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Interest on unpaid accumulations or fines after notice of demand.

§6B

Summary

1[6B. Interest on unpaid accumulations or fines after notice of demand.- (1) If an employer does not pay to the Board any amount of unpaid accumulations, or fines realised from the employees 2[or the amount of the employers and employees contributions under section 6BB] within the time he is required by or under the provisions of this Act to pay it, the Welfare Commissioner may cause to be served a notice on such employer to pay the amount within the period specified therein which shall not be less than thirty days from the date of service of such notice. (2) If the employer fails, without sufficient cause to pay any such amount within the period specified in the notice, he shall, in addition to that amount, pay to the Board simple interest- 3[(a) in the case of failure to pay any amount of unpaid accumulations or fines realised from the employees,- (i) for the first three months, at 4[one and a half per cent.] of the said amount for each completed months, after the last date by which he should have paid it according to the notice ; and (ii) thereafter, at 5[two per cent.] of that amount for each completed months, during the time he continue to make default in the payment of that amount] ; (b) in the case of a failure to pay any amount of the employer's and employees' contributions under section 6BB,- (i) for the first three months, at 6[one and a half percent.] of the said amount for each completed month, after the last date by which he should have paid it in accordance with the provisions of sub-section (3) of section 6BB ; and (ii) thereafter, at 7[two per cent.] of that amount for each completed month, during the time he continues to make default in the payment of that amount: ] Provided that, the Welfare Commissioner may, subject to such conditions as may be prescribed, remit the whole or any part of the penalty in respect of any period.

1[6B. Interest on unpaid accumulations or fines after notice of demand.- (1) If an employer does not pay to the Board any amount of unpaid accumulations, or fines realised from the employees 2[or the amount of the employers and employees contributions under section 6BB] within the time he is required by or under the provisions of this Act to pay it, the Welfare Commissioner may cause to be served a notice on such employer to pay the amount within the period specified therein which shall not be less than thirty days from the date of service of such notice. (2) If the employer fails, without sufficient cause to pay any such amount within the period specified in the notice, he shall, in addition to that amount, pay to the Board simple interest- 3[(a) in the case of failure to pay any amount of unpaid accumulations or fines realised from the employees,- (i) for the first three months, at 4[one and a half per cent.] of the said amount for each completed months, after the last date by which he should have paid it according to the notice ; and (ii) thereafter, at 5[two per cent.] of that amount for each completed months, during the time he continue to make default in the payment of that amount] ; (b) in the case of a failure to pay any amount of the employer's and employees' contributions under section 6BB,- (i) for the first three months, at 6[one and a half percent.] of the said amount for each completed month, after the last date by which he should have paid it in accordance with the provisions of sub-section (3) of section 6BB ; and (ii) thereafter, at 7[two per cent.] of that amount for each completed month, during the time he continues to make default in the payment of that amount: ] Provided that, the Welfare Commissioner may, subject to such conditions as may be prescribed, remit the whole or any part of the penalty in respect of any period.

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