The New Millennium Kuries started its business on 1st January 2000. It was inaugurated by Mr. Krishnan Kaniyamparambil, Honourable Minister for Agriculture, Government of Kerala at that time. The first Kuri ticket was handed over to Mr. Jose K Francis, Proprietor of Fashion Fabrics at that time by Mr. T.S Anandharaman who is the Chairman of Acumen Securities Limited.

In January 2000 the company launched 10th day Pooval Kuri which have 30 divisions consists of two draws and 28 auctions. It made a land mark in the history of chitty business. The Pooval Kuries was syncing at that time. Even then company managed to launch the Kuri with 30 divisions consist of 1500 members. After that the company never looked back.

The next Pooval Kuri started with 56 divisions which created another history in the Kuri field. The company started 6 Pooval Kuries and short term monthly Kuries.

The company started 6 Pooval Kuries, 10th day, 8th day, 17th day, 20th day, 25th day and 28th day with 128 divisions consist of 6400 members.

The company conducted a lots of short term monthly Kuries, 15th day with 12 divisions, 5th day with 16 divisions, 20th day with 10 divisions, 12th day with 11 divisions, 25th day with 9 divisions, 22nd day with 29 divisions, 6th day with 13 divisions, 7th day with 17 divisions, 14th day with 42 divisions, 16th day with 18 divisions, 4th day with 15 divisions, 21st day with 13 divisions, 27th day with 20 divisions, 26th day with 11 divisions, 3rd day with 17 divisions, 24th day with 11 divisions, 9th day with 12 divisions, 11th day with 12 divisions, 17th day with 27 divisions, 12th day with 9 divisions, 20th day with 10 divisions, 18th day with 15 divisions, 23rd day with 18 divisions,15th day with 12 divisions, 22nd day with 13 divisions, 8th day with 6 divisions, 19th day with 10 divisions, 16th day with 31 divisions, 14th day with 14 divisions, 25th day with 11 divisions,18th day with 13 divisions,5th day with 13 divisions, 4th day with 13 divisions, 22nd day with 9 divisions, 25th day with 13 divisions,24th day with 12 divisions, 17th day with 12 divisions, 7th day with 11 divisions,19th day with 10 divisions,11th day with 10 divisions, 21st day with 3 divisions, 24th day with 10 divisions,19th day with 10 divisions, 16th day with 6 divisions,21st day with 10 divisions. Thus a total number of 31813 members joined in the Kuries.The Kuri had 16 divisions having 2912 members in the chitty. After that a series of Saphalyam Chitties started 20th day with 13 divisions with 2366 members, then next Kuri was 14 divisions with 2548 members, 25th day with 10 divisions with 1820 members. These Kuries were for 8, 00,000/- Sala.

Thus having vast experience in the Kuri field the company launched new series of Chitties called “Saphalyam”. It started 10th day Kuri with 182 installments chitty having a Sala of 8, 00,000/-.

Then company started 20, 00,000/- Sala Kuries. 5th day with 14 divisions with 2548 members, 7th day with 12 divisions, 2184 members, 9th day with 13 divisions with 2366 members, 12th day with 11 divisions with 2002 members, 18th day with 12 divisions with 2184 members and 16th day with 6 divisions having 1092 members. Thus a total number of 22022 members joined in the Kuries and all these Kuries are continuing. Thus a total number of 60235 members joined in the Kuries conducted by the company.

After the Supreme Court Judgment, the Government of India implemented Chit Fund Act 1982, in Kerala till that time there was no Chitty Act in Kerala. There were strict conditions for starting new Kuries. Hence the company decided to start a new company called Neuvo Chits Pvt. Ltd., to start new kuries. Now short term monthly kuries are started through that company.

The Paid Up Capital including reserve of the company is Rs.12 crores, and it has its own deposits worth 40 crores in various banks and institutions. The company is administered and governed by a director board consist of 13 persons elected by the General Body of 31 Shareholders. The shareholders include professionals, businessmen who hold very high and reputable positions in the society. The operation of the company is under financial supervision and regulations for registrar for the companies Reserve Bank of India, Income Tax Department and Central Excise Department.

The New Millennium Kuries, is one of the very few companies which is monitored thoroughly by an internal auditing and external legal audit by a group of chartered accountants and also a concurrent auditing done according to their advice by another chartered accountant firm.

The company does not accept any deposits, but deposits the money directly into scheduled banks or Co-operative Banks approved by Government of Kerala at the subscribers’ choice. Thus company follows a very transparent and trustworthy mode of operation without doing any money lending or financial business.

New Millennium Kuries Pvt. Ltd. becomes distinct from others because, common man gets money for his needs through kuries without tiresome procedures and formalities made by other financial institutions.

• Adv. Robson Paul
• Chairman