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3. Levy Sugar Price Equalisation Fund. -(1) There shall be established a Fund, to be called the Levy Sugar Price Equalisation Fund.

(2) Save as otherwise provided in sub-section (5)-, there shall be credited to the Fund, in such manner as may be prescribed,-

(a) the amounts representing all excess realisations made by the producers, irrespective of whether such excess realisations were made before or after the commencement of this Act;

(b) the amounts representing any loans which may be advanced, or grants which may be made, by the Central Government for carrying out the objects of the Fund.

(3) Save as otherwise provided in sub-section (5), every producer shall,- (a) in the case of an excess realisation made before the commencement of this Act, within thirty days from such commencement;

(a) in the case of an excess realisation made before the commencement of this Act, within thirty days from such commencement

(b) in the case of an excess realisation made after such commencement within thirty days from the date on which such excess realisation was made, credit to the fund, the amount representing such excess realisations, together with interest due thereon at the rate of twelve and a half per cent per annum, from the date on which such amount was realised by him :

provided that -

(a) the interest due on so much of any amount of any excess realisation made before the date of commencement of the Levy Sugar Price Equalisation Fund (Amendment) Act, 1984, as is not credited to the Fund together with interest at the aforesaid rate of twelve and a half per cent per annum before the expiry of sixty days from the date of such commencement; and

(b) the interest due on so much of the amount of any excess realisation made on or after the date of such commencement as is not credited to the Fund together with interest at the aforesaid rate of twelve and a half per cent per annum within sixty days from the date on which such amount was realised, shall be at the rate of fifteen percent per annum from the date on which such was realised by the producer.

(5) Where, in pursuance of an interim order made by any court, whether before or after the commencement of this Act, any amount representing the difference between the controlled price and the interim price allowed by the court is,-

(a) held by any producer either with himself or with any other person or with any court, Government authority, or

(b) collected and kept by the producer under the cover of any guarantee, such producer shall, on the final disposal of the proceedings of the court aforesaid credit to the Fund, within sixty days from the date of such final disposal, such amout, to the extent it represents any excess realisation together with interest due thereon at the rate of twelve an (a half per cent per annum from the date on which amount was realised by him:

Provided that-

(i) the interest due on so much of such amount as was realised before the date of commencement of the Levy Sugar Price Equalisation Fund (Amendment) Act, 1984 and is not credited to the Fund together wit! interest at the aforesaid rate of twelve and half per cent per annum before the expiry of sixty days from the date of such commencement and

(ii) the interest due on so much of such amount as is realised after such commencement and not credited to the Fund together with interest a the aforesaid rate of twelve and a half percent per annum within sixty days from the date on which such amount was realised, shall be at the rate of fifteen per cent per annum from the date on which such amount was realised by the producer.

(5A) Notwithstanding anything contained in sub-section (5), the interest payable on the amount of any excess realisation required to be credited to the Fund under that sub-section in respect of any period during which such amount was b) reason of any order of any court held by the producer with any other person or with any court, Government bank or other authority referred to in clause (a) of that sub-section, shall be the interest which actually accrued on such amount in respect of such period.

(5B) Without prejudice to tl1f' provisions of sub-section (5), any amount representing the difference between the controlled price and the interim price allowed by the court which-

(a) is held by any producer with any other person or with any court, Government, bank or other authority referred to in clause (a) of that sub-section, or

(b) is under the cover of any guarantee referred to in clause (b ) of that sub-section, shall, as soon as may be after the final disposal of the proceedings of the court aforesaid, be credited, to the extent such amount represents excess realisation together with the interest, if any, which has accrued thereon or been guaranteed, in respect thereof, to the Fund by such other person, the court, Government, bank 01 other authority aforesaid or, as the case may be, by the bank or other person furnishing such guarantee and the amount so credited shall be set off against the amount (including interest) required to be credited by the producer under sub-section (5).

(5C) The provisions of sub-section (58) shall apply in relation to every amount representing the difference between the controlled price and the interim price allowed by the court which, immediately before the commencement of the Levy Sugar Price Equalisation Fund (Amendment) Act, 1984 -

(a) is held by any producer with any other person or with any court, Government, bank or other authority mentioned in clause (a) of the sub-section, or

(b) is under the cover of any guarantee referred to in clause (b) of that sub-section, notwithstanding that the final disposal of the proceedings of the court aforesaid took place before such commencement and for this purpose the reference in that sub-section to "final disposal of the proceedings of the court" shall be construed as a reference to such commencement.

(5D) Where any amount is credited to the fund under sub-section (5B), such crediting shall,-

(a) in a case falling under clause (a) of that sub-section, operate as the discharge of the liability in relation to such amount of the person, court Government, bank or other authority so crediting the amount;

(b) in a case falling under clause (b) of that sub-section, have effect as if had been made in accordance with the guarantee given by the bank or other person crediting the amount and for this purpose such guarantee shall be deemed to have provided for such crediting.

(6) For the removal of doubts, it is hereby declared that the obligation credit amounts representing excess realisations to the Fund shall be in addition any penalty which may be imposed for the contravention of any provision of this Act.

(7) The Fund shall be administered, subject to the provisions of section by the Central Government.

   
   
   
   
 

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