 the indian stamp (amendment) bdj, 1955 the indian stamp (amendment) bill, 1955 (as introduced in lok sabra)a bill further to amend the indian stamp act, 1899 be it enacted by parliament in the sixth year of the republic of india as follows:--1 (1) this act may be called the indian stamp (amendment) ~~rt title  com-act, 1955 menceme!lt ; (2) it shall come into force on such date as the centr~ government may, by notification in the official gazette, appoint ii of 1899~ 2 in the indian stamp act, 1899 (hereinafter referred to as the ~u~ti~ti::n principal act), unless otherwise expressly provided, for the words for ,,~a lithe states" wherever they occur, the word "india" shall be sub- states" 10 stituted -3 in section 1 of the principal act, for sub-section (2), the follow- amof enctidment - 8c oil i 109 sub-section shall be substituted, namely:-_ u(2) it extends to the whole of india except the state of j amniu and kashmir: provided that it shall not apply to part b states (excluding the state of jammu and kashmir) except to the extent to which the provisions of this act relate to rates of stamp duty in respect of the documents specified in entry 91 of list i in the seventh schedule to the constitution" 20 4 in section 2 of the principal act,-amenof ~t section 2 ~a) after clause (13), the following clause shall be inserted, namely:"-'1'( 13a) 'india' means the territory of india excluding the state of jammu and k~hmiri"; (b) after clause (19), the following clause shall be inserted, namely:-"(19a) 'policy of group insurance' means any instrument covering not less than fifty or such smaller number as the central government may approve, either generally or with s reference to 'any particular case, by which an insurer, in consideration of a premium paid by an employer or by an , employer and his employees jointly, engages to cover, with or without medical examination and for the sole benefit of persons other than the employer, the lives of all the em-10 ployees or of any class of them, determined by conditions pertaining to the employment, for amounts of insurance based upon a plan which precludes individual selection;"; (c) clause (26) shall be omitted ~~~er;~ 5 in clause (c) of sub-section (2) of section 10 of the principal is act, the words "written in 'any oriental language" shall be omitted :r::ti~~; _ 6 in sub-section (1) of section 57 'of the principal act,-(i) in clause (a), for the words and letter "part a state", the words and letters "part a state or 'a part b state" shan be substituted 20 (ii) in clause (b), for the word "ajmer", the words "ajmer or vindhya pradesh" shall be substituted; (~ii) in clause (d), for the words ubilaspur, delhi and himachal pradesh", the words "delhi or himachal pradesh" shall be substituted; (iv) after clause (f), the following clause shall be inserted, namely:-"(0) if it arises in manipur or tripura, to the high court of assam;"  7 in schedule i to the principal act,-amendment of schedule i (i) in entry 13, for item (c), the following item shall be substituted, namely:-description of initrwnent proper stamp-duty 3s (c) whe,e payable at more than one year after date or light where the amount does not exceed rs 10 two annaa four annas eisht anna •• one rupee 200 where it exceeds rs 10 and does not exceed rs_ so ditto ditto  so 100 ditto ditto 100 ------~ • -=,-~  ~,,-•• ~,------------~~----------- _________ d_c_s_cr_ip_t_io_d_of instrum~d~__ ___ \ proper stampduty| where it                                            | exc:t"cds    ||-----------------------------------------------------|--------------|| rs zoo and does nvt exceed rs 300 one rupee eight |              || anna                                               |              || ditto                                               |              || 300                                                 |              || ditto                                               |              || 400                                                 |              || two                                                 |              || rupees                                             |              || ditto                                               |              || 400                                                 |              || ditto                                               |              || soo                                                 |              || two rupees eight                                    |              || s                                                   |              || annas                                              |              || ditto                                               |              || soo                                                 |              || ditto                                               |              || 600                                                 |              || three                                               |              || rupees                                             |              || ditto                                               |              || 600                                                 |              || ditto                                               |              || 700                                                 |              || three                                               |              || rupees eight                                        |              || annas                                              |              || ditto                                               |              || 700                                                 |              || ditto                                               |              || 800                                                 |              || four                                                | rupees      || 10                                                  |              || ditto                                               |              || 800                                                 |              || ditto                                               |              || 90                                                  |              || 0                                                   |              || four rupees                                         |              || eight                                               |              || annas                                              |              || ditto                                               |              || 9                                                   |              || 00                                                  |              || ditto                                               | 1,000        || f~ve                                                |              || rupeei                                             |              || and for every rs                                   |              || 500                                                 |              || or part thcr(of in                                  |              || two                                                 |              || rupees                                              |              || eight                                               |              || excess                                              |              || of                                                  | ri 1,000   || ·annas                                             |              | is (ii) for entry 27, the following entry shall ·be substituted namely:-| description                                   | of            ||-----------------------------------------------|---------------|| p,oper                                        | stamp-duty    || --~-----                                     |               || ----                                          |               || -----                                         |               || "z7                                          |               || debenture                                     |               || (whether a mort-                              |               || gage debenture ur nct), being a market-       |               || 20                                            |               || able security                                 | transferablc- || (a)                                           |               || by                                            |               || endorsement                                   | or            || by                                            |               || a scparatc instrument                         | of            || tran~fcr-                                    |               || where the amount or value docs not exceed rs |               || 10                                           |               || three annas                                  |               || where it exceeds                              |               || rs                                           |               || 10                                            |               || and does not exceed rs                       |               || so                                            |               || sixbnnas                                     |               || dino                                          |               || so                                            |               || ditto                                         |               || joo                                           |               || twelve annas                                 |               || 2s                                            |               || ditto                                         |               || 100                                           | ditto         || zoo                                           |               || one rupee                                     |               || eight                                         |               || annas                                        |               || ditto                                         |               || 200                                           |               || ditto                                         |               || 300                                           |               || two                                           | rupees four   || ildbbs                                       |               || ditto                                         |               || 300                                           |               || ditto                                         |               || 400                                           |               || three                                         |               || rup'                                          |               || c:::                                         |               || ditto                                         |               || 400                                           |               || ditto                                         |               || soo                                           |               || three                                         |               || rnrees                                        |               || twelvc                                        |               || ann:                                          |               || =-                                           |               || ditto                                         |               || soo                                           |               || ditto                                         |               || 600                                           |               ||  fou                                         |               || 1                                             |               || rupees                                        |               || eight                                         |               || iiddili                                      |               || iibiliis                                     |               || ditto                                         |               || 600                                           |               || ditto                                         |               || 7                                             |               || 00                                            |               || five rupees                                   |               || four                                          |               || 3'                                            |               || ding                                          |               || 7f?o                                          |               || dino                                          |               || 800                                           |               || six rupees                                   |               || dino                                          |               || 800                                           |               || ditto                                         |               || 900                                           |               || six                                           | rupees twelve || annas                                        |               | dcscription or instrument proper stamp-dutywhere it ezceeds rio 900 and docs not exceed rs j,ooo seven rupec8 eight annas and for every rs, 500 or part thereof in excess of rs 1,000 three rupees twelve (b) by dcuvcryannas 5 where the amount or value of the consideration for such debenture a set forth therein docs not exceed rs so twelve annas where it exceeds rs so but does not exceed rs 100 one rupee eight ilnnas 10 ditto 100 ditto zoo three rupees ditto zoo ditto 300 four rupees eight annas ditto 300 ditto 400 six rupees ditto 400 ditto is 500 seven rupees eight annas ditto 500 ditto 600 nine rupees ditto 600 ditto 700 ten rupees  eight annas ditto 700 ditto 800 twelve rupees 20 ditto - 800 ditto 900 thirteen rupees eight annas ditto 900 ditto 1,000 fifteen rupees , andlfor every rs 500 or part thereof in excecss of rsl,ooo seven rupees eight annas explanat;on-the term "debenture" includes any interest coupons attached thereto but the amount of such ii, , coupons shall not be included in estimating the duty ~ 4 ! exemption 30 a debenture issued by an incorporated company or other body corporate in terms of a registered mongagedeed, duly stamped in respect of the full amount of debentures to be ibbued thereunder, whereby the company or body borrowing makes over, in whole or in part, their property to trustees for the beneftt of the debenture holders ; 35 providc:d thatl the~ debentures 80 issued are expressed to be i'8ued~ in terms of the said «(1) in the column ,headed udescription of instrument", for the words "or other insurance" the words "or group insurance or other insurance" shall be substituted; (b) in the colw;nn headed uproperstamp~duty", after the table of duties, the following note shall be inserted, namely:-"nb-if a policy of group insurance is renewed or s otherwise modified whereby the sum insured exceeds the sum previously insured on which stamp duty has been paid, the proper stamp must be borne on the excess sum so insured"; (iv) in entry 62, for clause (a), the following clause shall be 10 substituted, namely: -' | description             | of    | instrument      ||-------------------------|-------|-----------------|| } proper stamp-duty     |       |                 || "(a)                    | of    | shares          || in                      |       |                 || an incorporated company |       |                 || or                      | other | body corporate; || twelve                  |       |                 || annas for               |       |                 || every hundred rupees    |       |                 || or                      |       |                 || part                    |       |                 || thereof                 | of    |                 || the                     |       |                 || value                   | of    | the shu':'''   |8 (1) if immediately before the commencement of this act, there re~als and is in force in any state any law fixing rates of stamp duty in respect savmgs of the documents specified in entry 91 of list i in the seventh schedule to the constitution such law, to the extent to which it is 20 inconsistent with the principal act as amended by this act, shall on such commencement stand repealed (2) for the removal of doubts it is hereby declared that section 6 x of 1897 of the general clauses act, 1897, shall apply upon such repeal as if such law had been an enactment  statement of objects and reasonsat present the different states levy varying rates of stamp-duty on instruments falling under entry 91 of list i in the seventh schedule to the constitution at times the rates are also high in the interest of uniformity, the bill seeks to provide-(1) for the levy of uniform stamp-duty in all states at low rates on such instruments; and (2) for the levy of stamp-duty on a policy of group insurance, for which no specific provision exists at present a c guha new delhi; the 26th september, 1955  extracts from the indian stamp act, 1899 (no ii of 1899) - - - -  short title, extent and commencemelt 1 (1)        -                       -                                                                                                                                 -                                                                                                                                                     (2) it extends to the whole of indi-a except part b states                            -                                   -                                                 -                                                               -                                                                             -     2 in this act, unless there is something repugnant in the subject definitions or context,-                                          -                                             -                                                             -                                                                                                                                                                           -      (26) "states" means all the territo~ies for the time being comprised within part a states and part c states"                         -                               -                                            -                                                                                                                                           b-of stamps and the mode of using them-duties how to be paid 10       (1)                                                               -                                               -                                                            -                                                                         -     (2) the rules made under sub-section                                                           (1) may, among other matters, regulate,-                                                                          -                                                   -                                                                -                                                                             -           (c) in the case of bills of exchange or promissory notes      written in any oriental language-the size of the paper      on which they are written                                                                            -                                                   -                                                                -                                                                             -    57 (1) the chief controlling revenue-authority may state any sta case referred to it under section 56, sub-section (2), or otherwise cas coming to its notice, and refer such case, with its own opinion fr~ thereon,-                                                                                             venue-autho-                                                                                             rity to                                                                                              high court         (a) if it arises in ~ part a state to the high court for that              state;                                          -                                                       ~                                                                     ·f               q                             -                                              7 (b) if it arises in ajmer, to the high court at allahabad; -  (d) if it arises in bilaspur, delhi and himachal pradesh, to the high court of punjab;  schedule i| description                   | of                 | instrument    ||-------------------------------|--------------------|---------------|| proper stamp-duty             |                    |               || ------_                       |                    |               ||                               |                    |               || ----------------,-------:-- |                    |               || if                            |                    |               || drawn                         | if                 | drawn in set  || singly                        | two, for each part |               || of                            | the set            |               |if drawn in set of three, for each part of the set  13 bill of exchange(c) where payable ill more than one yeartji'helll8!i1c duty as a 27 debenture (whether a ,ortgagefdebenture or not) being a marketable security transferable (a) by endorsement or by a separate instrument of transfer; the same duty as a bond (no is) for the same amount (b) by delivery - - the same duty as a conveyance (no 23) for a consideration equal to the face amount of the debenture ezplanation-the term "debenture" includes any interest coupons attached thereto, but the arne-unt of such coupons shall not be included in edtimating the duty  exemptiona debenture issued by an incorporated company or other body corporate in terms of a registered mortgage-deed, duly stamped in respect of the full amount of debenturcl to be iuued thereunder, whereby the company or' body-borrowing makes over, in whole or in part, tbeir property to trustees for the benefit of the deben1;ul'e-oholders; provided that the debentur~ bo issued are expressed to be issued in tenns of the said mortgage-deed see also bond (no is), and sbctiqns 8 and 55  declaration of any trust see trust (no 64)proper swdp-ciut)'  dcicrlption of instrument h transpbr (whether with or with01lt coaij deration)- a billfurther to amend the indian stamp act, 1899 the president has, in pursuance of dause (i) ot' article 117 of the constitution of india, recommended to lok sabha the introduction of the bill mn kaul, secretary (shri arun chandra guha, minister of revenue and defence expenditure)   gipd-lad-i c!66ls-3o-9-5s-j 750 