PUNJAB GOVT. GAZ. (EXTRA), MARCH 28, 2025
2305
(CHTR 7, 1947 SAKA)
EXTRAORDINARY
Published by Authority
CHANDIGARH, FRIDAY, MARCH 28, 2025
(CHAITRA 7, 1947 SAKA)
PUNJAB LEGISLATIVE ASSEMBLY SECRETARIAT
NOTIFICATION
The 27th March, 2025
No. 8-PLA-2025/10.- The Indian Stamp (Punjab Amendment) Bill,
2025 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. 8-PLA-2025
THE INDIAN STAMP (PUNJAB AMENDMENT) BILL, 2025
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-
sixth Year of the Republic of India as follows: -
1. (1) This Act may be called the Indian Stamp (Punjab Amendment) Short title and Commencement Bill, 2025.
( 2305 )
2306 PUNJAB GOVT. GAZ. (EXTRA), MARCH 28, 2025
(CHTR 7, 1947 SAKA)
(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, in entry 6, at the end, for the words and sign "from
the date of such instrument.", the words and sign "from the date of such
Amendment of Schedule 1-A of Central Act 2 of 1899
instrument:" shall be substituted and, thereafter, the following proviso shall be
added, namely:-
"Provided that if Stamp-duty has been paid by a debtor under this
entry for the purpose of a loan and thereafter the debtor switches
over that loan to some other Bank or Financial Institution, he shall not
be liable to pay Stamp-duty under this entry for switching over the
loan in case the immovable or movable assets and the instrument which
was mortgaged, hypothecated etc. under this entry, earlier, remains Stamp-duty shall be liable to be paid only on the additional amount."
PUNJAB GOVT. GAZ. (EXTRA), MARCH 28, 2025
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(CHTR 7, 1947 SAKA)
STATEMENT OF OBJECTS AND REASONS
The Indian Stamp Act, 1899 was enacted to provide for the levy and
collection of stamp duty by the State Government. The Act contains provisions
to ensure the effective implementation and administration of stamp duty
collection in the State.
In order to make Punjab a more industry-friendly State and facilitate
processes pertaining to the levy and collection of stamp duty under Entry 6
of Schedule 1-A, it is considered expedient to streamline the relevant
provisions. The proposed amendment is aimed at enhancing the ease of doing
business in the State and ensuring more efficient enforcement of stamp duty
regulations.
The amendment seeks to reduce the financial burden on businesses by
eliminating the possibility of double payment of stamp duty in cases involving
transfer of loans between banks or financial institutions. This facilitation will
encourage smoother refinancing processes and improve access to credit for
enterprises and industries operating within the State.
To give effect to the above objectives, it is proposed to amend the
Indian Stamp Act, 1899.
HARDIP SINGH MUNDIAN
Minister for Revenue, Rehabilitation & Disaster Management, Punjab.
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(CHTR 7, 1947 SAKA)
FINANCIAL MEMORANDUM
The Bill seeks to amend Schedule 1-A of the Indian Stamp Act,
1899 to enhance the ease of doing business in the State and ensure more
effective implementation of stamp duty regulations. The proposed amendment
aims to reduce the financial burden on businesses by eliminating the need for
double payment of stamp duty on the transfer of loans between banks or
financial institutions. This will facilitate easier refinancing and improve access
to credit, thereby supporting business growth and industrial development.
These changes are intended to strengthen Punjab's position as a business-
friendly State and encourage investment and economic expansion.
As the Bill does not propose any provision that would result in recurring or
non-recurring expenditure from the Consolidated Fund of the State, its
enactment will have no financial implications for the State Government.
____________
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.
____________
CHANDIGARH :
RAM LOK KHATANA,
THE 27TH MARCH, 2025 SECRETARY.
3354/3-2025/Pb. Govt. Press, S.A.S. Nagar