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[Cites 0, Cited by 0] [Section 5B] [Entire Act]

State of Odisha - Subsection

Section 5B(12) in The Orissa Kendu Leaves (Control of Trade) Rules, 1962

(12)
(a)The purchaser or purchasers selected for a particular unit shall immediately, on or before signing the agreement deposit as security by way of guarantee for proper compliance of the terms and conditions of the agreement and provisions of the Act and these Rules, a sum to be calculated as under-
X - Purchase rate per standard bag accepted by the Government for the unit.Y - Cost of collection per standard bag fixed for the unit.R - Number of standard bags of Kendu leaves mentioned against the unit in the notice for tender under Sub-rule (1).A - Security deposits.
A =| 5Z (X - Y)100
i.e. five per cent of the difference between aforesaid purchase rate per bag and the aforesaid cost of collection per bag, multiplied by the aforesaid number of bags.
(b)The security deposit either wholly or in part, as the case may be, shall be adjusted by the Divisional Forest Officer towards any amount, if any, recoverable from the purchaser under the provisions of the agreement, the Act and these Rules and all such deductions shall have to be made good by the purchaser by deposit of an equivalent amount within fifteen days of the receipt of the notice to that effect.
(c)If the dues to be recovered from the purchaser exceed the amount of security deposit, the amount in excess shall, unless made good within fifteen days from the date of the Divisional Forest Officer's notice to that effect, be recoverable as arrears of land revenue.
(d)The security deposit or the balance shall, as the case may be refunded to the purchaser after the expiry of the agreement.