State Act

THE KARNATAKA LAND REFORMS ACT, 1961

73. Claims for 1[the amount]1 and payment of 1[the amount]1.—2[(1) As soon as may be after the service of the order made under section 67, the Tahsildar shall publish a notification containing the particulars of the lands vested in the State Government. (1A) After the publication of the notification under sub-section (1), the Tahsildar shall determine the amount payable in respect of the land which has vested in the State Government.]2 (2) The provisions of sections 1[48B]1 and 50 shall mutatis mutandis be applicable for determining the persons entitled to 1[the amount]1 and the apportionment of 1[the amount]1. 1[(3) The amount payable under sub-section (1) shall be paid in 2[non-transferable and non-negotiable]2 bonds carrying interest at the rate of five and a half per cent per annum and of guaranteed face value maturing within a specified period not exceeding twenty years: Provided that the amount payable under the bonds issued under this sub-section may be paid in such number of instalments not exceeding twenty as may be prescribed.]1 1[(4) Notwithstanding anything in sub-section (3), on or after 1st March 1984, the balance and interest thereon payable in accordance with the said sub-section shall, in lieu of the bonds specified therein, be paid in the following manner, namely:— (a) The interest accrued at the rate of five and a half per cent per annum till 1st March, 1984 remaining unpaid shall be paid in five consecutive annual, as far as may be, equal instalments commencing from 1st March, 1984 in National Savings Certificates; (b) the whole or, as the case may be, part of the balance specified in sub-section (1), payable before 1st March, 1984 remaining unpaid shall be paid in five consecutive annual, as far as may be, equal instalments commencing from the said date in National Savings Certificates. (c) the whole or, as the case may be, part of the said balance payable on or after 1st March, 1984 shall be paid in ten consecutive annual, as far as may be, equal instalments commencing from the said date in National Savings Certificates: Provided that along with each of the instalments referred to in items (b) and (c), the interest thereon from 1st March, 1984 at the rate of five and a half per cent per annum upto the date of payment thereof shall also be paid in National Savings Certificates.]1