PUNJAB GOVT. GAZ. (EXTRA), NOVEMBER 26, 2023
(AGHN 5, 1945 SAKA)
5007
( 5007 )
PUNJAB VIDHAN SABHA SECRETARIAT
NOTIFICATION
The 26th November, 2023
No. 19-PLA-2023/62.–The Indian Stamp (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. 19-PLA-2023
THE INDIAN STAMP (PUNJAB AMENDMENT) BILL, 2023
A
BILL
further to amend the Indian Stamp Act, 1899, 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.
(1)
This Act may be called the Indian Stamp (Punjab Amendment)
Act, 2023.
(2)
It shall come into force on and with effect from the date of its
publication in the Official Gazette.
EXTRAORDINARY
Published by Authority
CHANDIGARH, SUNDAY, NOVEMBER 26, 2023
(AGRAHAYANA 5, 1945 SAKA)
Short title
and
commencement.
PUNJAB GOVT. GAZ. (EXTRA), NOVEMBER 26, 2023
(AGHN 5, 1945 SAKA)
5008
2.
In the Indian Stamp Act, 1899, in its application to the State of Punjab,
in Schedule 1-A,-
(i)
for the existing entry 6, the following entry shall be substituted,
namely:--
"6. Agreement relating to Deposit of Title-
Deeds, pawn or pledge, mortgage by
way of deposit of Title Deed (Equitable
Mortgage) and hypothecation, that is to
say, any instrument evidencing an
agreement relating to-
(1)
the deposit of title
deeds or instruments
constituting or being
evidence of the tittle to
any property whatever
(other than a marketable
security), instrument of
hypothecation without
delivery of possession, or
(2)
the pawn or pledge of
immovable property,
where such deposit,
pawn, or pledge has been
made by way of security
for the repayment of
money advanced or to be
advanced by way of loan
or an existing or future
debt-
(a) if such loan or debt
is repayable on demand
or more than three
months from the date of
instrument evidencing the
agreement;
(b) if such loan or debt
0.25% of the loan
amount credited or
an existing or future
debts.
Amendment
of Schedule
1-A of the
Central Act 2
of 1899.
PUNJAB GOVT. GAZ. (EXTRA), NOVEMBER 26, 2023
(AGHN 5, 1945 SAKA)
5009
is repayable not more
than three months from
the
date
of
such
instrument.
(ii)
in entry 48, for item (f), the following item shall be substituted,
namely:-
"(f) When given to a
person other than family
member, authorizing the
attorney to sell any
immovable property; and
2% of the amount of
the consideration, or
of Collector rate in
respect
of
the
property mentioned
in the instrument,
whichever is higher.
PUNJAB GOVT. GAZ. (EXTRA), NOVEMBER 26, 2023
(AGHN 5, 1945 SAKA)
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STATEMENT OF OBJECTS AND REASONS
The Indian Stamp Act, 1899 (the act) was enacted with a view to
make a provision for levy and collection of stamp duty for the State
Governments. The Act provides for certain provisions for smooth levy and
collection of stamp duty. In order to remove ambiguities in regard to levy and
collection of stamp duty for entry 6 and 48 of the schedule 1-A of the act ,
the provisions relating to above mentioned entries are proposed to be
streamlined. To facilitate the general public amendment is being carried out
for better implementation. In order to implement the said changes, it is
proposed to amend the The Indian Stamp Act, 1899.
____________
BRAM SHANKER SHARMA(JIMPA)
Revenue & Rehabilitation and Disaster
Management Minister, Punjab
PUNJAB GOVT. GAZ. (EXTRA), NOVEMBER 26, 2023
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CHANDIGARH :
R. L. KHATANA
THE 26TH NOVEMBER, 2023
SECRETARY.
FINANCIAL MEMORANDUM
The bill proposes to amend schedule 1-A of the Indian Stamp Act
with a view to remove ambiguities in regard to levy and collection of stamp
duty for entry 6 and 48 of the schedule 1-A of the act , the provisions relating
to above mentioned entries are proposed to be streamlined. To facilitate the
general public amendment is being carried out for better implementation.
Thus there is no provision in the Bill which would involve the recurring or
non-recurring expenditure from the exchequer of the State on its enactment
as an Act.
____________
The Governor has, in pursuance of clause (1) and (3) of Article 207
of the Constitution of India, recommended to the Punjab Legislative Assembly,
the introduction and consideration of the Bill.
____________
2977/11-2023/Pb. Govt. Press, S.A.S. Nagar