In any case in which allowance is made for spoiled or misused stamps, the Collector may give in lieu thereof —
(a)other stamps of the same description and value; or
(b)if required and he thinks fit, stamps of any other description to the same amount in value; or
(c)at his discretion, the same value in money, deducting 4[ten nayepaise] for each rupee or fraction of a rupee.