Section 79(3) in Punjab Panchayat Samitis and Zila Parishads Finance, Budget and Accounts Rules, 2014
(3)When any earnest money in cash is received along with tenders, it shall be treated as deposit received by the Panchayat Samiti or the Zila Parishad, as the case may be, and shall be brought to account immediately unless the Panchayat Samiti or the Zila Parishad, allow such money to remain in the custody of an official authorised by it in this behalf In that case only sums tendered by the contractors whose tenders have been accepted, shall eventually be brought to account. The earnest money received from contractors whose lenders have not accepted shall forthwith be repaid to them after obtaining proper acknowledgement. No interest shall be paid by the Panchayat Samiti or the Zila Parishad on deposits in cash. Security furnished in cash by an employee of a Panchayat Samiti or a Zila Parishad, or a contractor, may be converted, at the cost of the Depositor, into any of the interest bearing securities; provided that,-(a)the depositor has expressly requested in writing that this be done; and(b)the acceptance of the new form of security is permissible under the rules and under terms of agreement or bondNotes
