Section 7 in Tamil Nadu Land Reforms (Payment for Surplus Land) Rules, 1966
7. Annual instalment and repayment.
- [(1) Every bond shall be repayable during a period often years in equated annual instalments of principal and interest in accordance with the repayment schedule in Tables 1 to 7 in Form B:Provided that if one or more instalments has or have fallen due before the issue of the bond such instalment or instalments shall be payable immediately after issue of the bond.] [Rule 7 renumbered as sub-rule (1)If that rule by SRO A-41/78 = G.O. Ms. No. 186, Revenue (L.Ref. I), dated the 27th January 1978.](2)[ Subject to the provisions contained in sub-rule (3) where the amount is payable in cash in annual instalments under sub-rule (3) of rule 3, it shall be paid in annual equal instalments of the principal and interest in accordance with the repayment Schedule in Table 8 or 9 or 10 or 11 or 12 or 13 or 14 or 15 or 16, as the case may be depending upon the amount payable in the number of annual instalments specified in clause (a) of sub-rule (3) of rule 3 above in Form B, worked out for the appropriate multiples of thousand rupees:Provided that if one or more instalments has or have fallen due before the issue of the order referred to in sub-rule (1) of rule 5-A or sub-rule (7) of the rule 5-A such instalment or instalments shall be payable immediately after the issue of the order.] [Sub-rule (2) of rule 7 added by SRO A-41/78 = G. O. Ms. No. 186, Revenue (L.Ref I), dated the 27th January 1978 and further substituted by SRO A-61/90 = G. O. Ms. No. 512, Revenue dated the 28th March 1990.](3)Notwithstanding anything contained in sub-rule (2) in clause (a) of sub-rule (3) above, where the person entitled to receive the amount payable is seventy years of age and above and where such a person exercises option, in writing for payment of the whole amount payable exceeding ten thousand rupees in a single instalment, then the amount shall be paid at a discounted rate of 14 per cent.
