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The period of Bank Guarantee for the purposes of sub-section (2) of section 51 shall not exceed thirty seven months. The Bank Guarantee shall be for an amount equal to the amount of provisional refund sought and the amount of Bank Guarantee may be rounded off by the dealer to the nearest thousand of rupees.
(For the above rule (61) following rule (61) is substituted by Notification No. STR-1506/CR-38/Taxation-1 Dt.08.09.2006)
61. Bank Guarantee.-
The Bank Guarantee shall be obtained from any branch of a bank notified as a Government Treasury. The maximum period for a Bank Guarantee shall be of 36 months. It shall be furnished to respective Joint Commissioner in charge of grant of refunds. The Bank Guarantee shall be for such amounts and such periods as the Commissioner may by public notice notify from time to time.
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