Section 6 in Pepsu Townships Development Board Disposal of Property Rules, 2003
6. Payment of consideration money.
- Section 45(2)(g) - (1) Twenty-five per cent of the amount of bid, accepted by the Administrator, shall be paid on the spot by the bidder in cash or by means of demand draft payable to the Administrator drawn at any Scheduled Bank payable at Rajpura.(2)The balance of the sale price shall be paid alongwith interest at the rates as may be determined by the Board in consultation with the State Government in six half-yearly instalments.(3)The first instalment shall be payable after a period of six months from the date of acceptance of the bid.(4)Interest shall accrue from the date of issue of order of acceptance of the bid. No interest shall be payable if, the balance is paid within a period of thirty days from the date of issue of order of acceptance of the bid and further a rebate of three per cent of the total price shall also be granted.(5)Each instalment shall be remitted by the transferee to the Administrator through a Bank draft to be drawn on any Scheduled Bank payable at Rajpura.
