Section 12(4) in Tamil Nadu Panchayats (Procedure for Conducting Public Auction of Leases and Sales in the Panchayats) Rules, 2001
(4)Every successful bidder in an auction shall be required to remit, soon after the bidding is over for an item, and before starting the bid for the next item, an initial amount, excluding the recently deposited amount, calculated at not less than ten per cent of the bid amount which, together with early paid amount, would constitute the first instalment of the amount in the case of lease not exceeding one year and fifteen per cent of the bid amount in cases where the lease period exceeds more than a year, equal to two instalments of amount.
