Remission of interest

If the owner of an industry or any other person to whom State-aid has been given in any of the forms mentioned in section 4, pays the money recoverable from him under Chapter III, or as the case may be, the instalments of rent payable by him under the provisions of Chapter IV in accordance with the terms and conditions laid down in this Act and the rules made thereunder, he shall be entitled to a remission on the rate of interest by two per cent.