A set number of members join a chit group and agree on a fixed monthly contribution.
Each month, the combined contributions become the chit value (the “pot”).
Members bid by offering a discount. The highest discount wins, and the winning member receives the pot minus discount.
A small foreman commission is deducted, and the remaining discount is shared among all members as a dividend.
A different member wins each month until everyone receives the prize money once.
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