Definitions for purpose of Clause (e) of Para I

For the purposes of Cl. (e) of para. I,- (i) “Depreciated cost of the lines” means original cost thereof as determined in accordance with the provisions of sub-paragraph (6) of para. XVII of Sixth Schedule less the amount written of or set aside on account of depreciation on fixed assets and the amount written off in respect of intangible assets thereof in the books of the undertaking before or after the commencement of this Act; (ii) The rate of interest shall be,- (a) Where the licensee owning the lines is a local authority, the average rate payable on the money raised by that authority for the purpose of constructing the lines; (b) In any other case, the Reserve Bank rate ruling at the beginning of the year referred to in para. I plus two per centum.