Amendment status not verified — confirm the current text below against the official source.
Interest on unpaid accumulations or fines after notice pf demand. (1) If an employer does not pay to the Board any amount of unpaid accumulations, or fines realised from the employees or the _amount of the employer's and employee's contributions under section 6BB within the time he is required by or under •the provisions of this. Act to pay it, the Welfare Com- -missioner; may cause to be served a notice on such employer to pay the amount within the period speci* fled 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— (a) in the case of a failure to pay any amount of unpaid accumulations or fines realised from the employees.— (i) for the first three months, at one 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 one and a half per cent of. that amount for each completed month, '.• z* during the time he continues 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.' contribu- tions under section 6BB,— . (i) for the first three months^ at one per cent ..'•':••:• 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 sec- - tion 6BB; and (ii) thereafter, at one and a half percent of ..' . that amount for each completed month, during the time he continues to make de- fault in the payment of that amount; Provided that, the Welfare Commissioner may, sub- ject'to such conditions as may be prescribed, remit the whole or any part of the penalty in respect of any period. : ••"_;