Treasury debentures in lieu of lost property
Irangika RANGE
The Government has decided to give treasury debentures with a higher
interest rate of 13.5 percent which matures in two and half years to
property owners whose properties were acquired for road development and
construction work instead of granting monetary compensation.
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Highways and road development |
This is a new concept being implemented on the instructions of
President Mahinda Rajapaksa to provide maximum compensation to displaced
people whose properties were acquired by the State for construction of
roads.
The Government has provided treasury debentures worth Rs.380 million
as compensation for 125 displaced people who lost their property due to
the construction of the Katunayake-Colombo expressway and the Colombo
outer circular road.
A spokesman for the Highways and Road Development Ministry told the
Daily News that this opportunity would greatly benefit property owners
as they receive treasury debentures with a higher interest of 13.5
percent.
They will not only be compensated but would also contribute to the
economic development of the country by purchasing these debentures.
He said these 125 people had fulfilled their responsibilities by
investing their money in security debentures which would be utilized to
carry out a number of development activities in the country. |
