Karnataka Silkworm Seed, Cocoon and Silk Yarn (Regulation of Production, Supply, Distribution and Sale) (Amendment) Act, 2022

Sep 15, 2022 | by TeamLease RegTech Legal Research Team

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Industry Specific ComplianceThe Government of Karnataka on September 13, 2022 has issued Karnataka Silkworm Seed, Cocoon and Silk Yarn (Regulation of Production, Supply, Distribution and Sale) (Amendment) Act, 2022 to further amend Karnataka Silkworm Seed, Cocoon and Silk Yarn (Regulation of Production, Supply, Distribution and Sale) Act, 1959. This has come into force on September 13, 2022.

The following has been stated namely: -

• Section 10 which stated “Regulation and distribution of silkworm seed” has now been amended to “Regulation and distribution in the cocoon markets”

• Section 10(2) has been substituted namely: -

“All transactions involving the sale or purchase of cocoons in a cocoon market shall be by open auction or by e-auction in such manner as may be prescribed, the payment of the price shall be in cash or through electronic clearing system (ECS) or Real Time Gross settlement (RTGS) or National Electronic Fund Transfer (NEFT) as may be specified by State Government and the cocoons shall be sold by weight, as required by or under the Legal Metrology Act, 2009. (Central Act 1 of 2009) and rules made thereunder.”

 

[Notification No. 17 of 2022]


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