The Indian Stamp Act,1899

The Indian Stamp Act, 1899 No.2 of 1899 (As amended in its application to the State ofMadhya Pradesh ) An actto consolidate and amend the lawrelating to Stamps. Notes The object of the Act is to collect proper stamp duty on an instrument or conveyance on Which such stamp duty is payable. On sale deeds stamp duty is impose on actual market value of such property and not on the value described in the conveyance. Thus, there is an obligation cast on the Authority to properly ascertain its true value for Which he is not bound by the apparent tenor of the instrument. AIR 1999 SC 2126: 1999(5) SCC 62. Whereas it is expedient to consolidate and amend the law relating to Stamps; it is hereby enacted as fallowsz- CHAPTER I Preliminary Short title, extent and commencement. — (1) This Act may be called the Indian Stamp Act 1899. (2) it extends to the Whole ofIndia except the State ofjammu and Kashmir: provided that it shall not apply to the territories Which, immediately before the 1st November, 1956 were comprised in part b State (excluding the State of Jammu and Kashmir) except to the extent to Which the provision of this Act relates of stamp-duty in respect of the document specified in entry 91 of List I in the Seventh Schedule to the constitution: 1[ Provided further that the provision of this Act shall in so far as they relate to the instruments specified in schedule I-A apply to the Madhya Bharat, Vindhya Pradesh, Bhopal and Sironj regions With effect from the appointed day] (3) it shall come into force on the first day ofjuly,1899. Notes The Act levies Stamp duty on the instruments Which mostly and practically and not on transaction. Shanker- Lal saoni V. smt. Shanta bai, 1975 MPLJ s.n. 67 .The Act has nothing to do With the jurisdiction ofplants, appeals or applications. It is a fiscal enactment and has been amended several times. Recently it has been amended by the Registration and other Registration and other Related laws (Amendment) Act, 2001 (central Act no.48 of2001) ( 0). Definitions. — in this Act, unless there is something repugnant in the subject or context, “banker” includes a bank and anyperson acting as a banker; 1[(1-a) “appointed day” means the date appointed under sub-section (3) ofsection 1 ofthe Madhya Pradesh Taxation Laws (Extension) Act, 1957 (18 of 1957);] “Bill of exchange” means a bill of exchange as defined by the Negotiable Instrument Act,1881 (26 of1881) and includes also a hundi, and any other document entitling or purporting to entitle any person, Whether named therein or not , to paymentby any otherperson of, orto drawupon any otherperson for, any sum ofmoney; (3)“Bi11 ofexchange payable on demand” includes- an order for the payment ofany sum ofmoney by bill of exchange or promissory note, or for he delivery ofany bill ofexchange or promissory note in satisfaction of any sum of money, or for the payment of any sum of money out of any partiular fund Which may or may notbe performed orhappen. An order for the payment of any sum ofmoney weekly, monthly, or at any other stated period; and a letter of credit ,that is to say , any instrument by Which one person authorizes anotherto give credit to the person in Whose favor it is drawn; (4) “Bill oflanding” includes a “through bill oflanding, “ but does not include a mate receipt; (5) “Bond” includes- any instrument whereby a person obliges himself to pay money to another, on condition that the obligation shall be void if a specified act is performed, or is not performed, as the case may be; any instrument attested by a Witness and not payable to order or bearer, whereby a person obliges himselfto pay moneyto another; and any instrument so attested, whereby a person obliges himself to deliver grain or other agriculture produce to another (6) “Chargeable” means, as applied to an instrument execute or first executed after the commencement ofthis Act, chargeable under this act, and as, applied to any other instrument, chargeable underthe law in force In India When such instrument was executed or, Where several persons executed the isnstrument at Different. Times, first executed; (7) “Cheque” means a bill of exchange drawn on specified banker and not expressed to be payable otherwise than on demand; (8) Omitted by A.O.1937. (9) “Collector”- Means, Within the limits of the towns of Calcutta, madras and Bombay, the Collector ofCalcutta, Madras and Bombay, respectively and Without those limits, the collector of a district; and Includes a Deputy Commissioner and any officer Whom the State Goyemment may, by notification in the official Gazatte, appoint in this behalf; NOTIFICATION Notification No.B-7- (A)-98-94-CTD-V dated the 8th September, 1994. - In exercise of the powers conferred by sub-clause (b) of clause 9 of Indian Stamp Act,1899(II of 1899), the state Goyemment hereby Appoints all Deputy Inspector General of registration as the Collector for the purpose ofthe said ActWithin the limits oftheirrespectivejurisdiction. [published in M.P. Rajpatra (Asadharan) dated 12-9-94 page 1565.] (10) “Conveyance” includes a conveyance on sale and every instrument by Which proper, Whether movable or immovable, is transferred inter Viyos and Which is not otherwise specifically provided for by schedule I[ or by schedule l-A, as the case may be;] (1 l) “Duly Stamped”, as applied to an instrument, means that the instrumentbears an adhesive or impressed stamp ofnot less than the proper amount and that such stamp has been affixed or used in accordance With the law for the time being in force in India; (12) “Executed” and “execution” used With reference to instrument, means “signed’ and “signature”; (l2-A) omitted by AD 1950. (13) “ Impressed Stamp” includes labels affixed and impressed bythe proper officer; and Stamps embossed or engraved on stamped paper; 2[(13-A)” India” means the territory of India excluding the State of Jammu and Kashmir;] (14) “ Instrument” includes every document by Which any right or liability is, or purports to be, created, transferred, limited, extended, extinguished orrecorded; 3[(15) “ Instrument ofPartition” means any instrument whereby co-owners ofany property divide pr agree to divide such property in severalty, and also mcludes- a final order for effecting a partition passed by any revenue authority or any civil court; an award by an arbitrator directing a partition; and When any partition is effected Without executing any such instrument, any instrument or instrument, signed by the co-owners and recording, Whether by way of declaration of such partition or otherwise , the terms of such partition amongst the co-owners;] (l6) “ Lease” means a lease ofimmovable property and includes also- a patta; a kabuliyat or other undertaking in writing, not being a counterpart of lease, to cultivate, occupy orpay or deliverrent for, immovable property; any instrumentbyWhich tolls ofany description are let; any writing on an application for a lease intended to signify that the application is granted; NOTES Instrument ofagreement for toll tax is lease deed under section 2 (l6) (c) ofthe act Hence Stamped duty is leViable accordingly. A.I.R.1992 ALLD.181. (16-A) “Marketable security” means a security of such a description as to be capable ofbeing sold in any stock market in India or in the United kingdom; (l7) “ Mortgage- deed” includes every instrument whereby, for the purpose of securing money advanced, or to be advanced, by way of loan, or an existing or future debt, or the performance ofan engagement. One person transfers, or creates, to, or in favor of, another, a right over or in respect ofspecifiedproperty; (18) “Paper” includes vellum, parchment or any other material on Which an instrumentmaybe written; (19) “Policy ofinsurance” includes- (a) any instrument by Which one person, in consideration of a premium engages to identify another against loss, damage or liability arising from an unknown or contingent event; a life policy, and any policy insuring any person against accident or sickness, and any otherpersonal insurance; 1[(19-A) “ Policy of group insurance” means any instrument covering not less than fifty or such smaller number as the Central Goyemment may approve, either generally or With reference to any particular case, by Which an insurer, in consideration of premium paid by an employer or by an employer and his employees jointly, engages to cover, With or Without medical examination and for the sole benefits ofperson other than the employer, the lives ofall the employees or ofany class ofthem, determined based upon a plan Which precludes mdiyidual selection;] (20) ‘Policy ofsea-msurance” or “seapolicy”- means any insurance made upon any ship or vessel (Whether for marine or inland navigation), or upon the machinery, tackle or furniture of any ship or vessel, or upon any goods, merchandise or property ofany description Whatever on board of any ship or vessel or upon the freight of , or any other interest Which may be lawfully or upon the freight of or any other interest Which may be lawfully insured in orrelating to any ship orvessel ;and includes any insurance of goods, merchandise or property for any transit Which includes, not only a sea risk Within the meaning of Clause(a), but also any other risk incidental to the transit insured from the commencement ofthe transit to the ultimate destination coveredbythe insurance; Where any person, in consideration of any sum of money paid or to be paid for additional freight or otherwise, agrees to take upon himself any risk attending goods, merchandise or property ofany description Whatever While on board ofany ship or vessel, or engages to indemnify the owner ofany such goods, merchandise or property from any risk, loss or damages, such agreement or engagement shall be deemedto be a contract for sea-msurance; (21) “Power-of—attomey” Includes any instrument (not chargeable With a fee under the law relating to court—fees for the time being in force) empowering a specified person to act for and in the name ofthe person executing it; (22) “Promissory note” means a promissory note as define by the Negotiable InstrumentAct, 1881(26 of 1881); It also include a note promising the payment of any sum of money out of any particular fund Which may or may not be available, or upon any condition or contingencyWhich may or maynotbe performed orhappen; Notes Acknowledgment of loan, Which is accompanied by promise to pay. It is not a promissorynote.1961 jlj 851:1961 MPLJ 169. (23) “Receipt” includes anynote, memorandum orwriting- Where by any money ,or any bill of exchange, cheque or promissory note is acknowledged to have been reciVed, or Where by any other movable property is acknowledge to have been reciVed in satisfaction ofa debt, or Where by any debt or demand or any part of debt or demand is acknowledge to have been satisfied or discharge, or Which signifies or imports any such acknowledgement, and Whether the same is or is not signed Withthe name ofanyperson; (24) “Settlement” means any non-testamentary disposition, in writing ofmovable or immovable property made- In consideration ofmarriage; For the purpose of distributing property of the settlor among his family or those for Whom he provide, or for the purpose ofproviding for some person dependent on him; or For anyreligious or charitable purpose; And includes an agreement in writing to make such a disposition and, where any such disposition has been made in writing, any instrument recording, where by way ofdeclaration oftrust or otherwise, the terms ofany such disposition; (25) “Soldier’ includes any person below the rank of non-commissioned officer who is enrolled underthe Indian Army Act, 191 1(no.8 of 191 1). (26) Omitted by Central Act 43 of 1955 CHAPTER II Stamp-duties A- ofthe liability ofinstrumentto duty 3.1nstrumentchargeablewith duty.— Subjecttotheprovisionofthis Actandtheexemptionscontainedis Schedule I, thefollowing instrumentshallbechargeablewithdutyoftheamountindicatedinthe schedule astheproperdutytherefore,respectively, thatisto say- (a) Everyinstrumentmentionedinthatschedulewhich, nothavingbeenpreviouslyexecutedbyany person, isexecutedinIndiaonorafterthefirstdayofjuly 1899; (b) Everypersonbillofexchangepayableotherwisethanondemandorpromissorynotdrawnor madeoutofonorafterthatdayandacceptedorpaid,orpresentedforacceptance orpayment,or endorsed, transferredorotherwise negotiable inIndia; and(c)every instrument(otherthanabill ofexchangeorpromissorynote)mentionedinthatschedule, whichnothavingbeenpreviously executedbyanyproperty situate,orto anymatterorthingdone,ortobedone, inIndiaandis reciVedinIndia: 1[Providedthat, exceptasotherwise expresslyprovidedinthisAct, andnotwithstandinganything containedinclause (a), Clause(c)ofthissectionorinscheduleI, theamountindicatedinschedule,bethe dutychargeableonthe instrumentsmentionedinclauses (aa) and(bb) ofthisproviso, astheproperduty thereof, respectively, - (aa)everyinstrument, mentionedinschedule I—Aas chargeablewithdutyunderthatschedule,whichnot havingbeenpreviouslyexecutedbyanyperson, isexecutedinMadhayPradeshonorafterthe commencementofthe CentralProvinces andBerarIndianstamp (Amendment) Act, 1939;and (bb)everyinstrumentmentionedinSchedule I—Aaschargeablewithdutyunderthatschedule,whichnot havingbeenpreviouslyexecutedbyanyperson, isexecutedoutofMadhyaPradeshonorafterthe commencementofthe CentralProvinces andBerarIndianStamp (Amendment)Act, 1939 andrelates to any property situatedorto anymatterorthingdoneortobedone,inMadhya Pradeshandisrecivedin MadhyaPradesh : Provided 1[further] thatnoduty shallbechargeableinrespectof- (1)anyinstrumentexecutedby, oronbehalfof, orinfavourof, the Governmentincaseswhere,butforthis exemption, theGovernmentwouldbeliabletopaythe dutychargeableinrespectofsuchinstrument; (2)anyinstrumentforthe sale, transferorotherdisposition, eitherabsolutely, orbywayofmortgageor otherwise, ofany shiporvessel,oranypart, interest, shareorpropertyoforinany shiporvesselregistered undertheMerchantShippingAct, 1894 orunderAct 19 of1838, ortheIndianRegistrationofShipsAct, 1841 asamendedby subsequentActs. 2[3-A. Instrumentchargeablewithadditionduty- (1)Everyinstrumentchargeablewithdutyunder seclion3, readwithscheduleI-A shallinadditionto suchduty,be chargeablewithadutyoftenpaise (2)theadditionaldutywith. (2) The additional duty with which any instrument is chargeable under subsection (1) shall be paid and such payment shall be indicated on such instrument by means of adhesive stamps bearing the words [additional duty] whetherwith or without any other design, picture or inscription. (3) Except as otherwise provided in sub-section (2), the provisions ofthis Act shall, so far as may be, apply in relation to the additional duties chargeable under sub-section (1) in respect of the instruments referred to therein as they apply in relation to the duty chargeable under section 3 inrespect ofthose instruments. 4. Several instruments used in single transaction of sale, mortgage or settlement. — [(1) Where, in the case ofany sale, mortgage or settlement, several instruments are employed for completing the transaction, the principal instrument only shall be chargeable with the duty prescribed in Schedule I—a for the conveyance, mortgage or settlement, and each of the other instruments shall be chargeable with a duty of [six rupees] instead ofthe duty (ifany) prescribed for it in that Schedule] (2) The parties may determine for themselves which of the instruments so employed shall, for the purposes of sub-section (1), be deemed to be the principal instrument: Provided that the duty chargeable on the instrument so determined shall be the highest duty which would be chargeable in respect of any of the said instruments employed. 5. Instruments relating to several distinct matters. — Any instrument comprising or relating to several distinct matters shall be chargeable with the aggregate amount ofthe duties with which separate instruments, each comprising or relating to one ofsuch matters, would separate instruments, each comprising or relating to one ofsuch matters, wouldbe chargeable underthis Act. 6. Instruments coming within several descriptions in Schedule I — Subject to the provisions ofthe last preceding section, an instrument so framed as to come within two or more of the descriptions in Schedule I, or in Schedule l-A, as the case may be, shall where the duties chargeable thereunder are different, be chargeable only with the highest ofsuch duties : Provided that nothing in this Act contained shall render chargeable with duty exceeding a counterpart or duplicate of any instrument chargeable with duty and in respect of which the proper duty has been paid, unless it falls within the provisions ofsection 6-A. 6-A. Payment of duty on copies, counterparts 0r duplicates when that duty has not been paid on the principal original instrument — (l) Notwithstandmg anything contained in section 4 or section 6 or in any other enactment for the time being in force the duty chargeable on an instrument ofsale, mortgage or settlement other than a principal instrument or on a counterpart, duplicate or copy of any instrument shall, if the principal or original would, when received in Madhya Pradesh have been chargeable under this Act, as amended by the Central Proymces and Berar Indian Stamp (Amendment) Act, 1939, with a higher rate of duty, be the duty with which the principal or original instrument would have been chargeable under section l9-A, unless it is proved that the duty chargeable under this Act, as amended by the Central Proymces and Berar Indian Stamp (Amendment) Act, 1939, has been paid— (a) on the principal or original instrument, as the case maybe, or (b) in accordance with the provisions ofthe section. (2) Notwithstanding anything constrained in any enactment for the time being in force, on instrument, counterpart, duplicate or copy chargeable with duty under this section shall be received in evidence as properly stamped unless the duty chargeable underthis section has beenpaid thereon: Provided that a court before which any such instrument, counterpart, duplicate or copy is produced may permit the duty chargeable under this section to be paid thereon, and maythen receive it in evidence. 7. Policies ofsea insurance. (4) Where any sea—insurance is made for or upon a voyage and also for time, or to extend to or cover any time beyond thirty days after the ship shall have arrived at her destination and been there moored at anchor, the policy shall be charged with duty as policy for orupon a voyage, and also with duty as a policy fortime. 8. Bonds, debentures or other securities issued on loans under Act 11 of 1879. — (1) Notwithstanding anything in this Act, any local authority raising a loan under the provisions ofthe Local Authorities Loan Act,1879, or of any other law for the time being in force , by the issue ofbonds, debentures or other securities, shall, in respect of such loan, be chargeable with a duty ofone per centum on the total amount of the bonds, debentures or other securities issued by it , and such bonds, debentures or other securities need not be stamped, and shall not be chargeable with any further duty on renewal, consolidation, subdivision or otherwise. (2) The provision of sub-section (1) exempting certain bonds, debentures or other securities from being stamped and from being chargeable with certain further duty shall apply to the bonds, debentures or other securities of all outstanding loans ofthe kind mentioned therein, and all such bonds, debentures or other securities shall be valid, whetherthe same are stamped ornot: Provided that nothing herein contained shall exempt the local authority which has issued such bonds, debentures or other securities from the duty chargeable in respect thereofprior to the twenty- sixth day ofMarch, 1897, when such duty has not already been paid or remitted by order issued by the Central Goyemment. (3) In the case of willful neglect to pay the duty required by this section, the local authority shall be liable to forfeit to the Goyemment a sum equal to ten per centum upon the amount ofduty payable, and a like penalty for every month after the first month during which the neglect continues. 8A. Securities dealt in depositor not liable to stamp duty :- Notwithstandmg anything contained in this Act or another law forthe time being in force — (a) an issuer, by the issue ofsecurities to one or more depositories shall, in respect ofsuch issue, be chargeable with duty on the total amount ofsecurity issued by it and such securities need notbe stamped; (b) where an issuer issues certificate ofsecurity under sub-section (3) of section 14 of the Depositories Act, 1996 (22 of 1996), on such certificate duty shall be payable on the issue of duplicate certificate underthis Act; (c) the transfer of— (i) registered ownership of securities from a person to a depository or from a depositoryto a beneficial owner; (ii) beneficial ownership ofsecurities, dealt with by a depository; (iii) beneficial ownership of units, such units being units of a Mutual Fund including units of the Unit Trust of Indian established under sub-section (1) of section 3 ofthe Unit Trust of India Act, 1963 (52 of 1963), dealtwith by a depository, shall not be liable to duty under this Act or any other law for the time being in force. Explanation 1- For the purposes ofthis section, the expressions “beneficial ownership”, “depository” and “issuer” shall have be meanings respectively assigned to them in clauses (a), (e) and (i) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996). Explanation 2 — For the purposes of this section, the expression “securities” shall have the meaning assigned to it in clause (h) of section 2 ofthe Securities contracts (Regulation) Act, 1956 (1956). 9. Power to reduce, reduce, remit 0r compound duties. — (l) The Goyemmentmay, byrule or orderpublished inthe Official Gazette, - (a) reduce or remit, whether prospectively or retrospectively, in the whole or any part of the territories under its administration, the duties with which any instruments or any particular class of instruments, or any of the instruments belonging to such class, or any instruments when executed or in favour ofany particular class of persons, or by or in favour of any members of such class, are chargeable, and (b) provide for the composition or consolidation of duties in the case of issues by any incorporated company or other body corporate [or of transfers (where here is single transferee, whether incorporated or not)] ofdebentures, bonds or other marketable securities. (2) Inthis section the expression “the Goyemment” means — (a) in relation to stamp duty in respect of bills of exchange, cheques, promissory notes, bills of ladmg, letters of credit, policies of insurance, transfer ofshares, debentures, proxies and receipts, and in relation to any other stamp-duty chargeable under this Act and falling within entry 96 in List I in the Seventh Schedule to the Constitution, the Central Goyemment; (b) save as aforesaid, the State Goyemment. NOTIFICATIONS Notification N0. F. B-6-23-V-SR—85 (1) dated the lSt September, 1989. — In exercise ofthe powers conferred by clause (a) ofsub-section (1) ofSection 9 of the Indian Stamp Act, 1899 (II of 1899) the State Goyemment hereby remit stamp duty chargeable on instruments ofsale deed / lease deeds executed to acquire land in favour ofthe members ofa family displaced on account ofthe Narmada Valley Project subjectto the following conditions namely :- [(a) A certificate bearing the name of the displaced person, area of the land acquired and the amount of compensation from the Land Acquisition Officer or the Rehabilitation Officer ofthe Project area is given to the concerned displacedperson; (b) The land is purchased by the displaced person anywhere in the state ofMadhya Pradesh during the process ofrehabilitation;] (C) The position in (a) and (b) above is expressed in the instrument of transfer itself; and [(d) The eligibility ofexemption from the Stamp duty shall be limited to the amount of duty payable on the value ofland purchased equal in area ofhis land acquired or the amount ofcompensation, whichever is higher; (e) The Stamp duty due on such instrument in accordance with the provisions ofthe Indian Stamp Act, 1899 shall be re-imbursed by the Narmada valley Development Authority to the Commercial Taxes Department in the same financial year in which the registration of sale deed/lease deed takes place] Notification N0. F.B.—4-28-V-C-TaX-89 (15) dated the 27th June, 1990. — In exercise ofthe powers conferred by clause (a) ofsub-section (1) ofSection 9 of the Indian Stamp Act, 1899 (II of 1899) the State Goyemment hereby remit in whole the stamp duty chargeable ofAffidavits submitted under Bhopal Gas Leak Disaster (Processing ofClaims) Act, 1985 (No. 21 of 1985). Notification N0. (33) B-4-23-95-CTD-5 dated the 21st December, 1995. — In exercise ofthe powers conferred by clause (a) ofsub-section (1) ofSection 9 of the Indian Stamp Act, 1899 (No. II of 1899) and in supersession of this Department Notification No. F-2592-B-6-23-V-SR-86, dated 15-5-87 and F-3148- B-4-3-VSR-88 the State Goyemment hereby remits the stamp duty, with effect from Ist January 1996 in the whole ofthe State ofMadhya Pradesh, chargeable on instruments of sale/lease executed by Madhya Pradesh Housing Board, Nagar Vikas Pradhikarans and Madhya Pradesh Housing Federation Ltd, in favour of persons ofEconomicallyWeaker Sections and Lower income Group subject to the conditions that :- (A) Where the purchase/lessee belongs to economical weaker section - (i) Ifhe produces a certificate from the seller/lessor to the effect that he belongs to the economicallyweaker section, (ii) Ifthe cost ofplot together with building thereon does not exceed Rs. 50,000 and in case of plot only the cost thereof not exceed Rs. 15,000 on the date ofallotment ofthe buildmg/plot, (iii) If the area of the plot with or without building is not more than 60 square meters. (B) Where the purchaser/lessee belongs to Lower Income Group- (i) Ifhe produces a certificate from the seller/lessor to the effect that he belongs to lower income group, (ii) Ifthe cost ofplot together with building thereon does not exceed Rs. 75,000 and in case ofplot only the cost thereof does not exceed Rs, 25,000 on the date ofallotment ofthe buildmg/plot, (iii) If the area of the plot with or without building is not more than 96 sq. meters. Explanation — Forthe purpose ofthis order- (i) Purchaser/Lessee belonging to economically weaker section means a person whose family’s monthly income from all courses does not exceed Rs. 1,250/- on the date ofallotment ofthe buildmg/plot. (ii) Purchaser/Lessee belonging to lower income group means a person whose family income from all sources exceed RS. 1,250/- but does not exceed Rs. 2,650/- on date ofallotment ofthe buildmg/plot. Notification N0. (39)-R—4—2-96-CTD-V dated the 23rd August, 1996 — In exercise of the powers conferred by clause (a) of sub-section (1) of Section 9 of the Indian Stamp Act, 1899 (No. II of 1899), the State Goyemment hereby remits the stamp duty chargeable under Article 45 of Schedule I-A of the said Act in respect of deeds of partition of agricultural land between joint Khatedars, under following conditions :- 1. there is neither any dispute nor any case pending in any Court regarding the land to be partitioned, 2. the land beingpartitioned is notwithin the provisions ofceiling. Notification N0.(51) B-4-12-96-CTD-V dated the 8th November, 1996-In exercise ofthe powers conferred by clause (a) ofsub-section (i) ofSection 9 ofthe Indian Stamp Act, 1899 (No. II of 1899), the State Goyemment hereby remits the stamp duty chargeable under Article 31 ofSchedule l-A ofthe said Act in respect ofdeeds ofexchange of agricultural land upto 5 acres under following conditions, namely :- (1) The lands being exchanged are agricultural, (2) The lands being exchanged are adjacent to the land owners land, i.e., there is chakbandi, (3) The lands being exchanged are approximately ofequal market value, (4) The lands being exchanged should not be Nazul or extra—Nazul agricultural lands, (5) The lands being exchanged are situated within the same Revenue inspector circle, (6) Provision should not be misused for evading Ceiling on agricultural land. Notification N0. (13) B-4—18—98—CT-V dated the 19th May, 1998. — In exercise of the powers conferred by clause (a) of sub-section (1) of Section 9 of the Indian Stamp Act, 1899 (No. II 1899), the State Goyemment hereby reduces the stamp duty with which an instrument of securitization of loans or of Assignment of Debt with underlying securities is chargeable under Schedule l-A of the said Act, to 0.1 per cent. Of the loan securitized or debt assigned with underlying securities, ifthe securities, ifthe securities are noyable properties and to 2 percent. Ofthe loan securitized or debt assigned with underlying securities, if the securities are immovable properties. Notification N0. B-4—17—94—C.T.-5(22) dated the 22nd June, 1998 — In exercise of powers conferred by clause (a) of sub-section (1) of Section 9 ofthe Indian Stamp Act, 1899 (No. II of 1899), and in supersession ofthis Department Notification No. 2851-B-6-17-C.T.-V87, dated the 30th May, 1922, the State Goyemment hereby reduces/ remits the reates of stamp duty chargeable on the instruments of sale executed by Madhya Pradesh Housing Board, Vikas Pradhikaran, Primary Co-operatiVe Housing Societies and Madhy Pradesh Co- operative Housing Federation Ltd., in relation to the houses/apartments constructed under Self Financing Scheme, subject to the following conditions, namerly :- (a) the chargeable stamp duty shall be exempted/reducted to the xtent of 100 percent, 50 percent and 25 percent for the categories of houses/apartments of Economically Weaker Section, Low Income Group and Middle Income Group respectively. No exemption/reduction shall be granted in cases, of High Income Group Houses/apartments. (b) this exemption/reduction shall be limited only to original allottees underthe SelfFinancing Scheme, (c) For purpose of clause (a), except the Primary Co-operatiVe Housing Societies a necessary certificate shall be given by the said executing institutions, and in relation to the Primary Co-operatiVe Housing Societies an affidavit shall be given by the concerning Co-operatiVe Society. Explanation — For the purpose of this notification, the words “Houses/apartments of economically weeker sections, Low Income Group and Middle Income Group mean such houses/apartments whose maximum plinth area and plot area shall not exceed,”- Category ofhousing Maximum Plinth area Maximum Plot area (sq. M.) (sq. M.) (1) (2) (3) EconomicallyWeaker Section 30 60 Low Income Group 48 96 Middle Income Group 85 190 Notification N0. (22) —B-4-22-98-C.T.V. dated the 20th August, 1998 — In exercise of the powers conferred by clause (a) of sub-section (1) of Section 9 of the Indian Stamp Act, 1899 (No. II of 1899) the State Goyemment hereby remits the Stamp duty chargeable on all kinds of deeds oftransfers of Agricultural land executed by a personbelonging to Scheduled Tribe in favour ofhis legal heir/heirs during his life time. Notification N0. (39) B-4—1-97-C.T.V. dated the 19th May, 1999 — In exercise of the powers conferred by caluse (a) of sub-section (1) of Section 9 of the Indian Stamp Act, 1899 (No. II of 1899), the State Goyemment is pleased— (1) to remit the whole of stamp duty on the instruments of Charter Party (No. 20), Mortgage of crops (No. 41), Note ofprotest by Master of a ship (No. 44), protestby Master ofship (No. 51) and shipping order (No. 60). (2) to reduce the duty chargeable under clause (f—l) ofArticle 48 of Schedule l-A to one hundred rupees on apower ofattorney in the following cases :- (a) when suchpower ofattorney is given by a principal to his orher real brother/brothers or sister/sisters. (b) when such power of attorney belongs to any immovable property situated outside the State ofMadhya Prades. Notification N0. (48) B-4-45-98-CTD-5 dated the 13th October, 1999 — In exercise ofthe powers conferred by clause (a) ofsub-section (1) ofSection 9 of the Indian Stamp Act, 1899 (No. II of 1899), the State Government herebyreduces the Stamp duty chargeable on a mortgage deed executed by a “New Industry” to be set up in the field of energy generation and mineral oil refining, for raising capital to set up the industry, to rupees five lacs where the duty payable on such deed exceeds that amount. Explanation — For this purpose, “New Industry” means an industrial unit which has not gone into production before 19-8-1999 and is so certified by the Commissioner ofIndustries or any Officer appointed byhim in this behalf. Notification N0. (35) B-4-20-99-CTD-V dated the 12th July, 2000. — In exercise of the powers conferred by clause (a) of sub-section (1) of Section 9 of the Indian Stamp Act, 1899 (No. II of 1899), the State Goyemment hereby remits the stamp duty chargeable on instruments oflease executed by the Goyemment in favour of Madhya Pradesh State Tourism Corporation in relation to the land on which the units ofthe said corporation are situated. Notification N0. (51) B-4-21-99-CTD.—V. dated the 10th November, 2000. — In exercise of the powers conferred by clause (a) of sub-section 1 of Section 9 ofthe Indian Stamp Act, 1899 (No. II of 1899), the State Government hereby remits the Stamp duty of Rs. 2,06,190/— (Rs. Two Lac Six thousand one hundred ninety only) on the sale deed of2,0378 hectares ofagricultural land being purchased by the Kshipra Power Loom Bunkar Maryadit Sahkari Samiti, Ujjain for ofits members. Notification N0. (15)—B-4-6-2000-CTD-V dated the 4th April, 2001. — In exercise of the powers conferred by clause (a) of sub-section (1) of Section 9 of the Indian Stamp Act, 1899 (No. II of 1899), the state Goyemment hereby remits the stamp duty chargeable on the instruments ofSale/Lease relating to plot or built up space executed by or on behalf of the State Goyemment or any Semi Goyemment Organisation or any Goyemment Undertaking, in favour of the Information Technology Industries to be established in the State of Madhya Pradesh. Notification N0. N0. F.B.—4-46-97-CTD-V. dated the 18th May, 2001 — In exercise of the powers conferred by clause (a) of sub-section (1) of Section 9 of the Indian Stamp Act, 1899 (No. II of 1899), the State Goyemment hereby remits the Stamp duty chargeable in respect ofthe following instrument, namely :- (1) The lease deed executed in favour of a Fisherman Cooperative society registered or deemed to be registered under the Madhya Pradesh, Cooperative Societies Act, 1960 (No. 17 of 1961) relating to catch fish from a reservoir admeasurmg notmore than two thousand hectares in area, (2) The Stamp duty of Rs. 29522/- chargeable on the lease to catch fish from Hirsa and Tigra reservoirs forthe year 1981-82. Notification N0. (1)-F.B.-4.6-2001-CTD-V dated the 5th January, 2002. — In exercise ofthe powers conferred by clause (a) of sub-section (1) of Section 9 of the Indian Stamp Act 1899 (No. II of 1899), the State Goyemment hereby reduces with effect from 15th January, 2002 and upto 15th March, 2002 (both days inclusive) the Stamp duty chargeable on instruments produced under the “Amnesty Scheme” and specified in column 1 of Schedule below to the extent specified in column (2) thereof:- Schedule Date ofexecution Duty reduced by 1 When the execution of the The amount of duty chargeable on 75 transaction of instrument is before percent ofthe present guide line value. the year, 2 When the execution of the The amount of duty chargeable on 50 transaction of the instrument is percent ofthe present guide line value. between the year 1975 to year 1985, 3 When the execution of the The amount of duty chargeable on 40 transaction of the instrument is percent ofthe present guide line value. between the year 1986 to year 1990, 4 When the execution of the The amount of duty chargeable on 30 transaction of the instrument is percent ofthe present guide line value. between the year 1986 of year 1995, 5 When the execution of the The amount of duty chargeable on 20 transaction of the instrument is percent ofthe percent guide line value. between the year 1996 to year 2000, Explanation — The aforesaid reduction in duty shall be applicable only in cases in which duty is chargeable as per the guide line values. Notification N0. (1) F.B. 4-6-2001-CTD-V dated the 5th January, 2002 — In exercise ofthe power conferred by clause (a) of sub-section (1) os Section 9 of the Indian Stamp Act, 1899 (No. II of 1899), State Goyemment hereby reduces with effect from 15th January, 2002 and upto 15th March, 2002 (both days inclusive), the maximum penalty ofan amount not exceeding ten times the amount ofproper duty or the deficient portion thereofpayable on an instrument under the provision ofclause (b) ofsub-section (1) ofSection 40 in respect ofan instrument produced under the ‘Amnesty Scheme’ of five hundred rupees, when it exceeds five hundred rupees. B-Ofst6amp andthe mode ofusmgthem 10. Duties how to be paid — (1) Except as otherwise expressly provided in this Act, all duties with which any instruments are chargeable shall be paid, and such payment shall be indicated on such instruments, by means ofstamps — (a) according to the provisions herein contained, of (b) when no such provision is applicable thereto — as the State Goyemmentmayby rule direct. (2) The rules made under sub-section (1) may, among othermatters, regulate,- (a) in the case of each kind of instrument — the description of stamps which may be used, (b) in the case of instruments stamped with impressed stamps — the number ofstamps whichmaybe used, (c) in the case ofbill ofexchange or promissory notes [* * *] the size of the paper on which they are written. [10—A. Payment of duty in cash — (1) Notwithstanding anything contained in section 10, where the Collector is satisfied that there is temporary shortage of stamps in the district or that stamps of required denominations are not available, he may permit duty to be paid in cash and authorise the Treasury Officer or Sub- Treasure Officer, as the case may be, on production of a challan eVidencmg payment ofduty in the Government Treasury or Sub-Treasury, as the case may be, to certify in such manner as may be prescribed by endorsement on the instrument or instruments the amount ofduty so paid in cash. (2) An endorsement made on any instrument under sub-section (1) shall have the same effect as ifthe duty ofan amount equal to the amount stated in the endorsement has been paid in respect thereof and such payment has been indicated on such instrument by means of stamps in accordance with the requirement ofsection 10.] 11. Use of adhesive stamps — The following instruments may be stamped with adhesive stamps, namely :- (a) instruments chargeable [with a duty not exceeding ten naye paise,] except parts of bill of exchange payable otherwise than on demand and drawn in sets, (b) bills ofexchange, and promissorynotes drawn ormade out ofIndia, (c) entry as an advocate, yakil or attorney on the role ofa High Court, (d) notarial acts, and (e) transfers by endorsement of shares in any incorporated company or otherbody corporate. 12. Cancellation of adhesive stamps - (1) (a) Whoever affixes andy adhesive stamp to any instrument chargeable with duty which has been executed by any person shall, when affixing such stamp, cancel the same so that it cannotbe used again, and (b) whoever executes any instrument on any paper bearing an adhesive stamp shall, at the time of execution, unless such stamp has been already cancelled in manner aforesaid, cancel the same so that it cannotbe used again. (2) Any instrument bearing an adhesive stamp which has not been cancelled so that it cannot be used again, shall, so far as such stamp is concerned, be deemed to be unstamped. (3) The person required by sub-section (1) to cancel an adhesive stamp may cancel it by writing on or across the stamp his name or initials or the name or initials of his firm with the true date of his so writing, or in any other effectual manner. 13. Instruments stamped with impressed stamps how to be written — Every instrument written upon paper stamped with an impressed stamp shall be written in such manner that the stamp may appear on the face ofthe instrument and cannot be used for or applied to any other instrument. 14. Only one instrument to be on same stamp — No second instrument chargeable with duty shall be written upon a piece of stamped paper upon which an instrument chargeable with dutyhas alreadybeen written : Provided that noting in this section shall prevent any endorsement which is duly stamped or is not chargeable with duty being made upon any instrument for the purpose of transferring any right created or evidenced thereby, or of acknowledging the receipt of any money or goods the payment or delivery of which is secured thereby. 15. Instrument written contrary to section 13 or 14 deemed unstamped — Every instrument written in contravention of section 13 or section 14 shall be deemed to be unstamped. 16. Denoting duty — Where the duty with which an instrument is chargeable, or its exemption from duty, depends in any manner upon the duty actually paid in