Interest Rate on Delay in Land Acquisition Compensation
In case of delay in the payment of land acquisition compensation, the interest rate on the delayed amount will be one percentage point higher than the bank's repo rate. The Cabinet has approved the proposal for the same. The bill will be presented in the legislature.
The government has implemented the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation, and Resettlement Act, 2013, to ensure that landowners receive fair compensation and rehabilitation. The provision for interest payment on delayed compensation has been revised to ensure a more uniform interest rate. The new scheme will help reduce the financial burden on the government and improve the speed of land acquisition processes.
00
No comments:
Post a Comment