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Chumma means "Kiss". It is an extremely common word used in India, where I believe the word originated, just like "maya", "pandit" etc. My definition below is for the Indian word "chumma".

When using it as a "goodbye", care MUST be taken to use towards the opposite sex ONLY. The chumma in "see ya later.. chumma" means "kisses".. it DOES NOT mean "goodbye". Unless you are a homosexual or want to come out as a total ignorant, never use it against the same sex.

Having said that, it is actually used most often in sentences like "see ya later.. chumma" or "see you tomorrow.. bye and chumma". Again, if you want to add chumma to your sentence, it has to be towards the opposite sex. It generally does not mean "kiss" in a serious way and so its highly unlikely the girl will get offended when a guy uses it on her. Its also very commonly used amoungst friends.

Since another person here have said the word means "goodbye", I want to re-assert the Indian word "chumma" means KISS... MAKE NO MISTAKE on that. I have come across some foreigners use it incorrectly, but "goodbye" is not what it means.
ONLY TOWARDS THE OPPOSITE SEX: "see ya later.. chumma"

Boy asking girl: "can I have a chumma"

Speaking to a baby: "Give mommy/daddy a chumma"
by PixPox October 07, 2007
Aishwara rani ek chumma de do na.
by ChootRasPipasu July 06, 2003
Used when departing as an alternate to "goodbye". The word CHUMMA is an abbreviation for the words "Ciao" (Itallian for "good-bye") and "Man".
"Okay boys, I'm outa here... chumma" or "Talk to you later call me later. Chumma"
by Marko Pollo January 28, 2004
An urban Indian slang spoken by the youth, which is derived from Tamil, meaning 'merely' or 'simply. It is typical of Tanglish (Tamil influenced English), and is normally used in Southern Indian cities.
Shriya: "The new guy in the class seems to be a nerd."
Suman: "Yeah. Chumma he keeps on smiling."
by Krisshh June 22, 2010
quite, non-action
chumma iru - keep quite
by Berg16 August 10, 2010