Amendment status not verified — confirm the current text below against the official source.
Payment of compensation.- (1) The amount of compensation payable under an award shall, subject to any rules made under this Act, be THE HIMACHAL PRADESH REQUISITION OF IMMOVABLE PROPERTY ACT, 1987 9 paid or given by the competent authority to the person or persons entitled therein in such manner and within such time as may be specified. (2) An interest at the rate of 9 percentum per annum shall be payable on the amount of compensation or any part thereof from the date of order of requisition made by the competent authority under sub-section (2) of section 3 till the date the amount stands paid or tendered: Provided that where such compensation. or part thereof is not paid or tendered within one year from the date it becomes due, interest at the rate of 15 percentum per annum shall be payable for the period exceeding one year. Explanation I.- For computing interest under this sub-section, the amount paid as provisional compensation under sub-section (3) of section 4, if not already reduced while making the award, shall be deducted from the amount of compensation payable under the award. Explanation II.- For the removal of doubts it is clarified that tender of amount of compensation to the persons entitled thereto shall, without prejudice to other provisions of this Act, be deemed to be the payment of compensation to the persons interested therein, for the purposes of this sub- section.