Manner of payment

(1) The fee shall be paid by the purchaser before the 5th of the month to which it relates or if it relates to any period before the coming into force of this Act within three months of the notice of demand and in not more than three instalments and shall be deposited in the Treasury or in such other Scheduled Bank as may be specified by the controlling authority from time to time. (2) A purchaser may at his option deposit the fee for the next six months in advance along with the half yearly instalment towards payment of the cost of the house purchased by him, if due. (3) An intimation of the payment having been made shall be given by the purchaser to the controlling authority or such other person as may be appointed in this behalf by the controlling authority. (4) If the fee is not paid on the due date under sub-section (1), interest at a rate not exceeding 6 per cent per annum may be chargeable on the amount due till it is fully paid.