(1)Notwithstanding anything in this Act, any local authority raising a loan under the provisions of the Local Authorities Loans Act, 1914 (IX of 1914), or of any other law for the time being in force [or any corporation established by law by Government or any Government company raising a loan,] [These words were inserted by Gujarat 21 of 1972 Section 5(1)] by the issue of bonds or securities other than debentures shall, in respect of such loan, be chargeable with a duty of [two per centum] [These words were substituted for the words 'One and half per centum' by Gujarat 23 of 1977 Section 5.] on the total amount of such bonds or securities issued by it, and such bonds or securities need not be stamped, and shall not be chargeable with any further duty on renewal, consolidation, sub-division or otherwise.
