Section 47 in The M.P. Gram Panchayats (Accounts) Rules, 1999
47. Security Deposit in Instalments.
- Ordinarily, an official who is required to furnish the security has to furnish the whole of the security at once on appointment. But the Sarpanch may at his discretion permit the security to be furnished in instalments by monthly deductions not exceeding ten percent of the official's salary. Deductions so made shall be credited to the post office savings bank pass book which would be pledged to the Sarpanch. Until the full amount of the required security is thus made up the Gram Panchayat servant shall bind himself personally and furnish a solvent surety.
