Amendment status not verified — confirm the current text below against the official source.
Mode of payment 1[of the amount]1.—2[(1)]2 3[Save as provided in section 106]3, the 1[amount]1 payable to any person under section 47 shall, subject to the provisions of section 50,— (a) be paid in cash in a lumpsum if the amount payable does not exceed 4[two thousand rupees]4; and 53 (b) if the amount payable exceeds 4[two thousand rupees]4 the amount up to 4[two thousand rupees]4 shall be paid in cash and the balance shall be paid in 5[non-transferable and non-negotiable]5 bonds carrying interest at the rate of 6[five and a half per cent]6 per annum and of guaranteed face value maturing within a specified period not exceeding twenty years: Provided that the amount payable under the bonds under this clause may be paid in such number of instalments not exceeding twenty as may be prescribed. 7[Provided further that the amount payable shall, subject to such rules as may be prescribed, be paid,- (i) in the case of a minor, 8[a person who has attained the age of sixtyfive years]8 a woman who has never been married, a small holder, a person subject to the prescribed physical or mental disability and subject to clause (ii), a widow,— (a) in a lumpsum where the amount payable does not exceed fifty thousand rupees,; and (b) where the amount payable exceeds fifty thousand rupees, the first fifty thousand rupees in a lumpsum and the balance in non-transferable and non-negotiable bonds carrying interest at the rate of five and half per cent per annum and of guaranteed face value maturing within a specified period not exceeding twenty years; (ii) in the case of a widow, if she so elects in writing, in the form of annuity during her life time, a sum determined in such manner as may be prescribed; which shall not be less than the net annual income referred to in sub-section (2) of section 72. Explanation:—For the purpose of this clause widow, minor and a person subject to physical or mental disability include, a woman who is a widow, a person who is a minor, a person subject to physical or mental disability respectively at the time when the amount payable is determined: Provided also that in relation to a small holder the second proviso shall have effect as if it was in force on and from the First day of March, 1974.]7