(1) A person who obtains a land on the sale and disposal thereof under Section 21 shall pay the value of that land in such sum as to be set at the prescribed rate of that land in cash in lump sum as prescribed or in installments in such times as prescribed from time to time. An interest on the sum of value at the rate of five percent per annum38 for the period of payment shall also be charged on and collected from a person who makes payment in installments. Provided that, if a person desires to pay the whole amount payable by that person or one or more installments or any portion thereof at some time in advance of the time limit prescribed for making payment of installment, that person may make such payment.
(2) The prescribed authority shall get the amounts to be collected pursuant to Sub-section (1) deposited, as prescribed, in a separate account opened at a ……………..39 bank.
(3) If a person fails to make payment of any amount of installment payable under Sub-section (1) within the time limit but appears to make payment thereof no later than one month after the expiry of the time limit, the prescribed authority shall receive the amount of installment, by imposing a fine in a sum to be set by Ten percent of the amount of installment. (4) If a person fails to make payment of any amount of installment payable under Sub-section (1) even within one month after the expiry of the time limit, the concerned land as well as the amount of installment, if any, already paid for the value of that land shall be confiscated, by order of the prescribed authority.