Section 85. Act not to apply to certain chits

85. Act not to apply to certain chits.— 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 Government].