA.
Chandra Lakshmi has always participated actively in hosting of any such meet by the DCFA and as an executive member of DCFA it is committed to serving its objectives and furthering the cause of Chit Funds within Delhi and also on the national front.

Blood Donation
Chandra Lakshmi salutes the spirit of Independence by sponsoring a blood donation camp. What better way to celebrate the Golden Jubilee of Independence than by donating Life; The Management and staff of Chandra Lakshmi commit themselves to donate blood and work for this camp and also pledge to contribute to the cause of the society in every way possible.

Survey Findings
During the last Customer Service Week a questionnaire was completed by the subscribers. On the basis of the response in the query form, the Financial Instrument Of Chits is used as detailed below.
Financial Planning Thru Chits is carried out in the following -

(I) Business

1. Cost effective means to plan for acquisition of plant, machinery or automobile (whether new or used)

2. Flexible and customised planning for purchase, addition to or renovation of existing premises.

3. Finance stocks or credit sales during festive seasons or regular business cycle.

4. Plan for new marketing plan, launches, campaigns, travel etc.

5. As a hedge against -- unexpected competition forcing new trade practices, product obsolescence forcing investment in upgraded or new product, change in Government policy etc.

6. To retain key employees, boost employee satisfaction by standing surety for their monthly chit commitments.

7. As a contingency reserve.

(II) Personal

1. Inexpensive and convenient tool to build capital assets like house, car, expensive domestic appliances.

2. Disciplined and trusted means for capital building and financing of MARRIAGE, EDUCATION and RETIREMENT.

3. Meeting unexpected expenditure at festivals or social ceremonies.

4. Emergencies, medical requirements, accidents etc.

5. Planning for travel, vacation, club and leisure activities.

(III) Generally Used As

AN INSURANCE AGAINST EVENT UNCERTAINTY.

The Microcredit Summit
February 2-4, 1997,
Washington DC, U.S.A.
   The biggest and the most important summit on micro-finance or credit for financing the very-small-sector, took place in U.S.A. in the beginning of this year. The magnitude and impact of a Summit of this nature is so huge that it cannot be summerised in a small newsletter. We attempt to put together a brief outline.
   On 2nd February 1997, more than 2900 people, including several Heads of States & Heads of International Financial Institutions, from 137 countries gathered to launch a campaign to make available micro-credit for the micro-enterprises (businesses) of 100 million of the worlds poorest families, especially the women of these families. The immense task of making credit available for self-employment and other financial and business services is targeted to complete by the year 2005.
    THE DECLARATION OF SUPPORT and THE JOINT DECLARATION OF THE COUNCILS OF INTERNATIONAL FINANCIAL INSTITUTIONS (IFIs) AND DONOR AGENCIES were signed during the Summit.
   Excerpts from the Luminaries who spoke at the summit are Quoted :-
Prof Muhammad Yunus, MD, Grameen Bank, Bangladesh.
   The Summit is to pronounce goodbye to the era of financial apartheid. This Summit declares that credit is more than business. Just like food, credit is a human right.
   We believe that poverty doesn't belong to a civilised human society. It belongs to the museums. This Summit is about creating a process which will send poverty where it belongs, the museums. With the energy I feel in this room, I feel more confident than ever that we will make it.
Tsutomu Hata, Former Prime Minister of Japan
    Microcredit is an effective means of providing the poor with a way to obtain the benefits of economic growth. Normally, access of the poor to the means of production, including credit, is a major restraint, and it serves to hinder their own participation in economic growth. Microcredit, by alleviating the restraint on credit, attempts to create a mechanism by which people can escape poverty with their own hands.
S. S. Boporai, Secretary to the Government Of India, Ministry Of Industry, Department Of Small Scale Industry
    India ... has a large number of persons living below the poverty line ... Success achieved in implementation of Government supported self-employment schemes has been a mixed one at the most ... In spite of Reserve Bank Of India's regulations mandating lending by the banks for these schemes, the targeted poor have not been able to avail of the credit in a manner required for the sustainability of their microenterprises. It is now generally recognised that the formal banking sector suffers from inherent problems hindering its capacity to provide micro- credit to the poor ...
... In the context of India, special mention need to be made to the Summit's unequivocal recognition of the fact that the single biggest challenge ... is the need to build local institutional capacities ... The Government of India is fully committed to providing all possible assistance, both financial and non- financial, in this regard. It also remains dedicated to providing a conducive policy framework...