(1)The amount of premium in respect of the land of which a tenant or sub-tenant entitled to be registered as occupant under section 45 shall be payable to the State Government by the tenant or sub-tenant,—(i)where the amount payable does not exceed two thousand rupees, in a lumpsum;(ii)in other cases,—(a)either in lumpsum; or(b)where the amount is paid by him out of his own funds, in annual instalments of such number not exceeding twenty as he may intimate, with interest at five and half per cent per annum, from the date of the order under sub-section (4) or sub-section (5) of section 48A and where the money is advanced by the State Land Development Bank or a credit agency, in annual instalments of such number not exceeding the number permitted as maximum for the recovery of term loan granted by such bank or agency without interest there on. Provided that where payment is in instalments, two thousand rupees shall be paid as the first instalment and the balance in equated annual instalments:Provided further that where the extent of the land in respect of which a person is registered as an occupant together with other land, if any, held by him, does not exceed ten acres of ‘D’ Class land, or an extent equivalent thereto, comprising of one or more classes of other land specified in Part A of Schedule-I, determined in accordance with the formula specified in Part B of Schedule-I, he shall be exempted from paying the premium and instalments thereof which fall due on or after the commencement of Karnataka Land Reforms (Second Amendment) Act, 1990 or having fallen due before the said date has remained un-paid.
