Section 85 of the Chit Funds Act, 1982 – Act not to apply to certain chits

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Section 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 Goverment].

Source: official text of The Chit Funds Act, 1982 as published on India Code (PDF). All sections of the Chit Funds Act, 1982.

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