Section 77(3) in Haryana Panchayati Raj Finance, Budget, Accounts, Audit, Taxation and Works Rules, 1996
(3)When any earnest money in cash is received alongwith tenders, it will be treated as deposit received by the Panchayat Samiti or Zila Parishad, as the case may be, and shall be brought to account immediately unless the Panchayat Samiti or Zila Parishad, with the sanction of the Government allows 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 tenders have not been accepted, shall forthwith be repaid to them after obtaining proper acknowledgement. No interest will be paid by the Panchayat Samiti or Zila Parishad on deposits in cash. Security furnished in cash by an employee of a Panchayat Samiti or Zila Parishad or a contractor may be converted, at the cost of the depositor, into any of the interest-bearing securities:Provided that :(i)the depositor has expressly requested in writing that this be done; and(ii)the acceptance of the new form of security is permissible under the rules and under the terms of agreement or bond.Notes :- (1) Cash actually received or recovered may be converted into an interest-bearing security even when it forms part of a deposit which is being paid in instalments and has not yet been realised in full.
