Rule 50. Refund of security deposit

(1) If the contractor does not intend to hold the licence any more at any time before its expiry or to renew the licence further, may make an application in Form-XXIV electronically or otherwise to the licensing authority for the refund of the security deposited by him along with the copy of licence, notice of completion of work, an affidavit stating that no amount due to any worker and the bank details in which amount is required to be refunded.

(2) If the Licensing authority is satisfied that there is no breach of the conditions of licence or there is no order for the forfeiture of security deposit or any portion thereof, he shall direct the refund of the security deposit to the applicant.

(3) If there is any order directing the forfeiture of any portion of security deposit, the amount to be forfeited shall be deducted from the security deposit, and balance, if any, shall be refunded to the contractor.

(4) An application for refund shall, as far as possible, be disposed of within thirty days of the receipt of the application.