Refund of security and manner of refund of such security.
199. (1) The Commissioner may, on application by a dealer, casual dealer, or person, who has furnished security demanded under clause (a), clause (b), clause (c) of rule 195 or rule 105, or further security demanded under rule 197, refund any amount of security or part thereof if such security is not required for the purposes for which it was furnished.
(2) An application for refund of security under sub-rule (1) shall be made to the authority to whom the security has been furnished after the expiry of period specified in the order under sub-rule (3) of rule 199, for which the security is required to be furnished, and this application shall contain all the particulars in respect of mode and date of furnishing the security .
(3) On receipt of application under sub -rule (2), if the said authority is satisfied about the bonafideness of the application, he shall refund the amount of security furnished or part thereof if such security is not required for the purposes for which it was furnished. |