(1) Every landholder, the annual rent payable by whom immediately before the appointed day in respect of all the Sree Pandaravaka lands held by him is more than the amount calculated at the rate of four rupees and ninety-four paise per hectare of such lands, shall, in consideration of the rights conferred on him under section 4, be liable to pay to the Government compensation as provided in sub-sections (2) to (8).
(2) The amount of compensation payable by a land holder under sub-section (1) shall be equal to sixteen times the difference between the annual rent payable by the land holder immediately before the appointed day in respect of all the Sree Pandaravaka lands held by him and the amount referred to in that sub-section.
(3) Where the annual rent in respect of land comprised in a holding or part thereof is fixed in paddy, such annual rent shall, for the purposes of this section, be commuted into money at the rate of two rupees and twelve paise per standard para of paddy :
Provided that in respect of the lands in the Chirayinkil taluk for which the commutation rate adopted has been eight and a half chakrams per para of paddy, the commutation rate shall be thirty paise per standard para of paddy.
Explanation.—For the purposes of this sub-section, "standard para" means the measure equivalent to 13.11 litres.
2 Inserted by Act 24 of 2023 (w.e.f. 30.09.2023).
(4) The amount payable under sub-section (1) shall be paid in sixteen equal halfyearly instalments, the first instalment commencing from such date as the Government may specify by notification in the Gazette.
(5) If any instalment of the compensation payable under sub-section (4) is not paid on the due date, the amount of such instalment shall bear interest at the rate of five per centum per annum from that date till the date of payment of that instalment.
(6) Nothing contained in sub-section (4) shall be deemed to preclude a landholder from paying at any time a larger sum than the amount of an instalment, or from paying two or more instalments together, or from paying the whole amount due in one instalment.
(7) If any sum in excess of the amount of any instalment is paid by the landlord, it shall be credited towards the succeeding instalment or instalments.
(8) Where a landholder pays the entire amount due in a lump sum on or before the date on which the first instalment is payable, he shall be allowed a rebate of twenty-five per centum of the amount so paid.