Payment of amounts to concession holders

Every concession holder specified in the second column of the First and the Second Schedules shall be given by the Central Government, in cash, and in the manner specified in Chapter IV, for the abolition of the mining concessions held by him, and declaring it as a mining lease, under section 4, an amount equal to the amount specified against him in the corresponding entry in the eighth column of the First Schedule and the ninth column of the Second Schedule, as the case may be.