We claim 1. Polymer microcapsules containing biocide selected from Irgarol and Zinc Pyrithione having particle size distribution in the range of 5-100 microns wherein encapsulating polymer used is selected from a group consisting of poly (methyl methacrylate), polystyrene, copolymer such as poly(vinylpyridine-co-styrene) and organic polymer selected from ethyl cellulose wherein the ratio of biocide to polymer used is in the range of 0.25 to 1.0. 2. The polymer microcapsules of biocide as claimed in claim 1, wherein the particle size of microcapsules obtained is preferably in the range of 5-50 microns. 3. A process for the preparation of microcapsules of biocide selected from Irgarol and Zinc Pyrithione, which comprises dispersing an organic phase containing biocide either in dissolved or dispersed state in a polymer solution using a low boiling point solvent, in an aqueous phase containing an emulsifying agent agitating the above said emulsion at a speed of 800 -1200 rpm, for a period of 4 -6 hrs, at a temperature of 25-27 °C to evaporate the low boiling point organic solvent to obtain the resultant microcapsules of biocide, separating and washing the resultant product with water followed by drying at a temperature ranging between 25 -35 °C to obtain the desired controlled particle size of polymer microcapsules.. 4. The Process as claimed in claim 3, wherein the organic phase used is prepared by dissolving polymer in a water immiscible, low boiling organic solvent. 5. The Process as claimed in claim 3, wherein the low boiling organic solvent used for preparing an organic phase is selected from the group consisting of dichloromethane, chloroform and ethyl acetate. 6. The Process as claimed in claim 3 wherein the concentration of polymer used in organic phase is in the range of 3 to 20 w/v %. 7. The Process as claimed in claims 3, wherein the concentration of biocide used in organic phase is in the range of 2 to 20 w/v %. 8. The Process as in claimed in claim 3, where
