Indian Stamp (Punjab Amendment) Act, 1998 1. Short title and commencement. 2. Amendment of Schedule IA to Central Act 2 of 1899.

The Indian Stamp (Punjab Amendment) Act, 1998

(Punjab Act No. 17 of 1998)

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[Dated 15.11.2007

An Act Further to amend the Indian Stamp Act, 1899, in its application to the State of Punjab.

Be it enacted by the Legislature of the State of Punjab in the Forty-ninth Year of the Republic of India as follows:-

Short title and commencement.- (1) This Act may be called the Indian Stamp (Punjab Amendment) Act, 1998.

(2) It shall come into force at once.

Amendment of Schedule I-A to Central Act 2 of 1899.- In the Indian Stamp Act, 1899, in its application to the State of Punjab in Schedule I-A.

(i) in entry 1, under the column captioned as "Proper Stamp Duty" for the words, "Five rupees", the words "Fifty rupees" shall be substituted;

(ii) in entry 4, under the column captioned as "Proper Stamp Duty", for the words, "Five rupees", the words "Fifty rupees" shall be, substituted;

(iii) for entry 5, the following entry shall be substituted, namely:-

Agreement or Memorandum of an Agreement.-

	Description of Instrument	Proper Stamp-duty
(a)	if relating to the sale of a bill of exchange;	Twenty five rupees
(b)	if relating to the sale of a Government Security or share in incorporated company or other body corporate;	Five rupees for every ten thousand or part thereof the value of the security r share.
(c)	if relating to the sale of immovable property;	Three hundred rupees.
(d)	if not otherwise provided for;	Fifteen rupees.
	Exemptions:
	Agreement or Momorandum of Agreement-
	(a) for or relating to the sale of goods or merchandise exclusively, not being a Note of Memorandum chargeable under entry No. 43; and
	(b) made in the form of tenders to the Central Government for or relating to any loan" ;
(iv)	for entry 10, the following entry shall be substituted, namely:
"10.	Articles of Association of a Company-
	(a) when the authorized capital of the company does not exceed one lac; and	Five hundred rupees
	(b) In other cases	One thousand rupees
	Exemptions :
	Articles of any Association not framed for profit and registered under Section 25 of the Companies Act, 1956.
	See also Memorandum of Association of a Company (entry No. 39).";
(v)	for entry 48, the following entry shall be substituted, namely:-
	"48. Power of Attorney as defined by section 2 (21), not being a proxy (entry No. 52) -
(a)	when extended for the sale purpose of procuring the registration of one or more documents in relation to a single transaction or for admitting execution of one or more such documents;	One hundred rupees.
(b)	when required in suits or proceedings under Presidency Small Cause Courts Act, 1882;	One hundred rupees.
(c)	when authorising one person or more to act in a single transaction other than the case mentioned in clause (a);	Three hundred rupees.
(d)	when authorizing not more than five persons to act jointly and severally in more than one transaction or generally;	Three hundred rupees.
(e)	when authorizing more than five but not more than ten persons to jointly and severally in more than one transaction or generally;	Six hundred rupees.
(f)	when given for consideration and authorizing the attorney to sell any immovable property; and	The same duty as ther conveyances (entry No. 23) as levied by this Act for the amount of consideration.
(g)	in any other case	Seventy five rupees.
		N.B.- The term "registration", includes every operation, incidental to registration under the Registration Act, 1908.

Explanation :- For the purpose of this article, more persons than one when belonging to the same firm shall be deemed to be one person."