Section 8(4) in The Employee's Deposit-Linked Insurance Scheme, 1976

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Union of India - Subsection

Section 8(4) in The Employee's Deposit-Linked Insurance Scheme, 1976

(4)The Commissioner shall deposit the bank draft or cheque received from the employers in the State Bank of India or any Bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970).[8-A. Recovery of damages for default in payment of any contribution: - [Inserted by G.S.R. 522, dated 16.8.1991 (w.e.f. 1.9.1991). ][(1) Where an employer makes default in the payment of any contribution to the Insurance Fund, or in the payment of any charges payable under any other provision of the Act or of the Scheme, the Central Provident Fund Commissioner or such officer as may be authorized by the Central Government, by notification in the Official Gazette, in this behalf, may recover from the employer by way of penalty, damages at the rates given below: -

Sl.No.	Period of default	Rate of damages (percentage of arrears per annum)
(1)	(2)	(3)
(a)	Less than two months	Five
(b)	Two months and above but less than four months	Ten
(c)	Four months and above but less than six months	Fifteen
(d)	Six months and above	Twenty Five.]

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Union of India - Subsection

Section 8(4) in The Employee's Deposit-Linked Insurance Scheme, 1976