(1) The Custodian shall, if authorised by the Central Government so to do, pay the pension or other retirement benefit due to any person, being an Indian citizen, who immediately before the appointed day was in receipt of any such pension ox benefit from the Banco Nacional Ultramarino or its branches in Goa, Daman and Diu, and shall in the case of an employee, being an Indian citizen, whose services are deemed to have been terminated under section 16, determine, with the approval of the Central Government, the retirement benefits which may be due to that person and make payments accordingly:
Provided that if no pension or other benefit is admissible to any employee whose services are deemed to have been terminated under section 16, there shall be paid to him a gratuity at the rate of fifteen days' pay for every year of service, subject to a maximum of one thousand rupees.
(2) If any provident, superannuation, gratuity or other fund has been maintained at the head office of the Banco Nacional Ultramarino for the benefit of the employees or if the amount of any pension or other retirement benefit is due from the said office to the said employees, the Custodian shall be entitled to recover the assets available in that fund or the amount due from the said office, as the case may be, and to set off any amount so recovered against the payments made under sub-section (1) provided that if the amount recovered Is in excess of the sum total of the payments made under sub-section
(1), the Custodian shall determine the share from out of such excess Payment of pension, etc., due to employees.
SEC. 11 'ftlE GA2E*"fctt OF INDIA E X T R A O H D I N A R V $4$ which may be due to the several employees and shall distribute that share to them or to their nominees or heirs.
14. The Central Government shall,, on the expiry of twelve years, and may, at any time before such expiry, direct that the books oi account and affairs of the branches of the Banco Nacional Ultramarino in Goa, Daman and Diu shall be inspected by the Reserve Bank or by such other agency as the Central Government may determine and that a report on the basis of such inspection shall be made and the Central Government may, after considering the said report, direct the winding up of the affairs of the said branches on such terms and conditions to be specified by that Government which shall, as far as practicable, be in consonance with the provisions relating to winding up of a banking company under the Banking Companies Act, 1949.10 of 1949 Final provision in respect of assets and liabilities.
15. No claim for interest on any amounts due to be paidi or any liabilities remaining to be discharged as on the* appointed day shall as from that day lie against the branches of the Banco Nacional Ultramarino in Goa, Daman and Diu or against the Custodian.
Interest not to be payable after appointed day.
16. Notwithstanding anything to the contrary contained in any contract of service or any other instrument, the services of the employees of the branches of the Banco Nacional Ultramarino in Goa, Daman and Diu shall stand terminated after the 31st January, 1962, provided that nothing in this section shall prohibit the Custodian at any time from re-employing in the service of the said branches any of the retrenched employees on such terms and conditions as he may . deem fit.
Retrench' ment of staff.
CHAPTER III PROVISION IN RESPECT OP CAIXA ECONOMICA DE GOA
17. Notwithstanding anything to the contrary in any decree, law or other instrument, no person shall be required to deposit or to keep deposited any sum in the Caixa Economica de Goa.
No person to be required to make any deposit.
18. The Custodian shall discharge in full all the liabilities of the Caixa Economica de Goa:
Provided that no amount shall be payable under this section to a Portuguese national or to any person resident in any of the territories under Portuguese control unless such payment has been specifically authorised by the Central Government.
Liabilities to be discharged in full.
19. Notwithstanding anything to the contrary in any contract of 3ervice or any other instrument, the Custodian may, if he is satisfied that it is necessary so to do, terminate with the approval of the Central Government, the services of any of the employees of the Retrenchment of •taff.
54<S T t lE &AZETTE OF INDIA EXTRAORDINARY [PART tt Caixa Economica de Goa after giving to them one month's notice or one month's pay in lieu of such notice.
20. Save as otherwise provided in section 21, every employee shall, on the termination of his appointment, be entitled to any retiring pension or other benefits calculated in accordance with the rules, orders or other conditions of service which were applicable to him immediately before the appointed day:
Provided that if no pension or other benefit is admissible to any employee who is retrenched in accordance with such rules, orders or other conditions of service, there shall be paid to him a gratuity at the rate of. fifteen days' pay for every year of service, subject to a maximum of one thousand rupees.
Terminal benefit* to staff.