9911796707
TMI BlogManner in which security may be furnished (Section 25)X X X X Extracts X X X X X X X X Extracts X X X X ..... partly in another. 1 [(2A) The security required to be furnished by a person under sub-section 4 of section 60 , shall be, at least 50% in the form of security specified at sl. no.1 of the Table Forms of Security below and balance may be in any of the forms of security specified in the said table.] (3) The security required to be furnished by a person under clause (b) of sub-section (5) of section 61 shall be, at least, 50% in the form specified as item no. 1 of the Table below and balance may be in any of the form specified in Table below. (4) A security, which does not meet the conditions specified in Table below, shall not be treated as the furnishing of security for the purposes of the Act. (5) The security shall be accepted only for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ass book, for a deposit made under the Post Office Savings Bank Rules may be accepted as security provided that the dealer has signed and delivered to the Post Master a letter in the prescribed form as required by the said rules. The pass book shall be sent to the post office as soon as possible after the 15th June of each year so that necessary entries of interest may be made therein. Amount deposited 5 Municipal debentures or Port Trust Bonds and/or Debentures issued by the Government or a financial corporation. These securities shall be accepted at five per cent below the market price as on date of submission or face value whichever is less. 6 Bonds or debentures issued by corporate bodies guaranteed by the Central or any State Governmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notwithstanding the fact that the assessment proceedings against the dealer under Chapter VI of the Act for the period are initiated before or after the said period. The liability of the surety or guarantor shall be enforced and executed according to the law for the recovery as arrears of land revenue referred to in section 44. Amount stated in the relevant document as the maximum amount recoverable under the mortgage, hypothecation, pledge, or personal surety. 9 Bank guarantee. The bank must be a Scheduled Bank. The bank guarantee shall be initially valid for a period of one year and shall be kept valid till such time the Commissioner may require. The amount stated in the relevant document as the maximum amount recoverable under the bank g ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
