Amendment status not verified — confirm the current text below against the official source.
(1) Every coir worker and self employed person shall contribute to the Fund five rupees per month and the contribution by the coir worker shall be paid directly or through the employer: Provided that a coir worker or a self employed person who has not become a member of the Fund before the 30th day of September, 1997 shall become a member of the Fund if he pays to the Fund an amount equivalent to the contribution payable by him, had he been a member for the period prior to the 30th day of September 1997, within nine months from the said date: Provided further that the arrears of contribution, if any, for any period prior to the 30th day of September, 1997, payable by a member shall be allowed to be paid waving interest and penalty if such payment is made before the 30th day of September, 1998. (2) Every employer, producer of coir products and dealer shall pay to the Fund a contribution at the rate shown in the Annexure per year. (3) The Government shall contribute to the Fund every year an amount equal to twice the amount contributed by the coir workers and self-employed persons, by way of grant. (4) Every exporter shall with effect from the 1st day of October, 1989 pay to the Fund every year an amount equal to 0.75 per cent of the F.O.B. value of his annual exports by way of contribution: Provided that the contribution payable by producers of coir products, dealers or exporters, as the case may be, till the 30th day of September, 1997 shall be calculated at the revised rates and excess payments, if any shall also be adjusted against future payments and arrears, if any, may be allowed to be paid in suitable quarterly instalments not exceeding twenty, after waiving interest and penalty on such arrears: Provided further that the instalment facility for payment of arrears and waiver of interest and penalty shall be extended only if the current contributions are paid without default along with instalments of arrears."] (6) The contribution shall be paid to the Chief Executive Officer or to any officer of the Board authorised by the Board in this behalf. (7) Where the amount of any contribution payable under this Act involves a fraction of a rupee, the scheme may provide for the rounding off of such fraction to the nearest rupee. Substituted by Act 9 of 1998