When an order directing the refund of any amount has been made by an assessing officer, he shall issue the order for refund of payment in Form 47 of the said amount to the drawing and disbursing officer and such drawing and disbursing officer shall send the same electronically to the treasury officer for payment to the dealer. The treasury officer shall make payment of such amount to the dealer electronically.

Provided that the assessing officer shall issue to the dealer a refund payment order in Form 47 for such amount as may remain after deduction an amount in respect of which a notice under sub-section (5) of section 25 has been issued or which has to be adjusted under rule 48 and sent to the drawing and disbursing officer.