Moi Virundhu, Big Relief For People Caught in Debt Trap

Angel funding to help start-ups or give impetus to floundering businesses is nothing unheard of.

Published: 21st July 2015 08:12 AM  |   Last Updated: 21st July 2015 08:13 AM   |  A+A-

Moi Virundhu

PUDUKKOTTAI:Angel funding to help start-ups or give impetus to floundering businesses is nothing unheard of. However, when it’s tight-fisted relatives you are pitched against, getting even a paltry sum is out of question. However, residents of Alangudi in the district have found a way to make their Uncle Scrooges part with at least a few bucks.

Moi Virundhu.jpgMoi Virundhu (Community Feast for Funds) is slowly sneaking its way into the inventory of mandatory social functions in Alangudi taluk. The one-of-its-kind festival involves inviting relatives, friends and neighbours to a grand feast. After a sumptuous meal, the relatives have to gift the host money, which is duly recorded in a ledger.

According to Moi Virundhu rules, one has to open a Moi account first. He becomes eligible for organising the feast only after attending a stipulated number of events. However, there’s a catch, as Moi rules do not allow borrow and forget. One has to repay each and every donor within five years with a nominal interest. In the event of a person wanting to settle his debt in one go, he has to repay the money along with the interest for five years and get an NOC from the creditor. Calling the Moi a two-edged sword, Panner Selvam, of Chidrambara Viduthi near Koththamangalam, who organised a Moi Virundhu on Sunday last, told Express, “There have been instances of people squandering it. This is due to people not considering it hard earned. Many suicides in the area could be attributed to Moi.”

Village elders said such feats had been in vogue for many years in Peravurani and Pattukottai in Thanjavur district before making an appearance in the district a couple of decades ago. While a normal host may manage to get around `1 lakh, there have been instances of people generating up to `1 crore.

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