Objects and Reasons.- With the view of providing assistance for the purposes of rehabilitation and modernisation of sugar factories, for development of sugarcane in the areas in which sugar factories are situated and for encouraging research aimed at development of sugar industry, this Bill seeks to provide for the formation of a fund to be known as the Sugar Development Fund, and to provide for all matters connected therewith.2. The cess on sugar collected under the provisions of the Sugar Cess Bill, 1981, after deducting the cost of collection, would be credit to the said fund. The purposes for which the monies in the fund may be applied have been specified in clause 4 of the Bill. For the purpose of securing speedy consideration and disposal of application for assitance from the fund, clause 6 provides for the constitution of a committee of officers of the Central Government.Amending Act 64 of 1982.- The Bill is a sequel to the Sugar Cess (Amendment) Bill, 1962. For the purpose of generating the necessary funds for maintaining buffer stock of sugar, the Sugar Cess (Amendment) Bill, 1982, seeks to amend the Sugar Cess Act, 1982, for increasing the rate at which cess may levied under the Act on sugar. This Bill seeks to amend the Sugar Development Fund Act, 1982, to provide that the Sugar Development Fund under the Act, to which the proceeds of the duty of excise levied and collected under the Sugar Cess Act, 1982 as reduced by the cost of collection, are required to be credited after due appropriation made by Parliament by law, may be utilised also for the purpose of defraying some holding costs and interest charges to sugar mills for building up and maintenance of buffer stocks of sugar.[ 19th March, 1982.]An Act to provide for the financing of activities for development of sugar industry and for matters connected therewith or incidental thereto.BE it enacted by Parliament in the Thirty-third Year of the Republic of India as follows :-
