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[Cites 0, Cited by 0] [Section 45(6)] [Section 45] [Entire Act]

State of Madhya Pradesh - Subsection

Section 45(6)(e) in The M.P. Vanijyik Kar Adhiniyam, 1994

(e)The cash security, and in the case of bank guarantee, or any other security, when the amount thereof realised, shall be adjusted towards the penalty imposed and the balance, if any, shall be refunded to the dealer or to the surety, as the case may be.
(ee)[ Subject to such restrictions and conditions and in such manner as may be prescribed, a dealer, on whom a penalty has been imposed under clause (c), may opt to pay a lump sum amount which shall be fifty per cent to the amount of penalty imposed under the said clause. Once the dealer has exercised the option and has paid the lump sum amount, he shall not have any right to challenge the order of penalty in any forum the balance amount of the penalty shall stand waived.] [Inserted by M.P. Vanijyik Kar (Sanshodhan) Act, 2003 (32 of 2003) w.e.f. 30-9-2003.]