'Marup' is a word in Manipuri language. It means ‘Friends’. But there is an age old traditional system in Manipuri society through which a group of friends help each other financially. The name to this group is given as ‘Marup”
How does a ‘marup’ works?
Working style of a Marup.
As we know a ‘Marup’ is a group of friends who agrees to help each other in financial matters. Such a group consists of 20 or more members. All the members are agreed to do a monthly, weekly or daily subscription of a fixed amount. The amount thus accumulated is won by a member through a lottery draw or predefined serial on a particular day of the month. That member is called the ‘Winner’ of the ‘Marup’ of that particular day of the month. A winner member of the ‘Marup’ is bound to pay the subscription amount with a predefined nominal interest from the next month. So the member who won the ‘Marup’ later on will get more money including the interest paid by those members who had already won the ‘Marup’
Let’s see an example to know in detail.- Say a ‘Marup’ of 20 members is started.
- Monthly subscription of each member is fixed at Rs 2000/- per month.
- Interest to be paid by the winner is fixed as Rs 500/-
- Draw of the ‘Marup’ will be held at 2pm on 9th of every month.
- The ‘Marup’ will be started at 2pm on 9th March 2019.
- All disputes will be settled by a meeting of the members of the ‘Marup’
So now let’s see how this ‘Marup’ goes on.
- A draw of the ‘Marup’ will be held at 2pm on 9th March 2019 and will select a winner among these 20 members.
- The 1st winner will get Rs 2000x20=Rs 40000/-
- The second winner on 9th April 2019 will get Rs 40000+Rs 500, the interest paid by the 1st winner i,e Rs 40500/-
- The 3rd winner on 9th May 2019 will get Rs 40000 + Rs 1000 I,e Rs 41000/-
- Like this the last winner on 9th October 2020 will get Rs 40000 + Rs 500x19 I,e Rs 49500/-. And thus the ‘Marup’ ends.
