Payment of price

(1) Subject to such deductions, if any as are authorized to be deducted according to this Act or the rules or the bye-laws or under any other law for the time being in force, by way of,- (i) fees; (ii) market charges; (iii) taxes; and (iv) the advances, if any, on the goods made as evidenced by authentic vouchers with interest which shall not be more than the rates charged by the Scheduled Banks if any, due thereon; the price of the goods sold in the market yard and outside the market or the sub- market in the market area shall be paid to the seller by the buyer in cash or cheque, immediately after the sale except in a case where a commission agent, if any, agrees in writing, in the form prescribed by the bye-laws, to give delivery to the buyer on credit of a term which shall in no case exceed the maximum period of credit prescribed by the bye-laws, if any. (2) In case buyer does not make payment under sub-section (1), he shall be liable to make additional payment at the rate of one percent per day of the total price of the notified agricultural produce payable to the seller within five days. (3) In case buyer does not make payment with additional payment to the seller under sub-section (1) and (2) above, within five days from the day of such purchase his licence or registration as the case may be shall be deemed to have been cancelled on the sixth day and he shall not be registered or granted any licence or permitted to operate in any market area within the State under this Act for a period of one year from the date of such cancellation.] 1. Substituted by Act 23 of 2007 w.e.f.16.8.2007.

1. (i) fees;
2. (ii) market charges;
3. (iii) taxes; and
4. (iv) the advances, if any, on the goods made as evidenced by authentic vouchers with interest which shall not be more than the rates charged by the Scheduled Banks if any, due thereon; the price of the goods sold in the market yard and outside the market or the sub- market in the market area shall be paid to the seller by the buyer in cash or cheque, immediately after the sale except in a case where a commission agent, if any, agrees in writing, in the form prescribed by the bye-laws, to give delivery to the buyer on credit of a term which shall in no case exceed the maximum period of credit prescribed by the bye-laws, if any.

1. (2) In case buyer does not make payment under sub-section (1), he shall be liable to make additional payment at the rate of one percent per day of the total price of the notified agricultural produce payable to the seller within five days.
2. (3) In case buyer does not make payment with additional payment to the seller under sub-section (1) and (2) above, within five days from the day of such purchase his licence or registration as the case may be shall be deemed to have been cancelled on the sixth day and he shall not be registered or granted any licence or permitted to operate in any market area within the State under this Act for a period of one year from the date of such cancellation.]

¹ Substituted by Act 23 of 2007 w.e.f.16.8.2007.