(7) Securities already deposited with the Controller of Currency in compliance with the Indian Life Assurance Companies Act, 1912 (6 of 1912 ), shall be transferred by him to the Reserve Bank of India and shall, to the extent of their market value 1[ as at the date of the commencement of this Act], be deemed to be deposited under this Act 2[ as the instalment or as part of the instalment to be made under the foregoing provisions of this section before the application for registration is made whether any such application is or is not in fact made].