(3)Notwithstanding anything in this section, the Collector may, with the sanction of the [Central Government] [Substituted by the A.O. 1937, for 'L.G.'.] instead of awarding a money compensation in respect of any land, make any arrangement with a person having a limited interest in such land, either by the grant of other lands in exchange, or by the remission of land revenue on the same or on other lands held under the same title, or in such other way as may be equitable having regard to the interests of the parties concerned.
