Administration Manual - B.E.S.T. Undertaking.

On successful execution of the contract, the Security Deposit will be
refunded. The tenderers should submit Security Deposit Receipt, duly
discharged, in favour of the Undertaking, to Supdt. (Cash), Colaba, for
getting refund. Security Deposit paid by the tenderers shall stand
forfeited if the same is not collected within 3 years from the date of
intimation.
5.9.5.2 PROCEDURE FOR CHECKING :
When the deposit, either Earnest Money or Security or retention money
becomes due for refund, the respective department with which the
contract has been made sends intimation to the Accounts Department
for preparing the relevant refund bill.
The Earnest Money Deposits Register and the Security Deposits (in
cash) Register are maintained in the Accounts Department. The
relevant entries in the respective registers are closed at the time of
refunding the deposit by the Accounts Department.
On preparing a bill, it is sent to the Head of Department concerned for
his approval and check and for affixing the necessary certificate before
sending the same to Audit.
On receipt of a bill in the Audit Department the following requirements
are checked :
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(a) that the party’s name is correct;
(b) that receipt number, advice number, the amount certified
for refund, after deductions if any, are correct;
(c) that the reason for refunding the amount has been
clearly and correctly stated;
(d) that authentication of the Head of Department with
rubber stamped certificate has been obtained;
(e) that the relevant advice and the entry in the
relevant register is checked and passed for payment