Amendment status not verified — confirm the current text below against the official source.
Arrears of public revenue due on land shall bear interest at the rate of [ [nine per cent] per annum] or at such other rate as may be notified by the Government from time to time in the Gazette. [Provided that such interest rate shall not exceed the contractual rate of interest, if any, entered into between the defaulter and the institution, in cases where the recovery is initiated upon the application of the institution notified under section 71 of this Act.] Interest enhanced to 12 per cent per annum from 01/04/1983. See Notification S. R. O. 412/83. Prior to enhance "six per cent per annum". Substituted by Act 17 of 2024 No. 32/Leg.B2/2024/Law. published in K.G.Ext. No. 2415 dt. 26/07/2024 (w.e.f. 26/07/2024). Prior to the Substitution it read as "12 per cent" Added by Act 17 of 2024 No. 32/Leg.B2/2024/Law. published in K.G.Ext. No. 2415 dt. 26/07/2024 (w.e.f. 26/07/2024).