51. Manner of Furnishing security under the Act.
The security required to be furnished under section 21 and clause (c) of sub-section (4) of section 56 of the Act may be in any of the following Form, namely –
(a) Cash deposit in the Government Treasury under the head “040-Sales Tax Receipts”
(b) Post office saving bank account, the account being pledged to the concerned Circle Incharge;
(c) Bank guarantee from a Scheduled Bank agreeing to pay to the State Government on demand the amount of security;
(d) Personal bond with two sureties, acceptable to the authority; the bond shall be in Form B-II;
(e) Government securities for the amount fixed, the security having been deposited with the authority who directs furnishing of security.
Provided that the concerned circle incharge, for reasons to be recorded in writing, may direct a person to furnish security in a particular mode.