Nothing in this Act shall apply in respect of

(a) any chit started before the commencement of this Act; or

(b) any chit the amount of which, or where two or more chits were started or conducted simultaneously by the same foreman, the aggregate amount of which does not exceed ¹[such amount as may be specified, by notification in the Official Gazette, by the State Goverment].

1. Subs. by Act 41 of 2019, s. 9, for “one hundred rupees” (w.e.f. 1-1-2020).