Coal Mines (Nationalisation) Act,1973
Act No : 26
Section :
Payment by the Central Government to the Commissioner.
18. Payment by the Central Government to the Commissioner. (1) The Central Government shall, within thirty days from the specified date, pay, in cash, to the Commissioner for payment to the owner of a coal mine, an amount equal to the amount specified against the coal mine in the Schedule and shall also pay to the Commissioner such sums as may be due to the owner of a coal mine under section 9. 344 (2) In addition to the sum referred to in sub-section (1), the Central Government shall pay, in cash, to the Commissioner, such amount as may become due to the owner of a coal mine in relation to 1*[the period] during which the management of the coal mine remains vested in the Central Government 2*[, and simple interest at the rate of four per cent. per annum on such amount for the period commencing on the 1st day of July, 1975 and ending on the date of payment of such amount to the Commissioner]. (3) A deposit account shall be opened by the Central Government, in favour of the Commissioner, in the Public Account of India, and every amount paid under this Act to the Commissioner shall be deposited by him to the credit of the said deposit account in the Public Account of India, and thereafter the said deposit account shall be operated by the Commissioner. (4) Separate records shall be maintained by the Commissioner in respect of each coal mine in relation to which payments have been made to him under this Act. (5) Interest accruing on the amounts standing to the credit of the deposit account referred to in sub-section (3) shall ensure to the benefit of the owners of coal mines 2*[and shall also be payable to the Commissioner in addition to the sum referred to in sub-section (1)]. (6) References in this section to the owner of a coal mine shall, in relation to a group of coal mines specified in the Schedule, be construed as references to the owner of that group of coal mines.
Read All Comments
