Act not apply to certain Chits

Act not apply to certain Chits :- the provisions of this Act shall

not apply in respect of ---

1. (1) any chit started and conducted before the commencement of this Act, or
2. (2) any chit the chit amount of which or where two or more chits are started or conducted simultaneously by the same foreman, the aggregate chit amount of which does not exceed one hundred rupees.