Section 7:
Interest payable by occupiers of factories and owners of mines.
If any occupier of a factory or
any owner of an iron ore mine or a manganese ore mine1[or a chrome ore] minefails to pay any amount
payable by him to the Central Government under section 4 within the period prescribed thereunder, such
occupier or owner, as the case may be, shall be liable to pay simple interest at twelve per cent.per annum
on the amount to be paid from the date on which such payment is due till such amount is actually paid.
Notes:
1. Ins. by s. 8, ibid. (w.e.f. 1-7-1983).