31A. Payment of penalty

(1) The penalty payable under Section 45A, Section 45AA or Section 46A shall be remitted into the Government Treasury or paid by means of crossed cheque or crossed demand draft in favour of the assessing authority concerned.

(2) The assessing authority imposing the penalty under Section 45A, or Section 45A or Section 46A shall serve a notice of demand on the dealer in Form 24. On receipt of the notice the dealer shall pay the penalty due in the manner specified in sub-rule (1) on or before the day specified in the day specified in the notice of demand.