(1) Application for remission of penalty shall be made to the Welfare Commissioner within sixty days from the date of payment of penalty, and shall clearly specify the grounds on which the remission is claimed.
(2) Where the Welfare Commissioner is satisfied that the penalty imposed is likely to cause undue hardship to the employer concerned or that the employer has suffered financially on account of riots, war or through natural calamities or that delay caused in the payment of unpaid accumulations or fines was due to circumstances beyond his control, the Welfare Commissioner may remit in part or whole the penalty payable under sub-section (2) of section 6-B;
Provided that if the amount of penalty to be remitted exceeds five hundred rupees, the remission shall not be made without the prior sanction of the Board.