Bombay Bhil Naik Inams Abolition (Compensation Bonds) Rules, 1956

The Bombay Bhil Naik Inams Abolition (Compensation Bonds) Rules, 1956

Published vide Notification G. N., R. D., No. 6017/51-v-i, dated 11th April, 1956 (B. G., Part 4-B, page 633)

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LEGISLATIVE HISTORY 6

In exercise of the powers conferred by section 13 of the Bombay Bhil Naik Inams Abolition Act, 1955 (Bombay 21 of 1955), the Government of Bombay hereby makes the following rules, namely :-

Short title.- These rules may be called the Bombay Bhil Inams Abolition (Compensation Bonds) Rules, 1956.
Definition.- In these rules, unless the context otherwise requires, -

"Act" means the Bombay Bhil Naik Inams Abolition Act, 1955.

Form and denominations of bonds.- (1) There shall be a separate series of bonds to be issued in respect of payment of compensation amounts due under the Act.

(2) Every such bond shall be in Form A appended to these rules.

(3) Such bonds shall be of any of the following denominations, namely: -

Rs. 50, Rs. 100, Rs. 200, Rs. 500, Rs. 1,000, Rs. 5,000 and Rs. 10,000.

Date of issue of bonds.- The date of the coming into force of the Act shall be the date of issue of such bond.
Annual instalment and repayment.- [(1) Subject to the provisions of sub-rule (2), every such bond]shall be repayable in equated annual instalments in accordance with the Repayment Schedule in Form B and Tables I to VII in Form C :

Provided that, if one or more instalments have fallen due before the delivery of the bond and have not been paid already, such instalments or any balance thereof shall be payable immediately after the delivery of the bond :

[Provided further that, in addition to the accrued amounts of instalments, interest at three per cent, per annum on the portion of the instalment amount, representing the amount of principal, for the completed number of years for which its payment has been delayed, shall be paid in cash by the Collector.]

[(2) No interest shall be payable except as provided by or under the Act and the rules made thereunder.]

Cash payments.- Amounts of compensation or part thereof not covered by the smallest denomination of bonds specified in sub-rule (3) of rule 3 shall, unless already paid, be paid in cash.
Bonds to be subject to the provisions of Public Debt Act, 1944.- Save as provided in these rules, the bonds shall be subject to the provisions of the Public Debt Act, 1944 and the Public Debt (Compensation Bonds) Rules, 1954.

Form A

[See rule 3(2)]

The Bombay State

For Manager Public Debt Office	[Reserve Bank of India, Nagpur]
	Public Debt Office Rs. [50]
	at 3 per cent.
	No. BY

The Bombay

[..................................................................] Compensation Bond.

The Governor of Bombay hereby promises to pay to.................... at any treasury in the Bombay State

Rupees [Fifty] Only

together with interest accruing thereon at the rate of three per cent.

per annum in equated yearly instalments on the [.......................................]day of[....................................] every year.during the period of twenty years from the [..............................] day of [.........................] 19 ............. subject to the provisions of the [..............................] and the rules framed thereunder.

Rs. 50 ............ dated the [.....................] day..................

No. By

Manager.

For and on Behalf of the Governor of Bombay

Governor, Reserve Bank of India.

[Form B]

(See rule 5)

Repayment Schedule

Denomination	Value of annual equated instalment for the first 19 years Rs.	Value of residuary instalment for the 20th year Rs.
50	3.37	3.13
100	6.73	6.49
200	13.45	13.29
500	33.61	33.57
1,000	67.22	67.09
5,000	336.08	336.06
10,000	672.16	672.09

[Form C]

Tables showing equated annual instalments

Table I

Table showing equated annual instalments of principal and interest at 3 per cent, payable on a bond of Rs. 50 redeemable in 20 years

Year	Interest Rs.	Principal Rs.	Total Rs.	Amount outstanding Rs.
				50.00
1	1.50	1.87	3.37	48.13
2	1.44	1.93	3.37	46.20
3	1.39	1.98	3.37	44.22
4	1.33	2.04	3.37	42.18
5	1.27	2.10	3.37	40.08
6	1.20	2.17	3.37	37.91
7	1.14	2.23	3.37	35.68
8	1.07	2.30	3.37	33.38
9	1.00	2.37	3.37	31.01
10	0.93	2.44	3.37	28.57
11	0.86	2.51	3.37	26.06
12	0.78	2.59	3.37	23.47
13	0.70	2.67	3.37	20.80
14	0.62	2.75	3.37	18.05
15	0.54	2.83	3.37	15.22
16	0.46	2.91	3.37	12.31
17	0.37	3.00	3.37	9.31
18	0.28	3.09	3.37	6.22
19	0.19	3.18	3.37	3.04
20	0.09	3.04	3.13	Nil.

Table II

Table showing equated annual instalments of principal and interest at 3 per cent, payable on a bond of Rs. 100 redeemable in 20 years

Year	Interest Rs.	Principal Rs.	Total Rs.	Amount outstanding Rs.
				100.00
1	3.00	3.73	6.73	96.27
2	2.89	3.84	6.73	92.43
3	2.77	3.96	6.73	88.47
4	2.65	4.08	6.73	84.39
5	2.53	4.20	6.73	80.19
6	2.41	4.32	6.73	75.87
7	2.28	4.45	6.73	71.42
8	2.14	4.59	6.73	66.83
9	2.00	4.73	6.73	62.10
10	1.86	4.87	6.73	57.23
11	1.72	5.01	6.73	52.22
12	1.57	5.16	6.73	47.06
13	1.41	5.32	6.73	41.74
14	1.25	5.48	6.73	36.26
15	1.09	5.64	6.73	30.62
16	0.92	5.81	6.73	24.81
17	0.74	5.99	6.73	18.82
18	0.56	6.17	6.73	12.65
19	0.38	6.35	6.73	6.30
20	0.19	6.30	6.49	Nil.

Table III

Table showing equated annual instalments of principal and interest at 3 per cent, payable on a bond of Rs. 200 redeemable in 20 years

Year	Interest Rs.	Principal Rs.	Total Rs.	Amount outstanding Rs.
				200.00
1	6.00	7.45	13.45	192.55
2	5.78	7.67	13.45	184.88
3	5.55	7.90	13.45	176.98
4	5.31	8.14	13.45	168.84
5	5.07	8.38	13.45	160.46
6	4.81	8.64	13.45	151.82
7	4.55	8.90	13.45	142.92
8	4.29	9.16	13.45	133.76
9	4.01	9.44	13.45	124.32
10	3.73	9.72	13.45	114.60
11	3.44	10.01	13.45	104.59
12	3.14	10.31	13.45	94.28
13	2.83	10.62	13.45	83.66
14	2.51	10.94	13.45	72.72
15	2.18	11.27	13.45	61.45
16	1.84	11.61	13.45	49.84
17	1.50	11.95	13.45	37.89
18	1.14	12.31	13.45	25.58
19	0.77	12.68	13.45	12.90
20	0.39	12.90	13.29	Nil.

Table IV

Table showing equated annual instalments of principal and interest at 3 per cent, payable on a bond of Rs. 500 redeemable in 20 years

Year	Interest Rs.	Principal Rs.	Total Rs.	Amount outstanding Rs.
				500.00
1	15.00	18.61	33.61	481.39
2	14.44	19.17	33.61	462.22
3	13.87	19.74	33.61	442.48
4	13.27	20.34	33.61	422.14
5	12.66	20.95	33.61	401.10
6	12.04	21.57	33.61	379.62
7	11.39	22.22	33.61	357.40
8	10.72	22.89	33.61	334.51
9	10.04	23.57	33.61	310.94
10	9.33	24.28	33.61	286.66
11	8.60	25.01	33.61	261.65
12	7.85	25.76	33.61	235.89
13	7.08	26.53	33.61	209.36
14	6.28	27.33	33.61	182.03
15	5.46	28.15	33.61	153.88
16	4.62	28.99	33.61	124.89
17	3.75	29.86	33.61	95.03
18	2.85	30.76	33.61	64.27
19	1.93	31.68	33.61	32.59
20	0.98	32.59	33.57	Nil.

Table V

Table showing equated annual instalments of principal and interest at 3 per cent, payable on a bond of Rs. 1,000 redeemable in 20 years

Year	Interest Rs.	Principal Rs.	Total Rs.	Amount outstanding Rs.
				1,000.00
1	30.00	37.22	67.22	962.78
2	28.88	38.34	67.22	924.44
3	27.73	39.49	67.22	884.95
4	26.55	40.67	67.22	844.28
5	25.33	41.89	67.22	802.39
6	24.07	43.15	67.22	759.24
7	22.78	44.44	67.22	714.80
8	21.44	45.78	67.22	669.02
9	20.07	47.15	67.22	621.87
10	18.66	48.56	67.22	573.31
11	17.20	50.02	67.22	523.29
12	15.70	51.52	67.22	471.77
13	14.15	53.07	67.22	418.70
14	12.56	54.66	67.22	364.04
15	10.92	56.30	67.22	307.74
16	9.23	57.99	67.22	249.75
17	7.49	59.73	67.22	190.02
18	5.70	61.52	67.22	128.50
19	3.86	63.36	67.22	65.14
20	1.95	65.14	67.09	Nil

Table VI

Table showing equated annual instalments of principal and interest at 3 per cent, payable on a bond of Rs. 5,000 redeemable in 20 years

Year	Interest Rs.	Principal Rs.	Total Rs.	Amount outstanding Rs.
				5.000.00
1	150.00	186.08	336.08	4,813.92
2	144.42	191.66	336.08	4,622.26
3	138.67	197.41	336.08	4,424.85
4	132.75	203.33	336.08	4,221.52
5	126.65	209.43	336.08	4,012.09
6	120.36	215.72	336.08	3,796.37
7	113.89	222.19	336.08	3,574.18
8	107.23	228.85	336.08	3,345.33
9	100.26	235.72	336.08	3,109.61
10	93.29	242.79	336.08	2,866.82
11	86.00	250.08.	336.08	2,616.74
12	78.50	257.58	336.08	2,359.16
13	70.77	265.31	336.08	2,093.85
14	62.82	273.26	316.08	1.820.59
15	54.62	281.46	336.08	1.539.13
16	46.17	289.91	336.08	1,249.22
17	37.48	298.60	336.08	950.62
18	28:52	307.56	336.08	643.06
19	19.20	316.79	336.08	326.27
20	9.79	326.27	336.06	Nil.

Table VII

Table showing equated annual instalments of principal and interest at 3 per cent, payable on a bond of Rs. 10,000 redeemable in 20 years

Year	Interest Rs.	Principal Rs.	Total Rs.	Amount outstanding Rs.
				10,000.00
1	300.00	372.16	672.16	9,627.84
2	288.84	383.32	672.16	9,244.52
3	277.34	394.82	672.16	8,849.70
4	265.49	406.67	672.16	8,443.03
5	253.29	418.87	672.16	8.024.16
6	240.72	431.44	672.16	7,592.72
7	227.78	444.38	672.16	7,148.34
8	214.45	457.71	672.16	6,690.63
9	200.72	471.44	672.16	6,219.19
10	186.58	485.58	672.16	5,733.61
11	172.01	500.15	672.16	5,233.46
12	157.00	515.16	672.16	4,718.30
13	141.55	530.61	672.16	4,187.69
14	125.63	546.53	672.16	3,641.16
15	109.23	562.93	672.16	3,078.23
16	92.35	579.81	672.16	2,498.42
17	74.95	597.21	672.16	1,901.21
18	57.04	615.12	672.16	1,286.09
19	38.58	633.58	672.16	652.51
20	19.58	652.51	672.09	Nil.