Amendment status not verified — confirm the current text below against the official source.
1[(1) Subject to the rules made under this Act, there shall be levied for the purpose of this Act, a fee on ad valorem basis, at the rate of 2[rupees three] for every one hundred rupees, in respect of the agricultural produce, bought or sold in the notified market area. (2) The fee levied under sub-section (1) shall be paid by the dealer in such manner as may be prescribed and shall be realised by a market committee established under the Punjab Agricultural Produce Markets Act, 1961 (Punjab Act 23 of 1961): Provided that the burden of the fee shall be passed on by the dealer by adding it to the purchase price recoverable by him from the next purchaser of the agricultural produce or the goods processed or manufactured out of it. (2-A) If any dealer fails to pay the amount of the fee levied under sub- section (1), he shall, in addition to the amount of fee be liable to pay interest on the amount of fee due from him at the rate of eighteen percentum per annum from the date of default.] 1Substituted by Punjab Act No. 4 of 1994, Section 3 2Substituted for words “rupees two” by Punjab Act No. 24 of 2017, Section 2 Levy and collection of fee. Officers and Employees of the Board. (3) The arrears of fee levied under sub-section (1) shall be recoverable as arrears of land revenue. 1[5-A. The Board may, with the prior approval of the State Government, raise loans from the banks or other financial institutions on such terms and conditions, as may be prescribed.]