Legal Document View

Unlock Advanced Research with PRISMAI

Integrated with over 4 crore judgments and laws — designed for legal practitioners, researchers, students and institutions

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 0] [Section 19] [Entire Act]

Union of India - Subsection

Section 19(15) in The Sugar Development Fund Rules, 1983

(15)Manner of calculation of subsidy-(i) the Central Government may specify, from time to time, the rate per annum at which. the subsidy towards interest, storage and insurance charges shall be calculated:Provided that till such rates are specified, they shall be eighteen per cent per annum towards interest charges and one and half per cent per annum towards subsidy on storage and insurance charges of the value of sugar set apart as buffer stock determined with reference to the average of the tariff value fixed by the Central Government in the Ministry of Finance for the purpose of levy and collection of excise duty on sugar for the three months immediately proceeding the commencement of the quarter or the period for which the payment is to be authorised under sub-rule (14):Provided further that the payment of subsidy in respect of a quarter subsequent to the one ending on the 31st March, 1983, or a pan thereof, the value of the buffer stock shall be determined with reference to the average actual realisation per quintal of sugar made by the claimant sugar undertaking on the sale of non-levy sugar in the open market during the relevant quarter/period to which the claim relates.Explanation - 'Non-levy' sugar means the sugar which is outside the purview of the Levy Sugar Supply (Control) Order, 1979 or an order made under clause (f) of sub-section (2) of section 3 of the Essential Commodities Act, 1955 (10 of 1955).
(ii)Subject to first proviso to sub-rule (14), the claim for subsidy for a quarterly period or part thereof shall be based upon the amounts computed in accordance with the following formula, namely:-
(a) subsidy towards interest (Rs.) B x V x l x N365/366
(b) Subsidy towards storage and insurance charges (Rs.) B x V x S x N365/366
(c) Total of (a) and (b) in rupees, rounded off to the nearestrupee.
Explanation to the letters used in the formula:-'B' is the quantity, in quintals of sugar maintained as buffer stock.'V' is the value per quintal of sugar determined under the clause (i)