Bombay land Tenures Abolition (Compensation Bonds) Rules, 1955

The Bombay land Tenures Abolition (Compensation Bonds) Rules, 1955

Published vide Notification No. G.N., R.D., No. 6017/51-5, dated 6th February, 1956 (B.G., Part 4B, page 143)

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In exercise of the powers conferred by section 4 of the Bombay Land Tenures Abolition (Amendment) Act, 1953 (Bombay XXXVIII of 1953), the Government of Bombay hereby makes the following Rules,, namely :-

1. Short title.- These Rules may be called the Bombay Land Tenures Abolition (Compensation Bonds) Rules, 1955.
2. Definitions.- In these Rules unless the context otherwise requires,-

(a) "Act" means the Bombay Land Tenures Abolition (Amendment) Act, 1953 ;

(b) "Scheduled Act" means an Act specified in column 1 of the First Schedule to the Act.

3. 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 each of the Schedule Acts,

(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. 1000, Rs. 5000 and Rs. 10000.

4. Date of issue of bonds.- In the case of a bond issued in respect of payment of the compensation amounts due under any Scheduled Act, the date of the coming into force of such Scheduled Act shall be the date of issue of such bond.
5. 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 and have not been paid already, such instalments or any balance thereof shall by 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 completed number of years for which its payments 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.]

6. 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.
7. 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

[Reserve Bank of India, Nagpur].

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 [...............] 20 ........ subject to the provisions of the3 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]

Repayment Schedule

(See rule 5)

Form C

Tables showing equated annual instalments

Table No. 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

Table No. 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

Table No. 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

Table No. 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

Table No. V

Table showing Equated Annual Instalments of Principal and Interest at 3 per cent, payable on a Bond of Rs. 1000 redeemable in 20 years

Table No. VI

Table showing Equated Annual Instalments of Principal and Interest at 4 per cent, payable on a Bond of Rs. 5,000 redeemable in 20 years

Table No. 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