(a)if the amount assured together with the amount of any bonuses which have accrued is greater than the whole of the amount withdrawn from the fund in respect of the policy with interest thereon at the rate provided in Rule 158 reassign the policy to the subscriber and make it over to him, who shall immediately on receipt of the proceeds from the insurance corporation repay to the Provident Fund the whole of the amount withdrawn with interest and, in case of default, the Chairman shall arrange to recover the amount by deduction from the emoluments of the subscriber by instalments or otherwise as the Appointing Authority or the Market Committee may direct; and