- Subject to the provisions of this Act and the exemptions contained in Schedule I, the following instruments shall be chargeable with duty of the amount indicated in that Schedule as the proper duty therefor, respectively, that is to say,(a)every instrument mentioned in that Schedule which, not having been previously executed by any person, is executed in [India] [Substituted by Act 43 of 1955, Section 2, for "the States" (w.e.f. 1.4.1956).] on or after the first day of July, 1899;(b)every bill of exchange [payable otherwise than on demand] [Inserted by Act 5 of 1927, Section 5.] [*] [The word "cheque" omitted by Act 5 of 1927, Section 5.] or promissory note drawn or made out of [India] [Substituted by Act 43 of 1955, Section 2, for "the States" (w.e.f. 1.4.1956).] on or after that day and accepted or paid, or presented for acceptance or payment, or endorsed, transferred or otherwise negotiated, in [India] [Substituted by Act 43 of 1955, Section 2, for "the States" (w.e.f. 1.4.1956).]; and(c)every instrument (other than a bill of exchange [*] [The word "cheque" omitted by Act 5 of 1927, Section 5.] or promissory note) mentioned in that Schedule, which not having been previously executed by any person, is executed out of [India] [Substituted by Act 43 of 1955, Section 2, for "the States" (w.e.f. 1.4.1956).] on or after that day, relates to any property situate, or to any matter or thing done or, to be done, in [India] [Substituted by Act 43 of 1955, Section 2, for "the States" (w.e.f. 1.4.1956).] and is received in [India] [Substituted by Act 43 of 1955, Section 2, for "the States" (w.e.f. 1.4.1956).]:Provided that no duty shall be chargeable in respect of(1)any instrument executed by, or on behalf of, or in favour of, the Government in cases where, but for this exemption, the Government would be liable to pay the duty chargeable in respect of such instrument;(2)any instrument for the sale, transfer or other disposition, either absolutely or by way of mortgage or otherwise, of any ship or vessel, or any part, interest, share or property of or in any ship or vessel registered under the Merchant Shipping Act, 1894, or under Act XIX of 1838, or the Indian Registration of Ships Act, 1841 (57 and 58Vict., c. 60. 10 of 1841), as amended by subsequent Acts(3)[ any instrument executed, by, or, on behalf of, or, in favour of, the Developer, or Unit or in connection with the carrying out of purposes of the Special Economic ZoneExplanation. For the purposes of this clause, the expressions Developer, Special Economic Zone and Unit shall have meanings respectively assigned to them in clause (g), (za) and (zc) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005).] [Inserted by Act 28 of 2005, Section 57 and Sch.II.]
