(1) The landholder shall be liable to pay purchase price to the Government for the assignment to him of the right, title and interest of the land owner.
(2) The purchase price referred to in sub-section (1) shall be eight hundred and forty rupees per acre to be paid in sixteen equal annual instalments:
Provided that if the amount is paid in one lump, the purchase price shall be seventyfive per cent of the said amount.
(3) Where the purchase price payable by the landholder is determined under section 7, he shall deposit with the Settlement Officer,—
(a) where the purchase price is opted to be paid in a lump, the entire amount due within six months; or
(b) where the purchase price is opted to be paid in instalments, the first instalment thereof within three months, from the date on which the order of the Settlement Officer under section 7 has become final.
(4) Where the purchase price is paid in instalments, the second and subsequent instalments shall be deposited with the Settlement Officer within such time and in such manner as may be prescribed.
(5) Where the purchase price or any instalment thereof is not deposited on the due date, the amount in default shall bear interest at the rate of four and a half per cent per annum from that date till the date of deposit.