What is meant by “Lot” and “Coming to open” in Chit Fund?

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What is lot?

When  one non-prized subscriber needs to require the invoice quantity at an equivalent discount, the invoice varieties (coins) of all such non-prized subscribers square measure place during a instrumentality and also the flourishing bidder is known by removing one number (token coin) from the aforementioned instrumentality. The procedure is thought as heap or lottery.

What is “coming to open”?

When there’s no member within the account cluster Chit agency is willing to receive the prized/bid quantity at the most allowable discount, the bidding for the account comes certain open auction. This is often referred to as coming back to open.