(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, if the dealer desires payment in cash, issue to him a refund payment order in form 39 for such amount as may remain after deducting any amount in respect of which a notice under sub-section (5) of section 24 has been issued or which has to be adjusted under rule 49.

(b) where the amount for which the refund payment order is issued exceeds rupees five thousand, such refund payment order shall be crossed and made "Account payee".

(2) The refund payment order shall be delivered to the dealer and a copy thereof shall be forwarded to the Treasury Officer concerned.