PUNJAB GOVT. GAZ. (EXTRA), OCTOBER 19, 2023

(ASVN 27, 1945 SAKA)

4501

( 4501 )

PUNJAB VIDHAN SABHA SECRETARIAT

NOTIFICATION

The 19th October, 2023

No. 15-PLA-2023/54.- The Transfer of Property (Punjab Amendment)

Bill, 2023 is hereby published for general information under the proviso to rule

121 of the Rules of Procedure and Conduct of Business in the Punjab Vidhan

Sabha (Punjab Legislative Assembly):-

BILL NO. 15-PLA-2023

THE TRANSFER OF PROPERTY (PUNJAB AMENDMENT) BILL, 2023

BILL

further to amend the Transfer of Property Act, 1882, in its application to

the State of Punjab.

Be it enacted by the Legislature of the State of Punjab in the Seventy-

fourth Year of the Republic of India, as follows:-

(1) This Act may be called the Transfer of Property (Punjab Amendment)

Act, 2023.

EXTRAORDINARY

Published by Authority

CHANDIGARH, THURSDAY, OCTOBER 19, 2023

(ASVINA 27, 1945 SAKA)

Short title

and

commence-

ment.

PUNJAB GOVT. GAZ. (EXTRA), OCTOBER 19, 2023

(ASVN 27, 1945 SAKA)

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(2) It shall come into force on and with effect from the date of its

publication in the official Gazette.

In the Transfer of Property Act, 1882, in its application to the State

of Punjab, in section 58, after clause (f), the following shall be inserted,

namely:-

"Registration of charge in favour of Bank. - (i) Notwithstanding

anything contained in the Registration Act, 1908 (Central Act 16

of 1908), a charge in respect of which loan has been credited

under clause (f), between the debtor and the creditor, shall be

deemed to have been duly registered in accordance with the

provisions of the Registration Act, 1908 with effect from the date

of such charge or variation, as the case may be, provided that the

Bank sends to the Sub-Registrar or Joint Sub-Registrar, within

the local limits of whose jurisdiction, the whole or any part of the

property charged is situated within a period of sixty days, through

a registered post acknowledgment due or in person, a copy of the

document creating such charge or variation duly certified to be

true copy, by an employee of the Bank authorized to sign, on its

behalf.

(ii) The Sub-Registrar or the Joint Sub-Registrar, as the case may

be, receiving the declaration referred to in item (i) as immediately

as practicable on receipt thereof, record in a register to be

maintained in this behalf the fact of the receipt of such declaration

or variation.

(iii) Charge to be created in favour of Bank in the record of

rights.- Wherever a charge is created on the land in favour of a

Bank, by a land owner under clause (f), the Bank may give

intimation in writing to the Tehsildar or Naib-Tehsildar, within the

local limits of whose jurisdiction, the whole or any part of the

property charged is situated or such other revenue official as

may be designated in this behalf, by the State Government, of the

particulars of the charge in its favour. The Tehsildar, Naib-Tehsildar

Amendment in

clause (f) of

section

58 of Central

Act 4 of 1882.

PUNJAB GOVT. GAZ. (EXTRA), OCTOBER 19, 2023

(ASVN 27, 1945 SAKA)

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STATEMENT OF OBJECTS AND REASONS

The Transfer of Property Act 1882 is a central Act, it was not applicable

in the state of Punjab, through notifications, only some sections of the act are

made applicable in the state. Section 58 (f), mortgage by way of deposit of

title deed (equitable mortgage) has been made applicable in the year 1975,

through a notification. Mortgage by way of deposit of title deeds, as per the

act the document is not a compulsory registrable document, it creates stamp

evasion, other ambiguities relating to procedure etc. To remove all such

ambiguities, it was required that the mortgage by way of deposit of title deeds

be made a complusary registrable document and to minimize the public

harassment at sub-registrar offices, a provision be made in the principle act,

so that for the registration purpose bank managers be authorized to send such

deeds to the sub-registrar offices, which shall deem to be registred ones. In

order to implement the said changes, it is proposed to amend the Transfer of

property Act, 1882.

BRAM SHANKER SHARMA (JIMPA),

Minister for Revenue, Rehabilitation &

Disaster Management, Punjab.

____________

CHANDIGARH:

RAM LOK KHATANA,

THE 19TH OCTOBER, 2023

SECRETARY.

2949/10-2023/Pb. Govt. Press, S.A.S. Nagar