Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
Showing 2 terms
The organiser of a chit, who runs the monthly auction, collects instalments, pays out the prize and takes a commission from the discount.
In a registered chit the foreman lodges a security deposit and the commission is capped. In an informal committee the same role carries the same money and none of the safeguards.
The reduction from the chit value that a subscriber accepts in order to take the pot in the current month.
It is the price of moving to the front of the queue, and after the foreman takes commission it is shared among everyone still waiting — which is where their return comes from.