Section 34 in The Employees' State Insurance (General) Regulations, 1950
34. [ 29 Payment of Contribution. -Contribution payable under the Act shall, except when otherwise provided, be paid into a Bank duly authorised by the Corporation.]
[***] 36 [ 31 Time for payment of contribution. -An employer who is liable to pay contributions in respect of any employee shall pay these contributions within 21 days of the last day of the calendar month in which the contributions fall due:] [Provided that where a factory/establishment is permanently closed, the employer shall pay contribution on the last day of its closure:] [Provided that an employer may opt, in such manner as may be prescribed, by the Director-General for payment of amount in advance towards contribution to be adjusted against contributions payable by him (including employees' contribution) for a wage period so that the balance of advance amount continues to be more than the contributions due and payable at the end of the concerned wage period. Such an employer shall furnish in the prescribed proforma [(Form 5A)], a six monthly statement of contributions payable and paid in advance with the balance left at the end of each month along with return of contributions to the appropriate Regional Office of the Corporation.] 37 [ 31A Interest on contribution due, but not paid in time. -An employer who fails to pay contribution within the periods specified in regulation 31, shall be liable to pay [simple interest at the rate of [twelve per cent.] per annum] in respect of each day of default or delay in payment of contribution.]
