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R.37 Form of security U.P.VAT RULES

 

R.37    Form of security- 
 
(1)        Security or additional security demanded under sub-section (1) of section 19 may be furnished in any one of the following forms:-
(a)        by pledging personal immovable assets of the proprietor, partner, Karta Hindu Undivided Family, company, society, club or association, as the case may be, at first charge in favour of the Government of Uttar Pradesh with the Registrar of properties; or
(b)        by furnishing surety from two dealers who are and have been registered dealers either under the Uttar Pradesh Trade Tax Act 1948 or under the Uttar Pradesh Value Added Tax Act, 2007 during a minimum period of past three completed assessment years and who are not defaulter under the Uttar Pradesh Trade Tax Act, 1948, the Central Sales Tax Act, 1956 and the Uttar Pradesh Value Added Tax Act, 2007; or
(c)        by furnishing security bond from two sureties duly verified by the Collector of the District where sureties reside:
Provided that where upon verification any security furnished by a dealer is found false, without prejudice to any other action under the Act or any other law for the time being in force, the registering authority may require the dealer to furnish security in any of the forms mentioned in sub-rule (2).
(2)        Notwithstanding anything containing in sub-rule (1) the dealer may, at his option, furnish security or additional security referred to in sub-section (1) of section 19, in any one of the following forms:
(a)               By depositing amount in cash; or
(b)               By furnishing bank guarantee from a scheduled bank; or
(c)               By pledging fix deposit certificate; or
(d)              By pledging National Saving Certificates or any other saving certificates issued by Indian Postal Services.
(3)        Undertaking from surety referred to in sub-section (6) of section 81 shall be presented in Form XIII.
(4)        The undertaking referred to in sub-rule (3) shall be complete in all respects.
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