Amendment status not verified — confirm the current text below against the official source.
The amount payable in respect of requisitioned moveab e property, Payment of including vehicles and vessels, shall be the sum total oi the following items:amount for requisi tËoned property. (i) interest on the cost at which the owner had purchased the property calculated in a manner and at a rate, not being below th ee per cent or above six per cent, per annum, that may be prescribed : Provided that where the property has been obtained by the owner as a gift or its cost cannot be established by him to the satisfaction of the competent authority or its cost exceeds the current replace ment price of the property, the current price of the same property or property which, in the opinion of the competent authority, is substantially similar to it, shall be taken to be its cost ; (ii) an amount representing depreciation of the property during the period of its requisition calculated at a rate not exceeding thirty per cent per annun and in a manner that may be specified by the Government by a general or special order for any class of property; (iii) an amount for the loss of the use of the property or of any profits that might have been earned but for the requisition, at such percent age, not being less than three, per annum, as may be prescribed, of the cost referred to in item (i) above as reduced by depreciation calculated at the same rate as for item (ii) above in such manner and for such period as may be so prescribed ; (iv) any further amount that the Government may by general or special order specify: Provided that in the case of property for which the full consideration due under a hire-purchase agreement has not been paid, so much of the amount as relates to items (ii) and (iv) above shall be pa yable to the hirer and the balance representing items (i) and (ii) above shall be made over to the financier till he receives the full consideration and this provision shall over-ride any terms to the contrary in the hire-purchase agreement Provided further that if during the period of requisition the property is damaged otierwise than by nornai wear and tear or lost at a time when it is noc insured, there shall be paid to the owner an additional amount equal to the cost of making good the damag: or, in the case of a total loss, an amount that would have been payable if the property had been acquired on the date of the loss, such amount being deternnined in the manner set out in section 7 : Provided further that the owner of the property or any other person interested shall have the right to appeal to the Commissioner within a period of of thirty days the receipt of the order of the competent authority determining the amount payable in respect of requisitioning of the property, or within sucn further period as the Commissioner may for sufficient cause, allow, in such form and manner as may be prescribed.