Indian Stamp (Andhra Pradesh Amendment) Act, 20031
| [Andhra Pradesh Act No. 8 of 2003] | [22nd April, 2003] |
An Act Further to Amend the Indian Stamp Act, 1899 in its Application to the State of Andhra Pradesh
Be it enacted by the Legislative Assembly of the State of Andhra Pradesh in the Fifty-fourth Year of the Republic of India, as follows:-
1 The following Act of the Andhra Pradesh Legislative Assembly which was reserved by the Governor on the 26th December, 2002 for the consideration and assent of the President received the assent of the President on the 22nd April, 2003 and the said assent is hereby first published on the 3rd May, 2003 in the Andhra Pradesh Gazette for general information:
STATEMENT OF OBJECTS AND REASONS
According to the provisions of the Indian Stamp Act, 1899, Stamp duties have to be paid by way of labels affixed and impressed by the proper officer in case of lower stamp duties and by way of using embossed or engraved stamp paper is case of higher stamp duties. In case of payment of stamp duties in lower denomination the process involves the printing of the labels by the Central Stamp Depot (CSD), Nasik, distribution by G.S.O. Treasury, Office of the Inspector General of Registration and Stamps, Andhra Pradesh, Hyderabad to all the Treasuries in the State and cancellation by the proper officer.
The process of printing, supply and distribution of stamps not only involves expenditure but also the process obviously results in delay and ultimately non-availability of stamps results in loss of legitimate revenue to the State and invalid receipts to the citizens or clients.
It is observed that there is,-
(1) heavy demand for specific category of Stamp and Central Stamp Depot, Nasik's has expressed their inability to supply sufficient quantities of stamps in proper time;
(2) non-availability of right denomination of stamps in many times;
(3) increasing cost of production, distribution and supply of stamps;
(4) increasing number of security lapses, frequent criticism on fake or counterfeit stamps and heavy dependence on Central Stamp Depot, Nasik for cross checking of genuineness of the stamps;
(5) to create convenience to the citizens by making availability of the stamps at their door steps in view of the Government's policy to supply stamps in the State to ‘anywhere, any time’ service; and
(6) to safeguard revenue interests of the State Exchequer which is often getting strained because of non-availability of right denomination and right category of stamps.
To over come the situation, it is proposed to adopt the following methods,-
(a) for impression of stamp by franking duly notifying the companies and corporations like L.I.C., U.T.I., B.S.N.L., APGENCO, APTRANSCO, etc., for using the Franking Machines; and
(b) to allow the incorporated companies to go for consolidate payment of stamp duty.
According to clause (b) of sub-section (1) of section 9 of the said Act, Government are empowered to make rules for composition or consolidation of duties in respect of debentures, bonds or other marketable securities only. It has been decided in public interest to extend the said power of consolidation of duties in respect of shares or policies of insurances proxies and other receipts also by suitably amending the said provision.
On bringing these amendments it is viewed that the legitimate revenue of the state wilt be protected; effective curbing of avoidance of payment of stamp duties in the pretext of non-availability of stamps, and convenience can be provided to the companies/corporations like L.I.C., B.S.N.L., and state institutions like A.P.I.D.C, APGENCO, APTRANSCO to pay stamp duty by using ranking machines or by making consolidated payment of stamp duty.
To achieve the object in view, the Government have decided to amend section 2(13) and Sub-section (I) of section 9 of the said Act suitably.
This Bill seeks to give effect to the above decisions.
1. Short title, extent and commencement.- (1) This Act may be called the Indian Stamp (Andhra Pradesh Amendment) Act, 2003.
(2) It extends to the whole of the State of Andhra Pradesh.
(3) It shall come into force on such date as the State Government may by notification in the Andhra Pradesh Gazette appoint.
2. Amendment of section 2.- In tine Indian Stamp Act, 1899 (Central Act 2 of 1989) (hereinafter referred to as the principal Act), as in force in the State of Andhra Pradesh, in section 2, in sub-section (13) after clause (b), the following clause shall be added, namely
"(c) impression by franking machine or any other such machine as the State Government or the Central Government, as the case may be, by notification in the Official Gazette, specify.".
3. Amendment of section 9.- In section 9 of the principal Act,
(i) in sub-section (1), in the opening portion for the words "The Government may by rule or order published in the Official Gazette," the words "The Government if satisfied that it is necessary to do so in the public interest, may, by rule or order published in the Official Gazette,", shall be substituted;
(ii) in clause (b), for the words "bonds or other marketable securities" the words "bonds, shares or policies of insurances, proxies and receipts or other marketable securities.", shall be substituted;
(iii) in sub-section (2), for clause (b), the following clause shall be substituted, namely:-
"(b) save as aforesaid and in respect of clause (b) of sub-section (1), the State Government.".