47. Refund by cheque or by refund payment order-

(1) (a) When an order directing the refund of any amount has been made by an Assistant Commercial Tax Officer, or a Commercial Tax Officer, the Commercial Tax Officer and when such order is made by an Assistant Commissioner, the Assistant Commissioner shall grant such refund by cheque;

Provided that till such time the State Government approves of a scheme and lays down procedure for refund of any such amount by cheque, such Commercial Tax Officer or Assistant Commissioner shall issue to the dealer a refund payment order in form 47 for such amount as may remain after deducting any 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.

(b) Where the amount for which the cheque or the refund payment order is issued exceeds rupees five thousand, such cheque or refund payment order shall be crossed and made "Account Payee"

(2) The refund payment order and a copy thereof for use in the treasury shall be delivered to the dealer for presentation to the treasury for obtaining the payment.