Manner of payment of amount for the acquired property

(1) The amount determined under section 6 shall, after the deduction, if any, made under this Act, be given by the Government to the person interested,- (a) in cash in one lump sum, where the amount does not exceed Rs. 10,000, and (b) in any other case, at his option, either,- (i) in cash (to be paid by cheque drawn on the Reserve Bank) in three equal annual instalments, the amount of each instalment carrying interest at the rate of six per cent per annum from the notified date, or (ii) in saleable or otherwise transferable promissory notes or stock certificates of the Government issued and repayable at par, and maturing at the end of- (A) ten years from the notified date and carrying interest from such date at the rate of six and a half per cent per annum; or (B) thirty years from the notified date and carrying interest from such date at the rate of seven and a half per cent per annum ; or (iii) partly in cash (to be paid by cheque drawn on the Reserve Bank) and partly in such number of securities specified in item (A) or item (B) or both, of sub-clause (ii) as may be required by the person interested ; or (iv) partly in such number of securities specified in item (A) of sub-clause (ii) and partly in such number of securities specified in item (B) of that sub-clause, as may be required by the person interested. (2) The first of the three equal annual instalments referred to in sub-clause (i) of clause (b) of sub-section (1) shall be paid, and the securities referred to in sub-clause (ii) of that clause shall be issued, within sixty days from the date of receipt by the Government of the option referred to in that clause, or where no such option has been exercised, from the latest date before which such option ought to have been exercised. (3) The option referred to in clause (b) of sub-section (1) shall be exercised by the person interested before the expiry of a period of three months from the notified date (or within such further time, not exceeding three months, as the Government may, on the application of the person interested, allow) and the option so exercised shall be final and shall not be altered or rescinded after it has been exercised. (4) Any person interested who omits or fails to exercise the option referred to in clause (b) of sub-section (1), within the time specified in sub-section (3) shall be deemed to have opted for payment in securities specified in item (A) of sub-clause (ii) of that clause. (5) Where the amount has been fixed by agreement, it shall be paid in accordance with the terms of the agreement.