Amendment status not verified — confirm the current text below against the official source.
(1) The compensation due to a licensee under this Act shall be paid or deposited in cash, as hereinafter provided in this section. (2) Within four months from the vesting date in the case of an undertaking which vests in the Government in pursuance of an order under section 4, sub-scction (1), and as soon as may be after the commencement of this Act in the case of an undertaking taken over, the Government shall estimate roughly the compensation payable to the licensee under this Act. (3) Three-fourths of the amount as estimated under sub- section (2) shall be paid by the Government to the licensee, where it is a local authority, after deducting therefrom the amounts referred to in section 10 and the amounts, if any, paid before the commencement of this Act, as or towards the compensation payable. Explanation.- Where the amount to be paid under this sub-section is equal to or less than the amount to be deducted therefrom as aforesaid, no payment need be made under this sub-section. (4) In the case of any other licensee, the Government shall deposit in the Reserve Bank of India or any other Bank chosen by the Government for the purpose (which Reserve Manner of payment or deposit of compensation. 18 [Act No. XV of 1954] or other Bank is hereinafter referred to as the Bank) three- fourths of the amount as estimated under sub-section (2), after deducting therefrom the amounts referred to in section