(i) Interest on the cost at which the owner had purchased the vehicle calculated in such manner and at such rate not being less than ten per cent per annum as may be prescribed for all or any class of motor vehicles and different rates of interest may be prescribed having regard to the circumstances whether the vehicle was purchased on hire purchase basis or by obtaining loan from bank or otherwise:
(ii) An amount representing depreciation of the vehicle during the period of its requisitioning calculated at a rate not exceeding thirty per cent per annum and in a manner that may be prescribed for all or any class of motor vehicles.
(iii) An amount for the loss of the use of the vehicle or of any profits that might have been earned but for the requisitioning, at such percentage not being less than three per cent per annum, as may be prescribed, of the cost referred to in clause (i) as reduced by depreciation calculated at the same rate as per clause (ii) in such manner and for such period as may be so prescribed;
(iv) Any further amount that the State Government may, by general or special order, specify:
Section 6 • The Goa Motor Vehicles (Requisitioning and Control) Act, 1988
6. Principles of compensation for requisitioning.
goa-motor-vehicles-requisitioning-and-control-act-1988-sec-6.json
•
Section 6
{
"act_title": "The Goa Motor Vehicles (Requisitioning and Control) Act, 1988",
"act_slug": "goa-motor-vehicles-requisitioning-and-control-act-1988",
"section_label": "Section",
"section": {
"number": "6",
"title": "6. Principles of compensation for requisitioning.",
"chapter": null,
"content": "(i) Interest on the cost at which the owner had purchased the vehicle calculated in such manner and at such rate not being less than ten per cent per annum as may be prescribed for all or any class of motor vehicles and different rates of interest may be prescribed having regard to the circumstances whether the vehicle was purchased on hire purchase basis or by obtaining loan from bank or otherwise:\n(ii) An amount representing depreciation of the vehicle during the period of its requisitioning calculated at a rate not exceeding thirty per cent per annum and in a manner that may be prescribed for all or any class of motor vehicles.\n(iii) An amount for the loss of the use of the vehicle or of any profits that might have been earned but for the requisitioning, at such percentage not being less than three per cent per annum, as may be prescribed, of the cost referred to in clause (i) as reduced by depreciation calculated at the same rate as per clause (ii) in such manner and for such period as may be so prescribed;\n(iv) Any further amount that the State Government may, by general or special order, specify:",
"footnote": "",
"is_definition": false,
"sort_order": 5
},
"prev_section": "5",
"next_section": "7"
}