Section 16 in The Karnataka Oil Palm (Regulation of Cultivation, Production and Processing) Act, 2013
16. Payment of price for oil palm fresh fruit bunches.
(1)Upon the delivery of oil palm Fresh Fruit Bunches, the Entrepreneur/Occupier of a factory shall pay the price of the oil palm Fresh Fruit Bunches so supplied as per the price fixed by the Price Fixation Committee before 10th of every month.(2)The price of the Oil Palm fresh fruit bunches remaining unpaid on the expiration of the period specified in sub-section (1) shall carry interest at fifteen percent per annum from the date of delivery of oil palm fresh fruit bunches and it shall be recovered from the oil palm Entrepreneur/Occupier of factory as if it were an arrears of land revenue.(3)The company shall submit the statement of accounts containing details of payment made to the farmers in the prescribed format to the Price Fixation Committee or Oil Palm Commissioner before 5th of every month.
