tliu no lfio qf ~978 "the payment of bonus (amendment) lltll;"t9'18' ,,"  a billto amend the payment of bonus (amendment) act, 1977 be it enacted by parliament in the twenty-ninth year of the republic of india as follows:-1 (1) this act may be called the payment of bonus (amendment) short title act, 1978 and commence-s (2) it shall be deemed to have come into force on the 8th day of ment september, 1978  (i of 1977 2 in section 2 of the payment of bonus (amendment) act, 1977 (here-amendin after referred to as the amendment act), after the words and figures ment of "in respect of the accounting year commencing on any day in the year 1976", section 2 10 the words and ftgu'l'es "and in respect of the accounting year commencing on any day in the year 1977" shall be inserted 3 of 1978 3 (1) the payment of bonus (amendment) ordinance, 1978 is hereby repeal repealed and saving 21 of 1965 is (2) notwithstanding such repeal anything done or any action taken under the payment of bonus act, 1965 by virtue of the provisions of the amendment act as amended by the said ordinance shall be deemed to have been done or taken under the payment of bonus act 1965 by virtue of the provisions of the amendment act as amended by this  statement of objects and reasonsin 1975, a number of substantial amendments were made in the pay_  ment of bonus act, 1965 by means of the payment of bonus (amendment) ordinance, 1975 promulgated on the 25th september, 1975 this ordinance--was later replaced by the payment of bonus (amendment) act, 1976 (23 of 1976) as a result of these amendments, a minimum bonus of four per cent only was payable in respect of the accounting yearcommenclng on any day in the year 1974 and no minimum bonus was payable in respect of mbsequent accounting years if there were no allocable surplus in those yean the banking companies and the industrial reconstruction corporation of india, to which the act was earlier applicaole, were excluded from the purview of the act some other changes were also made 2 considering an almost unanimous demand of the working class that the payment of bonus act, 1965 should be amended to provide inter alia for payment of a minimum bonus whether there was an allocable surplus or not, the aforesaid act was amended by the payment of bonus (amendment) act,1977 (43 of 1977) to provide for payment of a minimum bonus of 833 per cent for the accounting year commencing on any day in the year 1976 irrespective of whether there was any allocable surplus banking companies and the industrial reconstruction corporation of india were also bound to pay bonus under the payment of bonus (amendment) act, 1977 investment allowance was allowed to be deducted as a prior charge, from the gross profits, in the computation of allocable surplus provisions for payment of bonus under an agreement on a formula difterent from that outlined in the act was restored, subject to certain safeguards 3 for the accounting year commencing on any day in the yeat 1977, the goftrnment decided to maintain the status quo a statement disclo~ "'ing the decision was made in both the houses of parliament-, during the last session but it was not found possible for a bill to be introduced and passed before that session adjourned with a view to giving effect to the decision to pay bonus before the commencement of the festival season in september-october, the president promulgated the payment of bonus (amendment) ordinance, 1978 on the 8th september, 1978 4 the present bill seeks to replace the aforesaid ordinance new delhi; the 18th november, 1978 ravindra varma  annexure e:rrracr prom thj: payment of bonus (am:i:rdio:nt) mt, 1977 , (4a of 1977) - • - • •2 the payment of bonus act, 1965 (hereinafter referred to as the act 21 of principal act) shall,-1965 to (a) in relation to a factory or other establishment to which the principal act applies immediately before the commencement of this act; and havemodifted eftect for a particu_ larperlod (b) in relation to a banking company and the industrial reconstruction corporation of india to which the principal act applies on and from such commencement by virtue of this act, have effect in respect of the accounting y~ar commencing on any day in the year 1976 as if the amendments specified in sections 3 to 20 had been made in that act '  - erplanation-in this section, the expressions "banking company" and tcaccounting year" shall have the meanings respectively assigned to them in clauses (8) and (1) of section 2 of the principal act  a billto amend the payment of bonus (amendment) act, 1977 (shri ravindra verma, minister of parliamentary agairs and labitr_ 