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Commutation of annuity— Any payment in commutation of annuity shall not exceed—
(a)   in a case where the employee receives any gratuity, the commuted value of [one-third] of the annuity which he is normally entitled to receive, and
(b)   in any other case, the commuted value of [one-half] of such annuity,

such commuted value being determined having regard to the age of the recipient, the state of his health, the rate of interest and officially recognised tables of mortality.
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