Section 12 in Punjab Urban Estates (Sale of Sites) Rules, 1965
12. Instalments [Sections 23(2)(b) and 3(3)(1)].
(a)In case it is decided to make recovery in one annual instalments, the remaining [tentative price of final price, or as the case may be, the sale price] [Substituted by Notification dated 14.3.1966] viz, seventy-five per cent shall be payable within one year from the date of issue of allotment order under sub-rule (3) or Rule 5 or the date of auction under Rule 6, as the case may be;(b)In case it is decided to make recovery in two equated annual instalments, the remaining sale price viz. seventy-five per cent shall be payable in two annual equated instalments, the first instalment being payable on the expiry of one year from the date of issue of the allotment order under sub-rule (3) of Rule 5 or the date of auction under Rule 6, as the case may be;(c)In case it is decided to make recovery in three equated annual instalments, the remaining sale price viz., seventy-five per cent shall be payable in three annual equated instalments, the first instalment being payable on the expiry of one year from the date of issue of allotment order under sub-rule (3) or Rule 5 or from the date of auction under Rule 6, as the case may be;(d)[ In case it is decided to make recovery in six equated annual instalments, the remaining sale price viz., seventy-five per cent shall be payable in six equated instalments, the first instalment being payable on the expiry of one year from the date of issue of allotment order under sub-rule (3) of Rule 5 or from the date of auction under Rule 6, as the case may be;] [Added vide Notification dated 18.4.1968](2)In case of payment by instalment as provided in sub-rule (1), each instalment would be recovered together with interest thereon, at the rate of seven per cent per annum. The interest shall accrue from the date of issue of allotment order or the date of auction, as the case may be, but no interest shall be payable if the whole of the balance of seventy-five per cent of the sale price is paid in full by the transferee within sixty days of the issue of allotment order or the date of auction, as the case may be.(3)Each instalment shall be remitted to the Estate Officer concerned by demand draft payable to the Estate Officer and drawn on any Scheduled Bank situated at the nearest place to the Estate concerned or at any place which the Estate Officer may specify.(4)Every such remittance shall be accompanied by a letter showing full particulars of the site to which the payment pertains and a statement giving reference to the number and date of the allotment order issued under sub-rule (3) of Rule 5 or the date of auction, as the case may be. In the absence of these particulars the amount remitted shall not be deemed to have been received.
