(1) Subject to the provisions of this Act,-
(a) but notwithstanding any law, custom, usage, agreement or the decree or order of a court, the rent payable shall be paid annually, and in cash;
(b) such rent shall not exceed five times the assessment payable in respect of the land or twenty rupees per acre, whichever is less, and shall not be less than twice such assessment :
Provided that where the amount equal to twice the assessment exceeds the sum of twenty rupees per acre, the rent shall be twice the assessment.
(2) For the purpose of this section "assessment" means,-
(i) in areas in which a settlement has been made under Chapter VIII-A of the Bombay Land Revenue Code, 1879 (Bom. V of 1879), or in which the assessment has been fixed under section 52 of the said Code, the assessment so settled or fixed;
(ii) in areas to which rule 19N of the Land Revenue Rules, 1921 applies, such assessment as may be leviable under that rule;
(iii) in areas to which the Bombay Merged Territories and Areas (Jagirs Abolition) Act, 1953 (Bom. XXXIX of 1954), applies the assessment fixed under section 7 of that Act;
(iv) in areas in which the assessment is payable in crop share or produce, such assessment as may be fixed by the State Government in accordance with the principles laid down in rule 19-0 of the Land Revenue Rules, 1921.
(3) If by custom, usage, agreement or the decree or order of a court, the amount of rent payable is less than the maximum or minimum specified in sub-section (1), the amount so payable shall be the rent in respect of the land.
Explanation.- In respect of any land which is partially or wholly exempt from the payment of land revenue, the full amount of assessment leviable in respect of such land shall be deemed to be the assessment in respect thereof for the purpose of sub-section (1), as if the land was not exempt from the payment of land revenue either partially or wholly.