(1)The provisions of this Act shall apply also to all chits started before the commencement of the Act provided that in the case of such Chits the persons responsible for starting or conducting the chit shall comply with the provisions of this Act Within three months from such commencement.(2)Nothing in this Act shall apply in respect of any chit the chit amount of which or where two or more chits are started or conducted simultaneously by the same foreman, the aggregate of the chit amounts of which does not exceed one hundred rupees.
