PUNJAB GOVT. GAZ. (EXTRA), JANUARY 15, 2024

(PAUSA 25, 1945 SAKA)

EXTRAORDINARY

Published by Authority

CHANDIGARH, MONDAY, JANUARY 15, 2024

(PAUSA 25, 1945 SAKA)

( v )

LEGISLATIVE SUPPLEMENT

Contents

Pages

Part - I

Acts

The Indian Stamp (Punjab Amendment)

Act, 2023.

(Punjab Act No. 2 of 2024)

Part - II

Ordinances

Nil

Part - III

Delegated Legislation

Nil

Part - IV

Correction Slips, Republications and

Replacements

Nil

.. 3-4

PUNJAB GOVT. GAZ. (EXTRA), JANUARY 15, 2024

(PAUSA 25, 1945 SAKA)

PART I

GOVERNMENT OF PUNJAB

DEPARTMENT OF LEGAL AND LEGISLATIVE AFFAIRS, PUNJAB

NOTIFICATION

The 15th January, 2024

No. 2-Leg./2024.- The following Act of the Legislature of the State

of Punjab received the assent of the Governor of Punjab on the 1st day of

January, 2024, is hereby published for general information:-

THE INDIAN STAMP (PUNJAB AMENDMENT) ACT, 2023

(Punjab Act No. 2 of 2024)

AN

ACT

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.

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-

Short title and

commencement.

Amendment of

Schedule 1-A

of the Central

Act 2 of 1899.

3

(1)

the deposit of title

deeds or instruments

constituting or being

evidence of the title to any

property whatever (other

than a marketable security),

0.25% of the loan

amount credited

or an existing or

future debts.

PUNJAB GOVT. GAZ. (EXTRA), JANUARY 15, 2024

(PAUSA 25, 1945 SAKA)

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 is

repayable not more than

three months from the

date of such instrument.

"(f) When given to a person

other than family member,

authorizing the attorney to

sell any immovable property;

and

(ii)

in entry 48, for item (f), the following item shall be substituted,

namely:-

2% of the amount of

the consideration, or

of Collector rate in

respect

of

the

property mentioned in

the

instrument,

whichever is higher

Note: "'Family Member' includes spouse, child, parent, sibling,

grandparent and grandchild."

MANDEEP PANNU,

Principal Secretary to Government of Punjab,

Department of Legal and Legislative Affairs.

3014/1-2024/Pb. Govt. Press, S.A.S. Nagar

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