Section 7(4) in The U.P. Tax on Luxuries Act, 1995
(4)Where the security furnished by a tobacconist under sub-section (1) or sub-section (2) is in the form of a surety bond and any surety dies or becomes insolvent the tobacconist shall, within thirty days of the occurrence of any of the aforesaid events, inform the assessing authority granting the certificate of registration and shall within ninety days of such occurrence furnish a fresh surety bond or furnish in the prescribed manner other security for the amount of the bond.
