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SECTION 9 OF THE INDIAN STAMPS ACT, 1899

SECTION 9 OF THE INDIAN STAMPS ACT, 1899 - POWER TO REDUCE, REMIT OR COMPOUND DUTIES CHANGES IN RATE OF STAMP DUTY

ORDER NO. S.O. 2189(E), DATED 12-9-2008

 

 

In exercise of the powers conferred by clause (a) of sub-section (1) of Section 9 of the Indian Stamp Act, 1899 (2 of 1899), the Central Government hereby makes the following amendments in the Order of Government of India in the Ministry of Finance (Department of Revenue) published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) dated the 28th January, 2004, vide number S.O. 130(E), dated the 28th January, 2004, namely:—

2. In the said Order in the table, —

(a)        for article 27 and the entries relating thereto the following shall be substituted, namely :—

"27. Debenture (whether a mortgage debenture or not), being a marketable security transferable—

(a) by endorsement or by a separate instrument of transfer

(b) by delivery 0.05% per year of the face value of the debenture, subject to the maximum of 0.25% or rupees twenty five lakhs whichever is lower.

Explanation—The term "Debenture" includes any interest coupons attached thereto but the amount of such coupons shall not be included in estimating the duty.

Exemption

A debenture issued by an incorporated company or other body corporate in terms of a registered mortgage-deed, duly stamped in respect of the full amount of debentures to be issued thereunder, whereby the company or body borrowing makes over, in whole or in part, their property to trustees for the benefit of the debenture holders :

Provided that the debentures so issued are expressed to be issued in terms of the said mortgage-deed."

(b) in article 49 for clause (b) and the entries relating thereto, the following shall be substituted, namely :—

“49. PROMISSORY NOTE

[as defined by Section 2(22)] —

(b)    where payable otherwise than on demand.

One-fifth of the duty as applicable to Bill of Exchange (No. 13 of Schedule 1), for the same amount payable otherwise on demand.”

 


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Posted by : on 18 September 2008



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