Indian Stamp Act, 1899

[Subhash Modi]

I refer to the detailed article published in TMI on 04-02-2019 written by the respected Mr. M. Govindrajan elaborating on the sum and substance of the 2019 amendments to the Indian Stamp Act, 1899.

By virtue of the S.O. 1892 dated August 1, 1999 exercising the powers under Section 9 of the ISA, 1899 the First Schedule entry 13 has been so amended as to exempt stamp duty on bill of exchange drawn up to 90 days sight; drawn on a bank etc.

Mr. Govindrajan is humbly requested if he can search and find the SO 1892 to convey a copy of the SO by email to my ID [email protected].

Any such effort and a response will be highly appreciated,

AI Summary

Stamp duty exemption on short term usance bills: applies when payable within short period of sight and drawn on a bank.
The central government remitted stamp duty on short term usance bills of exchange where such bills are payable within a brief period from sight, are drawn on, made by, or in favour of a commercial or co operative bank, and arise out of bona fide commercial or trade transactions; the remission amends the First Schedule entry governing stamp charges on bills of exchange and was promulgated by official notification.