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State of West Bengal - Section

Section 16 in The West Bengal Slum Areas (Improvement And Clearance) Act, 1972

16. Manner of payment of compensation.

- The compensation payable in respect of the acquisition of any interest under this Act either to one claimant or to several claimants jointly shall, subject to the provisions of this Act, be paid in the following manner, namely:-
(a)payment in cash shall be made in accordance with the following Table, namely:-
Table
Net compensation. Payment to be made in cash.
(i) For the first Rs. 5,000 or less of the amount. 100per centumof the amount of compensation payable.
(ii) For the next Rs. 5,000 or less of the amount. 70per centumof the amount.
(iii) For the next Rs. 6,000 or less of the amount. 50per centumof the amount.
(iv) For the balance of the amount of compensation where suchamount exceeds Rs. 15,000. 30per centumof the amount by which the compensationexceeds Rs. 15,000;
(b)save as otherwise provided in clause (a), the balance of the compensation, if any, shall be paid to the claimants at their option in cash or in bonds issued by the State Government or the prescribed authority, as the case may be, repayable at par and maturing at the end of fifteen years from the date of vesting and carrying interest from the date of such vesting at the rate of five and a half per centum per annum.