Dear Sir / Madam , We, as a Proprietorship Firm, have plan to work under the following business module : 1. We plan sell our product ( LED TV ) on 12 interest free monthly instalments to our 2000 customers. 2. We plan give absolutely free gifts to these customers on a lucky draw basis very month as a sales promotion, till they complete the 12 months instalments of the product. ( i.e. only 150 free gifts will be there , given to members on the basis of lucky draw ) 3. Products ( LED TV ) will be given to all the members after receiving all the payment ( i.e.12 monthly instalments ) form them. In short we are not financing or giving our product on hire purchase . We just taking the payment of our product in 12 equal instalments to ease our customers & will deliver the product ( i.e. LED TV ) after taking all the interest free instalments. Whether we attract the provisions of NBFC & has to register as a Chit Fund Company ?
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