352N. Compulsory insurance or other financial guarantee.-
(1) The owner of every Indian ship which carries 2000 tons or more oil in bulk as cargo shall, in respect of such ship, maintain an insurance or other financial security for an amount equivalent to-
1[(a) one hundred and thirty-three Special Drawing Rights for each ton of the ship's tonnage; or
(b) fourteen million Special Drawing Rights,] whichever is lower.
(2) In respect of every Indian ship which maintains insurance or other financial security under sub-section (1), there shall be issued by the Director-General a certificate in such form and giving such particulars as may be prescribed.
(3) On an application by the owner or agent of any foreign ship, the Director-General may issue a certificate under sub-section (2) in respect of such foreign ship on production of satisfactory evidence relating to maintenance of insurance or other financial security in accordance with the provisions of the International Convention on Civil Liability for Oil Pollution Damage signed at Brussels on the 29th day of November, 1969 2[as amended from time to time].
(4) For every certificate issued under sub-sections (2) and (3) there shall be charged such fee as may be prescribed.