Section 4A in Punjab General Sales Tax Rules, 1949
4A. Furnishing of security for registration.
(1)The security referred to in section 9 may be in the following forms namely :-(a)Omitted;(b)post office Saving Bank's pass book, the account being pledged to the Commissioner or any officer authorised by him in writing in this behalf;(c)bank guarantee from a scheduled Bank agreeing to pay to the State Government on demand the amount of security fixed under section 9;(d)personal bond with two solvent sureties for the amount of security fixed under section 9 acceptable to the Commissioner or any officer authorised by him in this behalf and to be executed in Form ST XXVIII on a non-judicial paper of the appropriate value.(2)The security furnished shall be maintained in full so long as the registration certificate continues to be in force. The Commissioner or any officer authorised by him in this behalf may demand for sufficient reasons at any time, additional security if the said authority has reasons to believe that the amount already determined is inadequate.(3)In the event of default in payment of any tax due, the security furnished by the dealer shall be liable to adjustment towards such tax after intimation to him and the shortfall in amount of security shall be made up by the dealer within a period of 30 days from the date of said intimation unless the Commissioner or any officer authorised by him in this behalf under section 9 orders otherwise.
