PUNJAB GOVT. GAZ. (EXTRA), JANUARY 15, 2024
(PAUSA 25, 1945 SAKA)
EXTRAORDINARY
Published by Authority
CHANDIGARH, MONDAY, JANUARY 15, 2024
(PAUSA 25, 1945 SAKA)
( v )
LEGISLATIVE SUPPLEMENT
Contents Pages Part - I Acts
The Indian Stamp (Punjab Amendment) Act, 2023.
(Punjab Act No. 2 of 2024)
Part - II Ordinances
Nil
Part - III Delegated Legislation
Nil
Part - IV Correction Slips, Republications and Replacements
Nil .. 3-4
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PART I
GOVERNMENT OF PUNJAB
DEPARTMENT OF LEGAL AND LEGISLATIVE AFFAIRS, PUNJAB
NOTIFICATION
The 15th January, 2024
No. 2-Leg./2024.- The following Act of the Legislature of the State of Punjab received the assent of the Governor of Punjab on the 1st day of January, 2024, is hereby published for general information:-
THE INDIAN STAMP (PUNJAB AMENDMENT) ACT, 2023
(Punjab Act No. 2 of 2024)
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 Seventy- fourth Year of the Republic of India as follows:-
1. (1) This Act may be called the Indian Stamp (Punjab Amendment) Act, 2023.
(2) It shall come into force on and with effect from the date of its publication in the Official Gazette.
2. In the Indian Stamp Act, 1899, in its application to the State of Punjab, in Schedule 1-A,-
(i) for the existing entry 6, the following entry shall be substituted, namely:--
"6. Agreement relating to Deposit of Title- Deeds, pawn or pledge, mortgage by way of deposit of Title Deed (Equitable Mortgage) and hypothecation, that is to say, any instrument evidencing an agreement relating to- Short title and
commencement.
Amendment of
Schedule 1-A
of the Central
Act 2 of 1899.
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(1) the deposit of title deeds or instruments constituting or being evidence of the title to any property whatever (other than a marketable security), 0.25% of the loan
amount credited
or an existing or
future debts.
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instrument of hypothecation without delivery of possession, or
(2) the pawn or pledge of immovable property, where such deposit, pawn, or pledge has been made by way of security for the repayment of money advanced or to be advanced by way of loan or an existing or future debt-
(a) if such loan or debt is repayable on demand or more than three
months from the date of instrument evidencing the agreement;
(b) if such loan or debt is repayable not more than three months from the date of such instrument.
"(f) When given to a person other than family member, authorizing the attorney to sell any immovable property; and
(ii) in entry 48, for item (f), the following item shall be substituted, namely:-
2% of the amount of
the consideration, or
of Collector rate in
respect of the
property mentioned in
the instrument,
whichever is higher
Note: "'Family Member' includes spouse, child, parent, sibling, grandparent and grandchild."
MANDEEP PANNU,
Principal Secretary to Government of Punjab, Department of Legal and Legislative Affairs. 3014/1-2024/Pb. Govt. Press, S.A.S. Nagar
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