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LEVY SUGAR PRICE EQUALISATION FUND ACT 1976

ACT NO. 31 OF 1976

[16th February, 1976.]

Short title, extent and commencement.

1. Short title, extent and commencement. (1) This Act may be called the Levy Sugar Price Equalisation Fund Act, 1976.

(2) It extends to the whole of India except the State of Jammu and Kashmir.

(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

Definitions. 2. Definitions. In this Act, unless the context otherwise requires,- (a) "controlled price" means the price of the relevant grade of levy sugar, determined from time to time under sub- section (3C) of section 3 of. the Essential Commodities Act, 1955, (10 of 1955.) or under the Defence and Internal Security of India Rules, 1971, in relation to any year of production; (b) "excess realisation", in relation to each grade of levy sugar,- (i) means the price realised by any producer, on the sale of levy sugar of such grade, in excess of- (a) the controlled price, or --------------------------------------------------------------------- 1. 1-4-1976 : Vide Notifn. No. G.S.R. 251 (E), dt. 25-3-1976). --------------------------------------------------------------------- 182 (b) where any fair price has been fixed by a court for levy sugar of such grade, such fair price, and (ii) includes any realisation representing the difference between the controlled price and the price allowed by the court by an interim order, if such interim order is set aside, whether by the court which made the order or in appeal or revision; 1["Explanation.-For the removal of doubts, it is hereby declared that where in relation to levy sugar of any grade sold by any producer, the producer has realised towards duties of excise with respect to such sugar any amount in excess of the amount payable by way of such duties, such excess shall also be deemed to be excess realisation within, meaning of this, clause; (c) "fair price", in relation to levy sugar, means the price fixed by the court in excess of the controlled price, and, where an interim price, fixed by the court, is superseded by a price which is finally fixed by the court, the price so finally fixed; (d) "Fund" means the Levy Sugar Price Equalisation Fund, established under section 3; 1["(e) "levy sugar" means the sugar requisitioned by the

Central Government under clause (f) of sub-section (2) of section 3 of the Essential Commodities Act, 1955; (f) "prescribed" means prescribed by rules made under this Act; (g) "producer" means a person carrying on the business of manufacturing sugar by the vacuum pan process.

Levy Sugar Price Equalisation Fund.

3. Levy Sugar Price Equalisation Fund. (1) There shall be established a Fund, to be called the Levy Sugar Price Equalisation Fund.

(2) Save as otherwise 2[provided in sub-section (5)] there shall be credited to the Fund, in such manner as may be prescribed,- (a) the amounts representing all excess realisations made by the producers, irrespective of whether such excess realisations were made before or after the commencement of this Act; (b) the amounts representing any loans which may be advanced, or grants which may be made, by the Central Government for carrying out the objects of the Fund.

(3) Save as otherwise 2[provided in sub-section(5)] every producer shall,- (a) in the case of an excess realisation made before the commencement of this Act, within thirty days from such commencement, (b) in the case of an excess realisation made after such commencement, within thirty days from the date on which such excess realisation was made, credit to the Fund, the amount representing such excess realisations, 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; 2["Provided that-- (a) the interest due on so much of any amount of any excess realisation made before the date of commencement of the Levy Sugar Price Equalisation Fund (Amendment) Act, 1984, as 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 (b) the interest due on so much of the amount of any excess realisation made on or after the date of such commencement as is 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]; -------------------------------------------------------------------- 1. Ins. and subs. by Act 54 of 1984, s.2(retrospectively.) 2. Subs. and ins by s.3, ibid. --------------------------------------------------------------------