SECTION 9 OF THE INDIAN STAMPS ACT, 1899 - POWER TO REDUCE, REMIT OR COMPOUND DUTIES CHANGES IN RATE OF STAMP DUTY - S.O. 2189(E) - Indian Law

Stamp duty on debentures fixed by an annual face value rate with a statutory cap; promissory notes attract reduced duty versus bills.

Modifications prescribe stamp duty for marketable transferable debentures as an annual proportion of face value subject to a statutory cap, exclude attached interest coupons from duty calculation, and preserve an exemption for debentures issued under a duly stamped registered mortgage deed when expressed to be issued under that deed. Promissory notes payable otherwise than on demand are made liable to a reduced duty measured as a fraction of the duty applicable to a Bill of Exchange for the same amount payable on demand.