- In a grain chit, for the purpose of security under Section 20, the grain shall be valued by the Registrar as follows:(a)The total quantity of grain due from all subscribers at one instalment of the chit shall be ascertained;(b)The market value for the time being of the total quantity referred to in Clause (a) shall them be calculated;(c)In assessing the market value, the Registrar shall adopt the current market prices at the nearest taluk town as ascertained from the Tahsildar having jurisdiction;(d)one and quarter times the market value mentioned in Clause (b) shall be taken to be the chit amount for the purpose of furnishing security by the foreman under Section 20.
