Levy Sugar Price Equalisation Fund Act,1976
Act No : 31
Section :
Definitions.
2. Definitions. In this Act, unless the context otherwise requires,- (a) "controlled price" means the price of the relevant grade of levy sugar, determined from time to time under sub- section (3C) of section 3 of. the Essential Commodities Act, 1955, (10 of 1955.) or under the Defence and Internal Security of India Rules, 1971, in relation to any year of production; (b) "excess realisation", in relation to each grade of levy sugar,- (i) means the price realised by any producer, on the sale of levy sugar of such grade, in excess of- (a) the controlled price, or --------------------------------------------------------------------- 1. 1-4-1976 : Vide Notifn. No. G.S.R. 251 (E), dt. 25-3-1976). --------------------------------------------------------------------- 182 (b) where any fair price has been fixed by a court for levy sugar of such grade, such fair price, and (ii) includes any realisation representing the difference between the controlled price and the price allowed by the court by an interim order, if such interim order is set aside, whether by the court which made the order or in appeal or revision; 1["Explanation.-For the removal of doubts, it is hereby declared that where in relation to levy sugar of any grade sold by any producer, the producer has realised towards duties of excise with respect to such sugar any amount in excess of the amount payable by way of such duties, such excess shall also be deemed to be excess realisation within, meaning of this, clause; (c) "fair price", in relation to levy sugar, means the price fixed by the court in excess of the controlled price, and, where an interim price, fixed by the court, is superseded by a price which is finally fixed by the court, the price so finally fixed; (d) "Fund" means the Levy Sugar Price Equalisation Fund, established under section 3; 1["(e) "levy sugar" means the sugar requisitioned by the Central Government under clause (f) of sub-section (2) of section 3 of the Essential Commodities Act, 1955; (f) "prescribed" means prescribed by rules made under this Act; (g) "producer" means a person carrying on the business of manufacturing sugar by the vacuum pan process.
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