Section 5 in West Bengal Stamp (Prevention of Undervaluation of Instruments) Rules, 2001
5. Determination of the market value of the property by the Collector on reference.
(1)On receipt of a reference from the registering officer under sub-rule (1) of rule 4, the Collector shall issue a notice in Form VIII, within thirty days from the date of receipt-(a)to every person by whom, and(b)to every person in whose favourthe instrument has beer executed, and inform him the receipt of reference and ask him to submit to him his objections, if any, in writing to support that the market value of the property has been truly and fully set forth by him in his instrument.(2)If the Collector, on receipt of any information or suo mote, within five years from the date of registration of any instrument referred to in sub-rule (2) of rule 3, has reason to believe that the market value of the property which is the subject-matter of.such instrument has not been truly set forth in the instrument or correctly ascertained under sub-section (2) of section 47A, he shall issue notice referred to in sub-rule (1) to the person mentioned therein and inform him of the reasons which led him to believe that the market value of the property has not been truly set forth, or correctly ascertained under sub-section (2) of section 47A, as the case may be, and ask him to submit his objection, if any, in writing to support that the market value has been truly set forth in the instrument, or correctly ascertained under sub-section (2) of section 47A.(3)The Collector may, if he thinks fit for the purpose of enquiry, -(a)call for any information, report or record from any public, officer or authority under the Central Government, or the State Government, or any local authority, or local body, or any person who has, in his opinion, knowledge with respect to valuation of property;(b)examine any information, report, or record referred to in clause (a);(c)examine the' order of the registering officer referred to in sub-rule(8)of rule 3;(d)inspect the property which is the subject-matter of such instrument.(4)After hearing the person to whom a notice has been issued under sub-rule (1) or sub-rule (2), considering the objections, if any, and examining the information, report, or record along with the written order of the registering officer, the Collector shall pass an order in writing, determining the market value of such property, and the proper stamp duty payable on the instrument relating to such property.(5)A notice in Form IX with a copy of the order referred to in sub-rule (4) shall be issued by the Collector to the person by whom the stamp duty is payable under section 29, or his authorised agent intimating him the market value as determined by the Collector under that sub-rule, and directing such person to pay the deficit stamp duty, within such time, ordinarily not before fifteen days from the date of issue of the notice, as may be specified in such notice, in such manner as referred lo in sub-rule (9) of rule 3:Provided that the Collector, may, upon application from any person by whom the stamp duty is payable under section 29 or his authorised agent, extend the date specified in the notice for reasons to be recorded in writing.(6)A copy of the order referred to in sub-rule (4), shall be sent to the concerned registering officer who made the reference under sub-rule (1) of rule 4, or who registered the instrument, as the case may be, and the appropriate District Registrar.(7)On receipt of the notice from the Collector as referred to in sub-rule (5), the person to whom the notice has been issued or his authorised agent, shall deposit the deficit amount of stamp duty within the date specified in the notice in the same manner as referred to in sub-rule (9) of rule 3. If the person liable to pay stamp duty under section 29 of the Indian Stamp Act, 1899, does not make such payment within the date aforesaid, he shall be liable to pay an interest at the rate of two per centum for each British Calendar month of default from the first day of such month following the month in which such person was required to make payment of deficit duty as prescribed in the aforesaid notice up to the month preceding the month of full payment of such duty.(8)The person by whom the stamp duty is payable under section 29 or his authorised agent, shall furnish the original copy of receipted challan, or the bank draft, as proof of payment of the deficit amount of stamp duty together with interest, if any, as referred to in sub-rule (7) to the registering officer and thereupon, the registering officer shall, within fifteen days from date of receipt of the challan or bank draft, certify by recording in such instrument that proper stamp duty has been paid and register the document, if not already registered.(9)Where the Collector, upon hearing under sub-rule (4), finds that the market value of property as set forth in the instrument is correct and the proper stamp duty has been paid thereon, he shall, within fifteen days from the date of order that he passed in connection with determination of such market value direct, the registering officer to certify by recording in the instrument that the proper stamp duty has been paid and send a copy of such order to the person by whom the stamp duty is payable under section 29.(10)On receipt of the copy of the order referred to in sub-rule (9) from the Collector, the registering officer shall, within ten days from the receipt of such order, certify by recording in the instrument that in terms of the order of the Collector, proper stamp duty has been paid and register the document, if not already registered.[Provided that the provisions of sub-rule (1) to sub-rule (10) of this rule shall not be applicable in case an instrument is registered through the system of Computerization of Registration of Documents (CORD) software.] [Proviso added by clause (4) of the Notification No. 1614-F T., dated 5.10.2010, w.e.f. 5.10.2010.][5A. Inspection by the Collector after registration of the document through system of CORD software. - (1) The Collector on receipt of any information or after random checking of deeds selected through the CORD system or suo mote within five years from the date of registration of any instrument registered in CORD software system, has reason to believe that the market value of the property which is the subject matter of such instrument has not been truly generated from the CORD software, due to non-furnishing of particulars as required under rule 3E of these rules or for any other reason, he shall, in person,- [Rule 5A Inserted by clause (5), ibid, w.e.f. 5.10.2010.](a)inspect the property:(b)call for and examine any such instrument and any other document relating thereto,for the purpose of satisfying himself as to the correctness of market value of the property which was the subject-matter of such instrument.(2)The Collector may, if he thinks fit for the purpose of enquiry, ask the person executing such instrument or the person in whose favour the document has been executed to submit his objections, if any, in writing to support that the market value has been duly ascertained through the system of CORD software.(3)After hearing the person, considering the objections, if any and examining the information, report or record, the Collector shall pass an order. in writing, determining the market value of such property and the proper stamp duty payable on the instrument relating to such property.(4)A notice in this respect with the copy of the order referred above shall be issued by the Collector to the person by whom the stamp duty is payable under section 29 of the Act or his authorized agent intimating him the market value determined by the Collector and directing such person to pay the deficit stamp duty, if any, within such time ordinarily not before 15 days from the date of issue of the notice, or within such date as extended by the Collector, upon application of such person.(5)A copy of such order shall be sent to the concerned registering officer who registered such instrument.(6)On receipt of such notice issued by the Collector, the person or his authorised agent shall deposit the deficit amount of stamp duty within the date specified in the notice either by bank drafts drawn on any agency bank in favour of the concerned registering officer or by appropriate challan to the Government treasury on appropriate head of account or by Serialised Authenticated bank Receipt (SABR) and if such person does not make such payment within the date aforesaid, he shall be liable to pay an interest at the rate two per centum for each British Calendar month of default from the first day of such month following the month in which such person was required to make payment of deficit duty as specified in this rule upto the month preceding the month of full payment of such duty,(7)On production of the original copy of the receipted challan or bank draft or Serialised Authenticated bank Receipt (SABR), as proof of payment of deficit stamp duty and interest, if any, registering officer shall certify by recording in such instrument that the deficit stamp duty alongwith interest, if any, on the market value determined by the Collector has been paid.]
