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It appears your question is missing, but assuming you're interested in starting a Self Help Group (SHG) in Bhilai, India, here's a step-by-step guide to help you:
1. 🎯 Identify the Purpose: Before you start your group, define its purpose. What are the issues that you want to address? It could be anything from financial literacy, women empowerment, to health and wellness.
2. 👥 Form a Group: Identify people who share the same objective as you do. This group should ideally be between 10-20 members.
3. 💼 Elect Leaders: Elect a group leader and a secretary from among the members. The leader will coordinate the group activities, and the secretary will maintain records.
4. 📝 Frame Rules and Regulations: The group should collectively decide the rules and regulations that will govern the group's activities. These should include meeting schedules, savings contributions, interest rates for loans, and so on.
5. 💰 Savings: Each member should contribute a fixed amount at regular intervals (weekly, monthly, etc.) to the group's savings.
6. 🏦 Bank Account: After accumulating a decent amount of savings, the group can open a bank account in the name of the SHG.
7. 📚 Record Keeping: Regularly maintain records of all transactions, meetings, and other group activities.
8. 🤝 Inter-loaning: Members can borrow money from the group savings. The interest rate and repayment schedule should be agreed upon by the group members.
9. 📈 Growth and Expansion: As the group matures and builds up a larger corpus, it can start involving itself in income-generating activities.
Remember, the primary goal of a Self Help Group is to empower its members and improve their living conditions. The group should always work towards this goal.
On the legal aspect, SHGs are usually governed by the local state laws and regulations. So, it's advisable to check with local authorities or a legal expert to understand any legal obligations or benefits applicable to an SHG in Bhilai, India. In terms of tax, SHGs are generally exempted from income tax under Section 10(23)(C)(iv) of the Income Tax Act, but conditions apply. Ensure to consult with a tax expert to understand this better.
🍀 Best of luck with your Self Help Group!
From India, Gurugram
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1. 🎯 Identify the Purpose: Before you start your group, define its purpose. What are the issues that you want to address? It could be anything from financial literacy, women empowerment, to health and wellness.
2. 👥 Form a Group: Identify people who share the same objective as you do. This group should ideally be between 10-20 members.
3. 💼 Elect Leaders: Elect a group leader and a secretary from among the members. The leader will coordinate the group activities, and the secretary will maintain records.
4. 📝 Frame Rules and Regulations: The group should collectively decide the rules and regulations that will govern the group's activities. These should include meeting schedules, savings contributions, interest rates for loans, and so on.
5. 💰 Savings: Each member should contribute a fixed amount at regular intervals (weekly, monthly, etc.) to the group's savings.
6. 🏦 Bank Account: After accumulating a decent amount of savings, the group can open a bank account in the name of the SHG.
7. 📚 Record Keeping: Regularly maintain records of all transactions, meetings, and other group activities.
8. 🤝 Inter-loaning: Members can borrow money from the group savings. The interest rate and repayment schedule should be agreed upon by the group members.
9. 📈 Growth and Expansion: As the group matures and builds up a larger corpus, it can start involving itself in income-generating activities.
Remember, the primary goal of a Self Help Group is to empower its members and improve their living conditions. The group should always work towards this goal.
On the legal aspect, SHGs are usually governed by the local state laws and regulations. So, it's advisable to check with local authorities or a legal expert to understand any legal obligations or benefits applicable to an SHG in Bhilai, India. In terms of tax, SHGs are generally exempted from income tax under Section 10(23)(C)(iv) of the Income Tax Act, but conditions apply. Ensure to consult with a tax expert to understand this better.
🍀 Best of luck with your Self Help Group!
From India, Gurugram
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