Bhushan,
It is like Lew and Nidhin writes, a South Indian katar, it is of the ’Tanjore’ type, and the blade is Indian, so I can’t add anything to this, other than warn you against the active rust. You have to stop it and carefully clean up the katar, but don’t remove the patina – and don’t use acid.
Attached are pictures of another of these katars, notice the Indian made blade, with a lot of fullers. Blades like this are very often seen on these katars.
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