An arrangement in which a person enters into an agreement with a specified number of persons that 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 be entitled to the prize amount is called?

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This arrangement is known by different names in different regions, including Chit, Chitty, and Kury. All these terms refer to a financial product where a group of people contributes money towards a common pool, which is then disbursed to members in turns, either through bidding or by lot.

An Arrangement in Which a Person Enters into an Agreement