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Is it similar to the chit scheme promoted by local jewellery houses?

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Is it similar to the chit scheme promoted by local jewellery houses?

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Local jewellers promote similar chit schemes but only for ornaments that can be purchased at the market rate prevailing on maturity of the scheme. Under Muthoot Swarnavarsham scheme customer is buying bullion gold which has a purity of 99.9 carat at the rate prevailing when he joins the scheme.

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