Section 3(5) in Industrial Disputes (Banking Companies) Decision Act, 1955
(5)Notwithstanding anything contained in the foregoing provisions of this section, the Central Government may, from time to time, by notification in the Official Gazette, make in lieu of the adjustment of the dearness allowance recommended in Clause 1(e) of Chapter XI of the Report of the Bank Award Commission, such adjustment thereof as it thinks fit for any period subsequent to the 31st December, 1957, with reference to the rise or fall, as compared to 144 (1944=100), of the average All-India Cost of Living Index for any period immediately preceding that period; and upon the issue of such notification the adjustment of dearness allowance so made for any period shall be deemed to have been recommended in Clause 1(e) of the Report of that Commission :Provided that any adjustment so made shall, so far as may be, bear to the rise or fall of the Cost of Living Index the same ratio as it indicated between the adjustment of dearness allowance and the rise or fall of the Cost of Living Index in the formula recommended in that clause.
