Indian Bare Acts

Search Alphabatically :

THE MARINE PRODUCTS EXPORT DEVELOPMENT AUTHORITY ACT, 1972

Title : THE MARINE PRODUCTS EXPORT DEVELOPMENT AUTHORITY ACT, 1972

Year : 1972



(1) There shall be levied on all marine products which are exported, acess for the purposes of this Act at such rate not exceeding three per cent. ad valorem as the Central Government may, by notification in the Official Gazette, fix.

(2) The cess levied under sub-section (1) shall be in addition to any cess or duty leviable on marine products under any other law for the time being in force.

(3) The provisions of the Customs Act, 1962 (52 of 1962), and the rules and regulations made thereunder, including those relating to refunds and exemptions from duty, shall, as far as may be, apply in relation to the levy and collection of the cess leviable under sub-section (1) as they apply in relation to the levy and collection of a duty of customs under that Act or those rules and regulations.




The proceeds of the cess levied under section 14 shall first be credited to the Consolidated Fund of India and the Central Government may, if Parliament by appropriation made by law in this behalf so provides, pay to the Authority, from time to time from out of such proceeds, after deducting the expenses of collection, such sums of money as it may think fit for being utilised for the purposes of this Act.



The Central Government may, after due appropriation made by Parliament by law in this behalf, pay to the Authority by way of grants or loans such sums of money as the Central Government may consider necessary.



(1) There shall be formed a Fund to be called the Marine Products Export Development Fund and there shall be credited thereto--

(a) The proceeds of the cess made over to the Authority by the Central Government;

(b) All fees levied and collected in respect of registration made under this Act;

(c) Any other fee that may be levied and collected by the Authority under this Act or the rules made there under;
 
(d) Any grants or loans that may be made by the Central Government for the purposes of this Act;

(e) Any grants or loans that may be made by any institution for the purposes of this Act: and

(f) All sums realised by the Authority in carrying out the measures referred to in section 9.

(2) The Fund shall be applied:

(a) For meeting the salaries, allowances and other remuneration of the officers and other employees of the Authority;

(b) For meeting the other administrative expenses of the Authority;

(c) For meeting the cost of the measures referred to in section 9; and

(d) For repayment of any loans from the Central Government or from any institution.



Subject to such rules as may be made in this behalf, the Authority shall have power to borrow on the security of the Marine Products Export Development Fund or any other asset for carrying out the purposes of this Act.




(1) The Authority shall maintain proper accounts and other relevant records and prepare an annual statement of accounts, including the profit and loss account and the balance-sheet in such form as may be prescribed by the Central Government in consultation with the Comptroller and Auditor-General of India.

(2) The accounts of the Authority shall be audited by the Comptroller and Auditor-General of India at such intervals as may be specified by him and any expenditure incurred in connection with such audit shall be payable by the Authority to the Comptroller and Auditor-General.

(3) The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of the Authority shall have the same rights and privileges and authority in connection with such audit as the Comptroller and Auditor-General has in connection with the audit of Government accounts and, in particular, shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect any of the offices of the Authority.

(4) The accounts of the Authority as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the Central Government and that Government shall cause the same to be laid before each House of Parliament.
Last updated on April, 2016

Find a Lawyer

Legal Hall of Fame

The current Legal Luminaries of India, the credible names in the legal circle along with those who would be the leading stars of the next decade. These are some of the reliable names in field of law. Nominate the Legal Stars of tomorrow

More

Recent Judgment


Sudha Mishra vs. Surya Chandra Mishra( R.F.A 299 of 2014

The Hon'ble High Court of Delhi in Sudha Mishra vs. Surya Chandra Mishra (R.F.A 299 of 2014)has ruled that a woman has a right over the property of her husband but she cannot claim a right to live in the house of her parents-in-law

More

Bare Acts

Helpline Law provides a user friendly compendium of Indian Law & Bare Acts. Get a complete list & detail of Indian Bare Acts, with amendments and repeals. It comes with easy-to-use features like Search by bare acts & by year. You can even email the information to yourself!

More

Have a Legal Matter ?
Need a Lawyer?

Have a Legal Matter ?

Need a Lawyer?

Male
Female