According to the exchange's compliance regulations, a short position in options cannot be taken on the same day against the option premium you have received on that trading day.
Once the premium amount is credited to your trading account - it can be utilised for any purpose.
Can I do intraday trading in stock options?
When does expiry take place for Nifty, Bank Nifty, Sensex, Bankex, and stock option contracts?
What is the margin blocking percentage during the end-of-expiry week for physical settlement of stock option contracts?
When both cash and collateral margins are available, which one is utilized first? What is the order of utilization?