(1) Subject to the provisions of sub-section (2) and of section 10 every permanent tenant of the inamdar shall, with effect from and on the appointed date, be entitled to be registered as an occupant in respect of all lands of which he was permanent tenant immediately before the appointed date.
(2) In addition to the annual land revenue payable in respect of the land, a permanent tenant entitled to be registered as an occupant of any land under sub-section
(1) shall be liable to pay to the State Government as premium for acquisition of ownership of that land, an amount equal to twenty times the land revenue of such land and the amount of premium shall be payable in not more than ten annual instalments along with the annual land revenue and in default of such payment, the amount due shall be recovered as an arrear of land revenue due on the land in respect of which it is payable:
Provided that premium of such land shall not exceed fifteen times the difference between the rent and land revenue payable immediately before the appointed date by the permanent tenant to the inamdar:
Provided further that where a permanent tenant entitled to be registered as an occupant of land under sub-section (1) is shown, as an occupant in the settlement register and other records prepared under the Act or where the rent paid by a permanent tenant entitled to be registered as an occupant under sub-section (1), is equal to the land revenue, no premium shall be payable under this sub-section.