Interest on unpaid accumulations, fines and contributions after notice of demand.

(1) Where an employer does not pay to the Board any amount of unpaid accumulations or fines realised from the employees or any amount of the employer's or, as the case may be, employee's contributions within the time he is required by or under the provisions of this Act to pay such amount, the Welfare Commissioner May cause to be served a notice on such employer to pay to the Board the amount within the period specified therein, which shall not be less than thirty days from the date of service of such notice. (2) Where the employer on whom a notice is served under sub-section (1) fails without sufficient cause to pay any such amount within the period specified in the notice, he shall without prejudice to any penalty which may be imposed on him under this Act be liable to pay to the Board simple interest on that amount for the period commencing on the date of expiry of the period specified in the notice and ending on date of the payment of that amount— (a) in respect of the period falling within the first three months after such expiry, at the rate of twelve percent per annum, and (b) in respect of the other period, at the rate of eighteen percent per annum. (3) The amount of interest payable to the Board under sub-section (2) shall be collected by the Welfare Commissioner in such manner as may be prescribed : Provided that the Welfare Commissioner may, subject to such conditions as may be prescribed, remit the whole or any part of the amount of interest in respect of any period.