In section 20 of the principal Act, in sub-section (1), for clause (a), the following clause shall be substituted, namely: --
"(a) deposit in the name of the Registrar, an amount equal to,--
(i) fifty per cent, of the chit amount in cash in an approved bank; and
(ii) fifty per cent, of the chit amount in the form of bank guarantee from an approved bank; or".