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The Gazette of India

EXTRAORDINARY

PART II—Section 3—Sub-section (ii)

PUBLISHED BY AUTHORITY

No. 301] NEW DELHI, THURSDAY, SEPTEMBER 22, 1966/BHADRA 31, 1888

Separate paging is given to this Part in order that it may be filed as a separate compilation.

MINISTRY OF FINANCE

(Department of Revenue and Insurance)

NOTIFICATIONS

Mew Delhi, the 21st September 1966

S.O. 2810,—In exercise of the powers conferred by sub-section (5) of section 5 of the Emergency Risks (Goods) Insurance 'Act, 1962 (62 of 1962), the Central Government hereby makes, the following scheme further to amend the Emer- gency Risks (Goods!) Insurance Scheme issued with the Notification of the Gov- ernment of India in the Ministry of Finance (Department of Economic Affairs) No. S O, 3945, dated the 26th December, 1962, namely: —

1. (1) This Scheme may be called the Emergency Risks (Goods) Insurance (Third Amendment) Scheme, 1966.

(2) It shall come into force on the first day of October, 1966.

2 In the Emergency Risks (Goods) Insurance Scheme, for paragraph 10, the following paragraph shall be substituted, namely: —

' 10. Rate of Premium

(1) Subject to the provisions of sub-paragraph (2) the premium payable under any policy of insurance issued in respect of the quarter ending on the 31st day of December, 1966, shall—

(a) in the case of a policy in force on the 30th day of September, 1966, be nil;

(3) Where the amount of any premium payable under sub-paragi aph (1) involves a fraction of a rupee, the premium shall be rounded off to the nearest rupee. The premium shall be payable in one lump sum in .espect of the entire quarter for which the policy is in force;

Provided that if any goods become insurable or are insured under this Scheme after the comiiencement of the quarter, the premium .shall be payable in one lump sum, wh'ch sha 1 be equivalent to the amount payable in resp?ct of rcods insurable du ing the entire quarter reduced by an amount which bear-5 to the first mentioned amount the same proportion as the number of completf-d months in that quarter before the goods become incurable or are insured bears to three, the actual amount due in accordance with this proviso if it Involves a fraction being rounded off to the nea est rupee.

(4) Where the premium ha3 been revised under sub-paragraph (2). the pro- visions contained In the proviso to sub-paragraph (3) shall apply for die purpose of calculation of the additional amount of premium payable or of the a-nount of premium refundable, as the rase may be, as a resu t of such revision, as if all the policies came into force on the date of such revision.

[No. F. 101 (5)-INS. I/66-ERKI).]

S.O. 2841.—In exercise of the powers conferred by sub-section (6) of section 3 of the Emergency Risks (Factories) Insurance Act, 1962 (63 of 1962), the Central Government hereby makes the following scheme further to amend the Emergency Risks (Facto ieq) msur-jn-c Schema issued with the notification of thi" Govern- ment of India in the Ministry of Finance (Department of Economic Affairs) Wo. S.O. 3946 dated the 2eth December, 1962, n a m e l y :-

1. (1) Thii Scheme may be called the Emergency Risks (Factories' Insurance (Third Amendment) Scheme, 1966.

(2) It shall come into force on the first day of October, 1966. 2. In the Emerpency Risks (Factories) Insurance Scheme, for paragraph 8, the following parag aph shaP be substituted, namely: —

"8. Rate of premium.

(1) Subject to the provisions of sub-paragraph (2) the premium payable under any noi

(a) in the case of a policy in force on the 30th day of September, 3966, be

nil;

(b) in any other case be at the rate of ten paise for every hund ed rupees or any part thereof of the sum insured, subject to a maximum of twenty-five rupees.

(2) The Central Government may. in its discretion, at any time during Ihe said nna ter levlse the premium payable under the policies referml to in cub- paragraph (1).

(.3) Where the amount of anv premium payable under sub-paraeraph (1) involves i fract-on of a rupee, the premium shal¹ be rounded off to thn nearest rupee. The P em'uni sh^l be payable in one lump sum in respect of the entire quarter for which the policy is in force;

Provided that if anv factory becomes insursble or is insured under th:s Scheme after the commencement of the quarter, the premium shall bp equivalent to the amount payable in respect of factories insurable du ing the entire quarter reduced by an amount which bears to the first mentioned amount the same nro- Dortion aq the number of completed months in that quarter before the factory becomes, minrqble or is insured bears to three, the actua' amount due in acco - dance with this proviso if it involves a fraction being rounded off to the nearest lupee.

(4) Where the premium has been revised under sub-mraeraph (2) the pro- visions contained in thf nrnvi'o to sub-pa aeraoh (31 shall apply for the purpose of calculation of the additional amount of premium payable or of the amount of premium refundable, as the case rrnv be as a result of >;uch revision, as if all the policies came Into force on the date of such revision,".