Section 16 in The Punjab Minor Mineral Concession Rules, 1964
16. Security deposit.
- The applicant shall, before the lease is granted, deposit as security a sum of [Rs. 10,000] [Substituted for 'Rs. 5000' by Punjab Government Notification No.G.S.R.93/C.A.67/57/S.15/Amd.(18)/99, dated 24.12.1999.] for due observance of the terms and conditions of the lease.[16A. Refund of security.] [Rule 16-A inserted by GSR 239 dated 27.9.1965.] - On such date as the Government may elect within twelve calendar months after the determination of mining lease or any renewal thereof the amount of the security deposit paid in respect of the mining lease and then remaining in deposit with the Government and not required to be applied for any purposes mentioned in the mining lease shall be refunded to the lessee(s). No interest shall run on the security deposit.
