Section 8 in Calcutta Slum Clearance and Rehabilitation of Slum-Dwellers Act, 1958
8. Determination of compensation and manner of payment thereof. -
The compensation mentioned in section 7 shall be paid and satisfied by issue of bonds by the State Government which shall bear interest at the rate of 5 per centum per annum with effect from the date of vesting referred to in sub-section (2) of section 5. The said bonds shall be redeemed and paid in full at the face value thereof immediately on the expiry of twenty years from the date of their issue but the State Government shall be at liberty to redeem and pay such bonds or any part thereof before the expiry of the said twenty years:Provided, however, that the State Government shall, where the compensation does not exceed Rs. 5,000, pay such compensation in cash where the amount of the compensation exceeds Rs. 5,000 pay an amount not exceeding Rs. 5,000 in cash and the balance in bonds.
