Section 7B(1) in The Central Sales Tax (Punjab) Rules, 1957
(1)The security referred to in sub-section (2-A) or sub-section (3-A) of Section 7 of the Act may be furnished in the following manner, namely :-(a)If the Assessing Authority has ordered the deposit of security in cash, the dealer concerned shall deposit the requisite amount in appropriate Government Treasury under the head "XII-Sales Tax" and furnish the treasury or bank receipt to the Assessing Authority concerned.(b)If the Assessing Authority has ordered the deposit of the amount of security in the Post Office, the dealer shall deposit the amount in the Post Office, the amount being pledged to the Assessing Authority concerned, and deposit the Post Office Savings Bank Pass Book with him.(c)If the Assessing Authority has ordered the dealer to furnish bank guarantee for the amount of the security, the dealer shall furnish to the Assessing Authority concerned bank guarantee from a scheduled bank agreeing to pay to the State Government on demand the amount of security involved.(d)If the Assessing Authority has ordered the dealer to furnish personal bond for the amount of the security, the dealer shall execute personal bond in Form-III appended to these rules, on a non-judicial paper of the appropriate value with two solvent sureties for the amount involved acceptable to the Assessing Authority concerned and furnish it to him.
