11. Interest payable by occupiers of factories and owners of mines. -

If any occupier of a factory or any owner of a limestone or dolomite mine fails to pay any amount payable by him to the Central Government under section 4 within the period prescribed therefore under that section, such occupier or owner, as the case may be, shall be liable to pay simple interest at twelve per cent per annum on the amount to be paid, from the date on which such payment is due till such amount is actually paid.