Bank Guarantee for such pre-assessment refund claims may be accepted subject to satisfaction of the following conditions:-

(i) Bank guarantee shall be for an amount equal to the amount being claimed as refund;

(ii) Bank Guarantee shall be from any branch of a bank notified as a Government Treasury. A non-resident dealer may furnish a bank guarantee from any branch, situated outside Himachal Pradesh of a bank which is notified as Government Treasury in Himachal Pradesh; and

(iii) Bank guarantee furnished shall be for a period of 36 months.