Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act : Payment of amount. Indian

Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act,1978

Act No : 21

Section : Payment of amount.

6. Payment of amount. (1) For the transfer to, and vesting in, the Corporation, under section 3, of the undertaking of the Company, there shall be given by the Corporation to the Company an amount of rupees two crores. (2) The amount specified in sub-section (1) shall be given, in cash, within thirty days from the commencement of this Act and such amount shall carry interest at the rate of four per cent. per annum from such commencement till the date on which the amount is paid to the Company: Provided that if the amount specified in sub-section (1) is paid within seven days from the commencement of this Act, no interest shall be payable. 352