116. Manner of payment of compensation. - (1) The compensation in respect of acquisition of an invention or patent by the Central Government under section 102 of the Act shall be payable by that Government in a lump sum, if the amount of compensation does not exceed one lakh rupees and if such amount exceeds one lakh rupees the amount over and above the said amount of one lakh rupees shall be payable in five equal annual instalments.
(2) If the compensation payable in a lump sum or any of the instalments thereof referred to in sub-rule (1) is not paid within thirty days of the date on which the amount of instalments is due, if any, the Central Government shall be liable to pay simple interest at the rate of 9 percent per annum reckoned from the day immediately following the date of expiry of the said period of thirty days.
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