Section 214
Contribution payable by persons to Fund.
The Merchant Shipping Act, 2025
About this Act
An Act to consolidate and amend the law relating to merchant shipping to ensure compliance with India's obligation under the maritime treaties and international instruments to which India is a party and also to ensure the development of Indian shipping and efficient maintenance of Indian mercantile marine in a manner best suited to serve the national interest and for matters connected therewith or incidental thereto.
(1) The contributions payable to the Fund by a person for any year shall be,—
(a) such amount as may be determined under Article 12 of the Fund Convention;
(b) in such instalments, becoming due at such dates, as may be notified under the Fund Convention and any amount due shall be payable along with interest at a rate determined under Article 13 of the Fund Convention.
(2) The Central Government may require persons who are or may be liable to pay contributions to the Fund under this Chapter to give financial security for payment of contributions to the Central Government or the Fund.
(a) such amount as may be determined under Article 12 of the Fund Convention;
(b) in such instalments, becoming due at such dates, as may be notified under the Fund Convention and any amount due shall be payable along with interest at a rate determined under Article 13 of the Fund Convention.
(2) The Central Government may require persons who are or may be liable to pay contributions to the Fund under this Chapter to give financial security for payment of contributions to the Central Government or the Fund.