Lawgist9Payment by the Central Government to the Commissioner
(1) The Central Government shall, within thirty days from the specified date, pay, in cash, to the Commissioner, for payment to the concession holders, a sum equal to the sum specified against the mining concessions in the First and the Second Schedules, together with the amount of interest referred to in section 7.
(2) A deposit account shall be opened by the Central Government, in favour of the Commissioner, in the Public Account of India, and every amount paid under this Act to the Commissioner shall be deposited by him to the credit of the said deposit account and the said deposit account shall be operated by the Commissioner.
(3) Records shall be maintained by the Commissioner in respect of each of the concession holder in relation to which payments have been made to him under this Act.
(4) Interest accruing on the amount standing to the credit of the deposit account referred to in sub-section (2) shall enure to the benefit of the concession holders.
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- 8 Commissioner of Payments to be appointed
- 9 Payment by the Central Government to the Commissioner
- 10 Claims to be made to the Commissioner
- 11 Liability of Central Government to end on payment of claim
- 12 Disputes how to be dealt with
- 13 Undisbursed or unclaimed amount to be deposited to the general revenue account
