Section 12(7) in The Goa, Daman and Diu Chit Funds Act, 1973
(7)(a)The Registrar may, on an application made in this behalf by any foreman, instead of releasing the security under sub-section (6), accept the same as security in respect of any other chit or chits conducted by the same foreman;(b)The Registrar shall,-(i)where the value or amount of the security accepted is less than the value or amount specified in sub-section (1), require the foreman to furnish additional security to make up the deficit;(ii)where the value or amount of the security is in excess of the amount of value required, release the excess thereof.
