{"id":39376,"date":"2024-01-31T03:32:16","date_gmt":"2024-01-30T22:02:16","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=39376"},"modified":"2025-04-24T09:05:21","modified_gmt":"2025-04-24T03:35:21","slug":"indian-stamp-bill-2023","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/indian-stamp-bill-2023\/","title":{"rendered":"Indian Stamp Bill 2023"},"content":{"rendered":"<h2>What\u2019s in today\u2019s article?<\/h2>\n<ul>\n<li>Why in news?<\/li>\n<li>What is Stamp duty?<\/li>\n<li>Indian Stamp Bill, 2023<\/li>\n<li>What is Indian Stamp Act, 1899?<\/li>\n<\/ul>\n<h2>Why in news?<\/h2>\n<ul>\n<li>The Centre has proposed repealing the Indian Stamp Act, 1899 and bringing in a new law for the stamp duty regime in the country.<\/li>\n<li>In this context, recently, the Ministry of Finance invited suggestions on the draft \u2018Indian Stamp Bill, 2023\u2019 from the public.<\/li>\n<\/ul>\n<h2>Stamp duty<\/h2>\n<ul>\n<li>About\n<ul>\n<li>A stamp duty is essentially a govt tax, which is levied to register documents, like an agreement or transaction paper between two or more parties, with the registrar.<\/li>\n<\/ul>\n<\/li>\n<li>Amount\n<ul>\n<li>Usually, the amount specified is fixed based on the document\u2019s nature or is charged at a certain percentage of the agreement value stated in the document.<\/li>\n<\/ul>\n<\/li>\n<li>Levied on\n<ul>\n<li>Stamp duties can be levied on bills of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, transfer of shares, debentures, proxies and receipts.<\/li>\n<\/ul>\n<\/li>\n<li>Valid evidence in a court of law\n<ul>\n<li>Stamp duties are accepted as valid evidence in a court of law.<\/li>\n<\/ul>\n<\/li>\n<li>Appropriation of stamp duties\n<ul>\n<li>Stamp duties are <u>levied by the Centre but appropriated by the concerned states<\/u> within their territories under Article 268 of the Constitution.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>Indian Stamp Bill, 2023<\/h2>\n<ul>\n<li>About\n<ul>\n<li>The Indian Stamp Bill, 2023 is a draft bill prepared by the Department of Revenue, Ministry of Finance.<\/li>\n<li>The <u>bill aims to replace the Indian Stamp Act, 1899<\/u> and align it with a modern stamp duty regime.<\/li>\n<\/ul>\n<\/li>\n<li>Need for new bill\n<ul>\n<li>Several provisions of the Indian Stamp Act, 1899 have now become redundant or inoperative.\n<ul>\n<li>For instance, there was a lack of provisions for digital e-stamping in the 1899 Act.<\/li>\n<\/ul>\n<\/li>\n<li>Also, in earlier act, there was lack of uniform legislation for all Indian states regarding stamp duties.\n<ul>\n<li>The <u>1899 Act extended to 30 states and Union Territories combined while six states followed their own stamp acts and rules<\/u>.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>Key features\n<ul>\n<li>In order to equip India for a seamless digital era, the bill includes provisions for digital e-stamping.<\/li>\n<li>It defines an electronic stamp or e-stamp as an electronically generated impression denoting the payment of stamp duty by electronic means or otherwise.<\/li>\n<li>There are also provisions for digital signatures.\n<ul>\n<li>Digital or electronic signature refers to the authentication of any electronic record by a subscriber through an electronic method or procedure.<\/li>\n<\/ul>\n<\/li>\n<li>The draft Bill also proposes to raise penalties.\n<ul>\n<li>It seeks to increase the maximum penalty amount from Rs 5,000 to Rs 25,000 for contravening any provisions of the law and impose Rs 1,000 per day for repeated offences.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2>Indian Stamp Act, 1899<\/h2>\n<ul>\n<li>The Indian Stamp Act, 1899 is a fiscal or money-related statute that lays down the law relating to tax levied in the form of stamps on instruments recording transactions.<\/li>\n<li>Section 2 of the Act says that an instrument refers to any document that creates, transfers, limits, extends, ends, or records a right or liability.<\/li>\n<li>According to this Act, a &#8220;stamp&#8221; means any mark, seal, or endorsement made by a person authorized by the State Government.<\/li>\n<li>This definition also covers adhesive or impressed stamps used to charge duty under this Act.<\/li>\n<li>Section 3 of this Act prescribes that certain instruments or documents shall be chargeable with the amount indicated in Schedule 1 of the Act.\n<ul>\n<li>These include bills of exchange or promissory notes.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<hr \/>\n<h3>Q1)\u00a0What is electronic stamp?<\/h3>\n<p>Electronic stamping, or e-stamping, is a digital method for paying stamp duty for legal documents and transactions.\u00a0<\/p>\n<h3>Q2) What is the United Nations (UN)?<\/h3>\n<p>Article 268 of the Indian Constitution deals with duties levied by the Union but collected and appropriated by the states. These duties include: Stamp duties on bills of exchange, cheques, p notes, and transfer of shares; Excise duties on medicinal and toilet preparations containing alcohol and narcotics.<\/p>\n<hr \/>\n<p><strong>Source:<\/strong> <a href=\"https:\/\/indianexpress.com\/article\/explained\/explained-law\/indian-stamp-act-1899-repeal-9134931\/\" target=\"_blank\" rel=\"nofollow noopener\"><u>Why Centre plans to replace the Indian Stamp Act, 1899 with a new law<\/u><\/a><u> | <\/u><a href=\"https:\/\/www.hindustantimes.com\/business\/government-to-revamp-stamp-duty-regime-proposes-new-law-101705510722945.html\" target=\"_blank\" rel=\"nofollow noopener\"><u>Hindustan Times<\/u><\/a><u> | <\/u><a href=\"https:\/\/indianexpress.com\/article\/business\/economy\/govt-proposes-repealing-indian-stamp-act-seeks-public-input-on-draft-bill-9114509\/\" target=\"_blank\" rel=\"nofollow noopener\"><u>Indian Express<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A stamp duty is essentially a govt tax, which is levied to register documents.<\/p>\n","protected":false},"author":5,"featured_media":39377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":{"0":"post-39376","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-mains-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/39376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=39376"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/39376\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/39377"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=39376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=39376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=39376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}