On an application by the dealer in Form I-B the registering authority may order refund of any amount or part thereof, deposited by the dealer by way of security for any or all of the following reasons :(a)in case of cancellation of registration certificate;(b)in case of security exceeding the tax estimated as being payable by the dealer for one year;(c)in case of excess amount, if any, remaining after forfeiting any part of security furnished by the dealer under Section 7 (3-D) of the Act; or(d)if the, security is not required for proper realisation of tax or proper custody and use of the forms referred to in Clause (a) of first proviso to Sub-section (2) of Section 6 or Sub-section (1) of Section 6-A or Clause (a) of Sub-section (4) of Section 8 of the Act :Provided that before an application for refund of security is rejected the dealer shall be given an opportunity of being heard.]
