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[Cites 0, Cited by 4] [Section 3] [Entire Act]

Union of India - Subsection

Section 3(5) in The Levy Sugar Price Equalisation Fund Act, 1976

(5)Where, in pursuance of an interim order made by any court, whether before or after the commencement of this Act, any amount representing the difference between the controlled price and the interim price allowed by the court is,—
(a)held by any producer either with himself or with any other person or with any court, Government, bank or other authority, or
(b)collected and kept by the producer under the cover of any guarantee,
such producer shall, on the final disposal of the proceedings of the court aforesaid, credit to the Fund, within sixty days from the date of such final disposal, such amount, to the extent it represents any excess realisation together with interest due thereon at the rate of twelve and a half per cent. per annum from the date on which such amount was realised by him:Provided that—
(i)the interest due on so much of such amount as was realised before the date of commencement of the Levy Sugar Price Equalisation Fund (Amendment) Act, 1984 (54 of 1984) and is not credited to the Fund together with interest at the aforesaid rate of twelve and a half per cent. per annum before the expiry of sixty days from the date of such commencement, and
(ii)the interest due on so much of such amount as is realised after such commencement and not credited to the Fund together with interest at the aforesaid rate of twelve and a half per cent. per annum within sixty days from the date on which such amount was realised,
shall be at the rate of fifteen per cent. per annum from the date on which such amount was realised by the producer'