Section 29 in The Maharashtra Raw Cotton (Procurement, Processing and Marketing) Act, 1971
29. [ Fixation of final price. [This section was substituted for the original by Maharashtra 48 of 1974, Section 19.]
(1)Soon after the 30th September succeeding each cotton season, or soon after any other date (which may be earlier or later than the 30th September) specified by the State Government by notification in the Official Gazette, the State Government shall, in consultation with the Advisory Board, fix in the prescribed manner the final price for different varieties or grades of kapas or ginned cotton acquired during the said cotton season, and notify the final price in the Official Gazette and in any other manner as it thinks fit. In fixing the final price, regard shall be had to the price at which bales of cotton, ginned cotton, kapas cotton seed and cotton waste acquired during the cotton season immediately preceding were sold and the stocks on hand on the 30th September or the specified date as the case may be; and all expenditure incurred on the handling and ginning of kapas, the handling and pressing into bales of ginned cotton and the handling of cotton bales, cotton seed and cotton waste shall be taken into consideration:Provided that, for arriving at the final price of each variety or grade of cotton, the closing stocks not disposed of and on hand on the 30th September or the specified date, as the case may be, shall be valued at the average sale price or the market price whichever is lower, obtained for such variety or grade of cotton sold earlier in the season.(2)Where after the sale of any undisposed stocks, either wholly or partly, the total amount realised for the last preceding cotton season is more than the total amount calculated at the final price fixed as above, the excess amount shall be credited to the Price Fluctuation Fund and where it is less, the deficit amount shall be debited to, and paid from, the said Fund. Where part of the undisposed stock still remains undisposed at the end of the subsequent season, that part of the stock shall be carried forward as the opening stocks and the accounts of the Fund for the previous season shall be finalised and closed.(3)Where as a result of the audit of the accounts, any error is noticed and adjustments are required to be made, and on account of such adjustment any excess or deficit in relation to the total amount calculated as the final price fixed as above is found, the excess amount shall be credited to, and the deficit amount shall be debited to, and paid from, the said Fund.]
