Rule 70. Refund of security

(1) On expiry of the period of licence the contractor may, if he does not intend to have his licence renewed, make an application to the designated authority for the refund of the security deposited by him under rule 46.

(2) The designated authority shall, if it is satisfied that there is no breach of the conditions of licence or there is no order under sub-section (4) of section 55, refund the security made to the contractor within thirty days from receipt of application under sub-rule (1).

(3) If there is any order of making payments under sub-section (4) of section 55, the amount to be paid shall be deducted from the security deposit, and balance, if any, refunded to the contractor.

(4) Record of security shall be maintained in Form-29.