Indian Stamp (Tamil Nadu Amendment) Act, 1974*
| [Tamil Nadu Act No. 25 of 1974]* | [7th June, 1974] |
An Act further to amend the Indian Stamp Act, 1899, in its application to the State of Tamil Nadu.
Be it enacted by the Legislature of the State of Tamil Nadu in the Twenty-fifth Year of the Republic of India as follows:-
* For Statement of Objects and Reasons, see Tamil Nadu Government Gazette Extraordinary, dated the 21st March, 1974, Part IV-Section 1, Pages 61-62.
* Received the assent of the Governor on the 5th June, 1974, first published in the Tamil Nadu Government Gazette Extraordinary on the 7th June, 1974 (Vaikasi 24, Anantha (2005-Tiruvalluvar Andu)).
1. Short title, extent and commencement.- (1) This Act may be called the Indian Stamp (Tamil Nadu Amendment) Act, 1974.
(2) It extends to the whole of the State of Tamil Nadu.
(3) It shall come into force on such date as the State Government may, by notification, appoint.
2. Amendment of section 23-A, Central Act II of 1899.- In sub-section (1) of section 23-A of the Indian Stamp Act, 1899 (Central Act II of 1899) (hereinafter referred to as the principal Act), for the expression "Article No. 5(c)", the expression "Article No. 5(i)" shall be substituted.
3. Amendment of Schedule I, Central Act II of 1899.- In Schedule I to the principal Act, for Article 5, the following Article shall be substituted, namely:-
1[5. AGREEMENT OR MEMORANDUM OF AN AGREEMENT-
| (a) if relating to the sale of a bill of exchange; | One rupee. |
| (b) if relating to the purchase or sale of a Government security; | Subject to a maximum of fifty rupees, thirty paise for every Rs. 10,000 or part thereof, of the value of the security at the time of its purchase or sale, as the case may be. |
| (c) if relating to the purchase or sale or shares, scripts, stocks, bonds, debentures, debenture stocks or any other marketable security of a like nature in or of any incorporated company or other body corporate- | |
| (i) when such agreement or memorandum of an agreement is with or through a member or between members of a Stock Exchange recognized under the Securities Contracts (Regulation) Act, 1956 (Central Act 42 of 1956); | Fifteen paise for every Rs. 2,500 or part thereof, of the value of the security at the time of its purchase or sale, as the case may be. |
| (ii) in other cases; | Fifty paise for every Rs. 2,500 or part thereof, of the value of the security at the time of its purchase or sale, as the case may be. |
| (d) if relating to the purchase or sale of cotton including cotton pods or kapas (un-ginned cotton); | Thirty paise for every unit of transaction or part thereof. |
| N.B.-The term "unit of transaction" means the quantity of cotton weighing approximately 4,500 kilograms. | |
| (e) if relating to the purchase or sale of bullion or specie; | (i) Ten paise for every unit of 10 kilogram of silver or part thereof. (ii) Fifty paise for every unit of one kilogram of gold or part thereof. (iii) One rupee for every unit of 250 sovereigns or part thereof. |
| (f) if relating to the purchase or sale of oilseeds- | |
| (i) Groundnuts; (ii) Linseed; (iii) Castor seed; (iv) Cottonseed; | Fifty paise for every unit of 25 metric tonnes or part thereof. |
| (g) if relating to the purchase or sale of yarn of any kind, non-mineral oils or spices of any kind; | Ten paise for every Rs. 2,500 or part thereof of the value of yarn of any kind, non-mineral oils or spices of any kind. |
| (h) if relating to the purchase or sale of Hydrosulphite of Soda; | Ten paise for every Rs. 2,500 or part thereof of the value of Hydrosulphite of Soda. |
| (i) if not otherwise provided for; | Two rupees fifty paise. |
| Exemptions. | |
| Agreement or memorandum of agreement- | |
| (a) for or relating to the purchase or sale of goods or merchandise exclusively, not being an agreement or memorandum of agreement chargeable under clause (d), clause (e), clause (f), clause (g) or clause (h) of this article or a note or memorandum chargeable under No. 43; | |
| (b) made in the form of tenders to the Central Government for, or relating to, any loan.] |
1 This Article was substituted for the following Article 5 by section 6(i) of the Indian Stamp (Tamil Nadu Amendment) Act, 1974 (Tamil Nadu Act 24 of 1975):-
"5. AGREEMENT OR MEMORANDUM OF AN AGREEMENT-
(a) if relating to the sale of a bill of exchange;
Sixty paise;
(b) if relating to the purchase or sale of a Government security;
Subject to a maximum of forty-five rupees thirty paise for every Rs. 10,000 or part thereof, of the value of the security at the time of its purchase or sale, as the case may be.
(c) if relating to the purchase or sale of shares, scripts, stocks, bonds, debentures, debenture stocks or any other marketable security of a like nature in or of any incorporated company or other body corporate-
(i) when such agreement or memorandum of an agreement is with or through a member or between members of a Stock Exchange recognised under the Securities Contracts (Regulation) Act, 1956 (Central Act 42 of 1956);
Fifteen paise for every Rs. 2,500 or part thereof, of the value of the security at the time of its purchase or sale, as the case may be.
(ii) in other cases;
Forty paise for every Rs. 2,500 or part thereof, of the value of the security at the time of its purchase or sale, as the case may be.
(d) if relating to the purchase or sale of cotton including cotton pods or kapas (unginned cotton);
Twenty-five paise for every unit of transaction or part thereof.
N.B.-The term "unit of transaction" means the quantity of cotton weighing approximately 4,500 kilograms.
(e) if relating to the purchase or sale of bullion or specie;
(i) Ten paise for every unit of 10 kilo-grams of silver or part thereof.
(ii) Forty paise for every unit of 1 kilogram of gold or part thereof.
(iii) Seventy-five paise for every unit of 250 sovereigns or part thereof.
(f) if relating to the purchase or sale of oilseeds-
(i) Groundnuts;
(ii) Linseed;
(iii) Castor seed;
(iv) Cottonseed;
Forty paise for every unit of 25 metric tonnes or part thereof.
(g) if relating to the purchase or sale of yarn of any kind, non-mineral oils or spices of any kind;
Ten paise for every Rs. 2,500 or part thereof of the value of yarn of any kind non-mineral oils or spices of any kind.
(h) if relating to the purchase or sale of Hydro-sulphite of Soda;
Ten paise for every Rs. 2,500 or part thereof of the value of Hydrosulphite of Soda,
(i) if not otherwise provided for;
Two rupees twenty-five paise.
Exemptions.
Agreement or memorandum of agreement-
(a) for or relating to the purchase or sale of goods or merchandise exclusively, not being an agreement or memorandum of agreement chargeable under clause (d), clause (e), clause (f), clause (g) or clause (h) of this article or a note or memorandum chargeable under No. 43;
(b) made in the form of tenders to the Central Government for, or relating to any loan.
4. [The amendment made by this section has already been incorporated in the principal Act, namely, the Tamil Nadu Stamp (Increase of Duties) Act, 1962 (Tamil Nadu Act 8 of 1962).]