(2)In settling rents under this section, the [Collector] [Substituted for the word 'Officer' by section 3(2) of the Madras Estates Land (Amendment) Act, 1934 (Madras Act VIII of 1934).] shall presume until the contrary is proved that the existing rent or rate of rent is fair and equitable and shall have regard to the provisions of this Act for determining the rates of rent payable by a ryot.