The Gazette of India
EXTRAORDINARY
PART II—Section 3—Sub-section (ii)
PUBLISHED BY AUTHORITY
No. 156] NEW DELHI, THURSDAY, MARCH 23,1967/CHAITRA 2,1889
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 New Delhi, the 23rd March 1067
S.O. 1000.—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 Emergency Risks (Goods) Insurance Scheme issued with the notification of the Government 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 (Amendment) Scheme, 1067.
(2) It shall come into force on the first day of April, 1967.
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 30th day of June, 1967, shall—
(a) in the case of a policy in force on the 31st day of March, 1967, be nil; (b) in any other case, be at the rate of six paise for every hundred rupees or any part thereof of the sum insured, subject to a maximum of twenty-five rupees.
<*64 THE GAZETTE OF INDIA EXTRAORDINARY [PA*T I1-SKC 8(11)] (3) Where the amount of any premium, payable under sub-paragraph (1) involves a fraction of a rupee, t he p r e m i um shall be r o u n d ed off to tne nearest rupee. The premium shah be payable in one lump sum m respect of the entire q u a r t er for which the policy is in lorcc;Provided t h at if any goods become msurable or arc insured under this Scheme after t he commencement oil the quarter, the p r e m i um shall be payable in one lump sum, which shall be equivalent to t he amount payable in respect ol goods msurable during the entire q u a r t er reduced by an amount which bears to t he hrat mentioned amount the same proportion as the n u m b er oi completed months m that q u a r t er before t he goods become msurable or are insured bears to three, the actual amount due in accordance witn this proviso if it involves a traction being r o u n d ed off to the nearest rupee.
(4) W h e re t he p r e m i um .has been revised u n d er s u b - p a r a g r a ph (2), the provi- sions contained in the proviso to sub-paragraph (3) shall apply for the purpose uf calculation of t he additional amount of p r e m i um payable or of the amount of p r e m i um refundable, as the case m ay be, as a result of such revision, as if all me policies came into force on the date of such revision."
[No. F. 101(l)-INS.I/67-ERI(I).]
S.O. 1010.—In exercise of the powers conferred by sub-section (0) of section 3 of the Emergency Risks (Factories) Insurance Act, 1MZ (63 of 1962), the Central Government hereby makes the following scheme further to amend the Emergency Risks (Factories) Insurance Scheme issued with the notification of the Govern- ment of India in the Ministry of Finance (Department of Economic Affairs) No. S.O. 3946, dated the 26th December, 1062, namely:—
1. (1) This Scheme may be called the Emergency Risks (Factories) Insurance (Amendment) Scheme, 1967.
(2) It shall come into force on the first day of April, 1967.
2. In the Emergency Risks (Factories) Insurance Scheme, for paragraph 8, the following paragraph shall be substituted, namely:—
"8. 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 30th day of June, 1967, ahall—
(a) In the case of a policy in force on the 3lst day of March, 1967, be nil; (b) in.any other case, be at the rate of ten paise for every hundred 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 the aaid quarter, revise the premium payable under the policies referred to in sub- paragraph (1).
(3) Where the amount of any premium payable under sub-paragraph (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 respect of the entire, quarter for which the policy is in force;
Provided that if any factory becomes Insurable or is insured under this Scheme after the commencement of the quarter, the premium shall be equivalent to the amount payable in respect of factories insurable during the entire quarter reduced by an amount which bears to the first mentioned amount the same proportion as the number of completed months In that quarter before the factory becomes Insurable or Is insured bears to three, the actual amount due in accordance with this proviso if it involves a fraction being rounded off to the nearest rupee-
(4) Where the premium has been revised under sub-paragraph (2) the provi- sions contained in the proviso to sub-paragraph (3) shall apply for {he purpose of calculation of the additional amount of premium payable or of the amount o! premium refundable, as the case may be, as a result of such revision, as if all the policies came into force on the date of such revision."
[No. F. 101(l)-INS.I/67-ERI(II).]
R- C. DUTT, Secy.