Amendment status not verified — confirm the current text below against the official source.
(1) The initial contribution to the Fund is to be made on the outstanding amount of deposits of Primary Agricultural Credit Societies at the beginning of the year in which the scheme comes into force. Subsequent contribution is to be made on the net increase in deposits at the end of each year. (2) The initial contribution to the Fund payable by the Primary Agricultural credit societies shall be remitted either in lump or in three annual installments subsequent contribution to be remitted at me end of each accounting year on the basis of the net increase in deposit shall be remitted in lump. The contribution of District Co-operative Banks and Kerala State Co-operative Bank shall be made either in lump or two or three installments according to the quantum of contribution made by the Primary Agricultural Credit Societies to the corpus of the fund of each District Co-operative Bank. (3) The Primary Agricultural Credit Societies shall remit the contribution to the Fund within 6 months from the date of close of the year calculated at the prescribed rate specified under clause 5. If the annual contribution due is not paid within 6 months as mentioned above, the deposits of such society shall be excluded from the guarantee cover for the period of such delay. The guarantee will stand revoked if the annual guarantee contribution is not remitted with interest at 12% per annum together with a penal interest at the rate of 3% for the period of delay. (4) No portion of the contribution remitted shall be refunded to any society for any reasons. (5) The Government may at their option make contribution to the corpus of the fund which may be kept at the level of District Co-operative Banks.