Section 2(a) in Rules Regulating the Conditions of Sale of Timber from Established Depots
(a)Immediately on acceptance of the bid the successful bidder shall have to pay such further sum as may be required to make up 25 per cent of the bid money, in cash or through a call Deposit Receipt or a crossed Bank Draft Issued by a Nationalized Bank on the Local Branch of the State Bank of India or the local branch of any Nationalized Bank, having clearing accounts" with the Reserve Bank of India or the State Bank of India, drawn in favour of the Divisional Forest Officer Division, failing which the sale will be cancelled and the whole amount of earnest money deposit made vide condition 1 (a), shall be forfeited and the lot shall be auctioned afresh, without risk to the defaulting bidder.
