Section 3 in Indian Stamp (Madhya Pradesh Amendment) Act, 2016
3. Amendment of section 2.
- In Section 2 of the principal Act,-(i)for clause (11), the following clause shall be substituted, namely:-"(11) "Duly Stamped" as applied to an instrument means that the instrument bears a stamp of not less than the proper amount chargeable as per the Schedule I and Schedule-1-A to this Act and that such stamp has been affixed or used in accordance with the law for the time being in force in India;";(ii)after clasue (11), the following clause shall be inserted,namely:-"(11-A) "e-stamp or electronic stamp" means an electronic record or its impression on paper, created to denote the payment of stamp duty;";(iii)after clause (12), the following clause shall be inserted,namely:-"(12-A) "Impound" means to take an instrument into custody of the Public Officer with an endorsement made thereon in this regard;";(iv)after clasue (16-A), the following clauses shall be inserted,namely:-"(16-B) "Market value" in relation to any property which is the subject matter of an instrument, means the price which such property would fetch or would have fetched if sold in the open market on the date of execution of such instrument determined by the Authority empowered to do so in the manner laid down under this Act or rules made thereunder, or the consideration stated in the instrument, whichever applicable;(16-C) "Market value Guidelines"means the set of market values of immovable property in different villages, planning areas, municipalities, corporations and other areas in the State notified by the designated Authority under rules made under this Act for the purpose of determining chargeability of an instrument related to the property, with stamp duty;";(v)for clause (24), the following clause shall be substituted, namely:-"(24) Settlement means any non-testamentary disposition, in writing, of movable or immovable property made-(a)in consideration of marriage,(b)for the purpose of distributing property of the settler amongst his family, or(c)for any religious or charitable purpose,and includes an agreement in writing to make such a disposition and, where any such disposition has not been made in writing, any instrument recording, whether by way of declaration of trust or otherwise, the terms of any such disposition; ";(vi)for clause (26), the following clause shall be substituted,namely:-"(26) "Stamp" means any mark, seal or endorsement by any agency or person duly authorized by the State Government, and includes an adhesive or impressed stamp, or e-stamp, for the purpose of duty chargeable under this Act,".
