When you exit long/buy option positions or initiate new write/short option positions, the proceeds or credit of option premium can only be utilized for new long/buy option trades on the same trading day and within the same segment (proceeds from equities options cannot be used for currency or vice versa).

From the next trading day onwards, you can use the proceeds or option credit for all other sorts of deals.

Let's look at some examples to help you understand.
Case No. 1:

You received a Rs 1 lac premium for selling Options. Assuming you have an additional $50,000 in your account, you bought two lots of NIFTY FUT in NRML the next day for $120,000. Because the premium has not yet been realized, we will not be able to disclose the option premium value when reporting your margins to the exchange. As a result, a margin penalty of 70,000 will be applied on the deficiency (1.2 lacs - 50k)

Case No. 2 -

You received a Rs 1 lac premium for selling Options. Let's say you wish to acquire 100 shares of Reliance the next day for $1,000. After the appropriate haircut, you will be able to purchase the quantity. Assume that the Haircut percent on dependency is 12.5%. As a result, you will be able to purchase 87 Reliance shares (1,00,000 - 12.5 percent / 1000).