General Chit Fund Features

By Author: Santhosh Kumar
Total Articles: 51
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Features:
Subscriber Ledger.
Group Wise Outstanding Statements.
Collection Wise Outstanding Statements.
Branch Wise Outstanding Statements.
Company Wise Outstanding Statements.
This Allows The User Creation As Per The Permission Given By The Admin.
This Software Can Efficiently Handle Chit Details.
These Can Maintain Customer Details.
These Can Maintain The Chit Taken Details Of Every Individual Customer.
These Can Efficiently Handle Amount Collection Details.
Prized Subscriber List.

Chit Funds: Meaning

•Meaning of “Chit”:

▫a transaction by whatever name
▫wherein a person enters into an agreement with a specified number of persons
▫every one of them shall subscribe a certain sum of money by way of periodical installments over a definite period and
▫that each such subscriber shall, in his turn, as determined by lot or by auction or in any other manner as in the chit agreement, be entitled to the prize amount.

THE ORIGIN OF CHIT

The word 'Chit', suggests the origin of Chit Funds. ...
... 'Chit' means a written note on a small piece of paper. In the Malayalam language, it is known as 'Kurr, which has been derived from 'Kurippu' (which means a piece of writing or script). The 'Chitty' or 'Kuri'l is a derivative, the root being the 'lot'. The foreman writes the name of each subscriber on a small piece of paper and folds it several times with the name inside for the purpose of deciding the prize-winner. He calls it the 'Kuri' or 'Chit' or 'Narukku' and in the transaction, one 'Narukku' also means one member.