[(1)] [Existing section renumbered as sub-section (1) of section 9, by the Adaptation of Laws Order, 1950.] The [-] [The word 'collecting' omitted by the Adaptation of Laws Order, 1950, first Schedule.] Government may, by rule or order published in the Official Gazette -(a)reduce or remit, whether prospectively or retrospectively, in the whole or any part of [the territories under its administrational] [ Substituted by the A.O. 1937 for 'British India'.], the duties with which any instruments, or any particular class of instruments, or any of the instruments belonging to such class or any instruments when executed by or in favour of any particular class of persons, or by or in favour of any members of such class are chargeable :Provided that with respect to instruments which are chargeable with duty under Schedule I-A, such reduction or remissions may, by notification, be granted by the State Government, and(b)provide for the composition or consolidation of duties [of policies of insurance and] [Inserted by Finance (No. 2) Act, 2004 (23 of 2004) w.e.f. 10.9.2004.] in the case of issues by any incorporated company or other body corporate [or of transfers (where there is a single transferee, whether incorporated or not)] [Inserted by Punjab Act 32 of 1994 (w.e.f. 13.5.1994).](2)[ In this section the expression "the Government" means -(a)in relation to stamp duty in respect of bills of exchange, cheques promissory notes, bills of lading, letters of credit, policies of insurance, transfer of shares, debentures, proxies and receipts, and in relation to any other stamp duty chargeable under this Act falling within Entry 96, List I in the Seventh Schedule to the Constitution, the Central Government;(b)Save as aforesaid, the State Government.]
