The Indian Stamp (Punjab Amendment) Act, 1998

CHANDIGARH
India

The Indian Stamp (Punjab Amendment) Act, 1998

Act 17 of 1998

Published on 15 November 2007
Commenced on 15 November 2007
[This is the version of this document from 15 November 2007.]
[Note: The original publication document is not available and this content could not be verified.]

The Indian Stamp (Punjab Amendment) Act, 1998(Punjab Act No. 17 of 1998)[Dated 15.11.2007An 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 Forty-ninth Year of the Republic of India as follows:-

1. Short title and commencement.

(1)This Act may be called the Indian Stamp (Punjab Amendment) Act, 1998.

(2)It shall come into force at once.

2. Amendment of Schedule I-A to Central Act 2 of 1899.

- In the Indian Stamp Act, 1899, in its application to the State of Punjab in Schedule I-A.

(i)in entry 1, under the column captioned as "Proper Stamp Duty" for the words, "Five rupees", the words "Fifty rupees" shall be substituted;

(ii)in entry 4, under the column captioned as "Proper Stamp Duty", for the words, "Five rupees", the words "Fifty rupees" shall be, substituted;

(iii)for entry 5, the following entry shall be substituted, namely:-

5. Agreement or Memorandum of an Agreement.-

	Descriptionof Instrument	ProperStamp-duty
(a)	if relatingto the sale of a bill of exchange;	Twenty fiverupees
(b)	if relatingto the sale of a Government Security or share in incorporatedcompany or other body corporate;	Five rupeesfor every ten thousand or part thereof the value of the securityr share.
(c)	if relatingto the sale of immovable property;	Threehundred rupees.
(d)	if nototherwise provided for;	Fifteenrupees.
	Exemptions:
	Agreement orMomorandum of Agreement-
	(a) for orrelating to the sale of goods or merchandise exclusively, notbeing a Note of Memorandum chargeable under entry No. 43; and
	(b) made inthe form of tenders to the Central Government for or relating toany loan" ;
(iv)	for entry10, the following entry shall be substituted, namely:
"10.	Articles ofAssociation of a Company-
	(a) when theauthorized capital of the company does not exceed one lac; and	Five hundredrupees
	(b) In othercases	One thousandrupees
	Exemptions :
	Articles ofany Association not framed for profit and registered underSection 25 of the Companies Act, 1956.
	See alsoMemorandum of Association of a Company (entry No. 39).";
(v)	for entry48, the following entry shall be substituted, namely:-
	"48.Power of Attorney as defined by section 2 (21), not being aproxy (entry No. 52) -
(a)	whenextended for the sale purpose of procuring the registration ofone or more documents in relation to a single transaction or foradmitting execution of one or more such documents;	One hundredrupees.
(b)	whenrequired in suits or proceedings under Presidency Small CauseCourts Act, 1882;	One hundredrupees.
(c)	whenauthorising one person or more to act in a single transactionother than the case mentioned in clause (a);	Threehundred rupees.
(d)	whenauthorizing not more than five persons to act jointly andseverally in more than one transaction or generally;	Threehundred rupees.
(e)	whenauthorizing more than five but not more than ten persons tojointly and severally in more than one transaction or generally;	Six hundredrupees.
(f)	when givenfor consideration and authorizing the attorney to sell anyimmovable property; and	The sameduty as ther conveyances (entry No. 23) as levied by this Actfor the amount of consideration.
(g)	in any othercase	Seventy fiverupees.
		N.B.- Theterm "registration", includes every operation,incidental to registration under the Registration Act, 1908.

Explanation :- For the purpose of this article, more persons than one when belonging to the same firm shall be deemed to be one person."

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