37. Provisional refund under section 37.-

(1) Where a dealer has become entitled to provisional refund under section 37, he shall make an application in Form 306 to the Commercial Tax Officer to whom he has furnished such returns.

(2) Any dealer required to furnish the security other than Bank Guarantee under sub-section (2) of section 37 shall deposit Government Securities in the form of Stock Certificates or Government Promissory Notes of a market value not less than the sum determined by the Commissioner or National Savings Certificates, or Treasury Savings Deposit Certificates of a face value not less than the said sum, duly endorsed in favour of the Commissioner.

(3) Where a dealer is required to furnish a Bank Guarantee, such a dealer shall furnish the guarantee of a bank approved by the Commissioner, agreeing to pay the Commissioner on demand, a sum not exceeding the amount determined by the Commissioner.