 bill no  xxvi of  2007 the seamen's provident fund (amendment) bill, 2007 a billfurther to amend the seamen's provident fund act, 1966be  it enacted by parliament in the fifty-eighth year of the republic of india as follows:—short title1 this act may be called the seamen's provident fund (amendment) act, 20074 of 196652 after section 4 of the seamen's provident fund act, 1966, the following section shall be inserted, namely:—insertion of new section 4a"4a (1) subject to the provisions of this act and the scheme, the board shall be responsible for management of the fundresponsibilities of board to manage the fund(2) the central government shall not be liable to compensate or indemnify any loss caused to the fund by deposits in an approved bank referred to in section 4 or investment in securities or due to mismanagement, misappropriation or otherwise by the board, any of its trustees, employees or any other person at any time" statement of objects and reasonsthe seamen's provident fund act, 1966 (4 of 1966) governs matters relating to seamen's provident fund2 the seamen's provident fund (amendment) bill, 2007 proposes to insert a new section 4a in the aforesaid act with a view to dissociating the government from any responsibility in regard to compensation or indemnification of any loss caused to the seamen's provident fund by deposits in an approved bank or investment in securities or due to mismanagement, misappropriation or otherwise by the board, any of its trustees, its employees or any other person thus, the new provision makes the board responsible for any loss caused to the seamen's provident fund3 the bill seeks to achieve the above objectsnew delhi;t r baaluthe   30th march, 2007 rajya sabha———— a billfurther to amend the seamen's provident fund act, 1966————(shri t r baalu, minister of  shipping, road transport and highways)mgipmrnd—2391rs(s5)—16-05-2007