Section 21(6) in The Government Securities Regulations, 2007
(6)The Bank, or, as the case may be, its agent may on receipt of the application under sub-regulation (5)--(a)record the cancellation of pledge, hypothecation or lien registered in its books and confirm the cancellation on the duplicate and triplicate of the application in Form XVI; and(b)issue a return memo on the duplicate and triplicate of the application in Form XVI to the pledgee or the creditor, stating therein the reasons for not cancelling the pledge, hypothecation or lien.
