"(7A). Forfeiture and adjustment of performance securities. –
(i) As per the provision of rule 13, demand draft of Rupees................ or a bank guarantee valid for three years presented as performance security, the bank guarantee shall be extended from time to time during the entire lease period. There will be no interest on the performance securities.
578 (5)
(ii) In case of grant of the mining/quarry lease after the prospecting work, the performance security may be adjusted for mining/quarry lease, otherwise it will be refunded.
(iii) After giving opportunity to remedy the breach in the case of breach of rules and terms and conditions of the agreement, forfeit the whole or part of the performance security, as the Competent Authority may deem fit."