(2)An endorsement made on any instrument under sub-section (1) shall have the same effect as if the duty of an 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 requirements of Section 13.Explanation. - For the purposes of this sub-section, the expressions, "demand draft" or by "pay order" means the demand draft or pay order issued by the State Bank of India constituted under the State Bank of India Act, 1955 (Act No. 23 of 1955) or a corresponding new bank constituted under Section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (Act No. 5 of 1970) or under Section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (Act No. 40 of 1980), or any other bank being a scheduled bank as defined in clause (e) of Section 2 of the Reserve Bank of India Act, 1934 (Act No. 2 of 1934).
