![]() ![]() ![]() The one whose bid is lowest will win the amount. Now few people who are in need of money for any reason, will bid for this 100000. So each month these 10 people will meet and contribute Rs.100,000 in total(i.e.10*10000). ![]() One out of these 10 will be the organiser of the group, He/she will do the administrative work like collection of money, fixing the meetings etc. So let’s assume there are 10 people who form a group in which each one will contribute Rs 10,000 per month for next 10 months (i.e. We will take of 10000 Chit format for 10 months. These are also called the Kuree,chitty, chit. They are basically microfinance organizations. friends, relatives, neighbours and family members to subscribe a certain sum of money for a specified period of time. According to Section 2(b) of the Chit Fund Act 1982 A chit fund is a type of rotating savings and agreement among different persons i.e. ![]()
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