Section 40 in Rajasthan Minor Mineral Concession Rules, 2017
40. Security deposit.
(1)Security deposit shall be in the form of fixed deposit receipt of nationalized bank or scheduled bank valid for at least three years or national saving certificate and duly pledged in favour of the Mining Engineer or Assistant Mining Engineer concerned or any other form of securities notified by the Government for the due observance of the terms and conditions of the contract. Fixed deposit receipts shall be made from the bank account of the contractor.(2)The amount of security deposit shall be ten percent of the bid amount.(3)The contractor shall deposit difference amount of security deposit within thirty days in proportion to the enhancement of contract amount due to change in rate of royalty or increase in permit fee or other charges etc.(4)The security deposit shall be refunded by the Superintending Mining Engineer concerned, within thirty days of the successful completion of the contract, subject to the condition that the contract is completed without any lapse on part of the contractor.
