(1) Before a licence is issued, an amount calculated at the rate of Rs. 1[90] for each of the workman to be employed as contract labour, in respect of which the application for licence has been made, shall be deposited by the contractor for due performance of the conditions of the licence and compliance with the provisions of the Act or the rules made thereunder:
2Provided that where the contractor is a co-operative society, the amount deposited as security shall be at the rate of 1[Rs. 15] for each other of the workmen to be employed as a contract labour.]
3[(1A) Where the applicant for the licence was holding a licence in regard to another work and that licences had expired, the licensing officer, if he is of the view that any amount out of the security deposited in respect of that licence is to be directed to be refunded to the applicant under rule 31, may, on an application made for that purpose in Form VA by the applicant adjust the amount so to be refunded towards the security required to be deposited in respect of the application for the new licence and the applicant need deposit, in such a case, only the balance amount, if any, after making such adjustment.]
(2) 3[The amount of security, or the balance amount, required to be deposited under sub-rule (1) or, as the case may be, under sub-rule (1A)] shall be paid in the local treasury under the Head of Account “Section T—Deposits & Advances— Part II Deposits bearing interest—(c) Other Deposit Accounts— Departmental and Judicial Deposits—Civil Deposits—Deposits, under Contract Labour (Regulation and Abolition) Act, 1970 (Central).”