77. Furnishing of security
(1) Every dealer or person who is required under any of the provisions of tha Act or the rules to furnish a security,shall furnish it in any of the following forms;
(i) in cash, which shall be paid in accordance with rule 39;or
(ii) by depositing, with the officer comcerned, saving certificate issued by the Governmenrt of India of a face value not less than the amont of security required to be furnished, duly endorsed in favour of the officer concerned; or
(iii) by furnishing, to the officer concerned a bank gurantee payable by a branch situated in the State, agreeing to pay to the State Government, or any officer, on demand the amount of security fixed by the officer, on demand the amount of security fixed by the officer concerned ; or
(iv) by executing a bond in Form VAT-64, with the necessary modification where necessary, with the two sureties acceptable to the officer or authorised concerned.
(2) The security shall be furnished by the dealer or person in such a manner as notified by the Commissioner,in this behalf. |