Stamp duty amounts to Rs.100 / The Office of the Inspector General of Registration and the Controller of Stamps in the State of Maharashtra has communicated, by a circular of 27 April 2020 (“circular”), certain facilities concerning (a) the filing of a notice of announcement (necessary in case of financial transactions due to the creation of a real estate mortgage). by depositing instruments of ownership or mortgage at a discount; and (b) payment of stamp duty on non-mandatory financial documents that were exported during the prohibition period. The amendments/flexibilities introduced in the circular are summarized in the table below. The announcement may take place within one working day after the lifting of the lockdown in such a district. Banks and other branches can use the online platform available on igrmaharashtra.gov.in for submitting offers online. The circular also specifies that, in the face of the COVID-19 pandemic, the administration intends to put an end to the practice of physical filing of notifications from 1 June 2020. b. Frankieren – The process of francizing a document involves filing an application with a bank or frankie agency, paying the required stamp duty and stamping the authorized bank or agency (using a postage machine) on the document, indicating the value of the stamp duty paid. The francization can only take place before the execution of the document and has a maximum stamp duty ceiling of INR 5000 per document. 5.2 In addition, any staff member may use these mislabeled instruments if he or she is aware of them. These confiscated instruments must be sent to the collector, who then determines the amount of tax and penalty, if any, to be paid on the collector. Any part of an instrument can also subject suo moto to an instrument of evaluation by the Collector u/s. 31.
While the circular currently clarifies the payment of stamp duty with respect to financial documents in the state of Maharashtra, there is no question of the need for a similar relief window for other business transactions. Clarification on this is eagerly awaited. Similar clarifications, both for financial documentation and for non-funding documentation, are also urgent throughout the country. 2. However, the established practice is to obtain this loan agreement on a stamp document of Rs 50 or by affixing a tax stamp. 1, No, there is no need for a separate payment for the stamp duty of the loan agreement. The credit agreement is not necessarily a registered document. 2. Subsequently, the lending bank will attach the loan agreement printed above with the said stamp document, which is treated as a loan agreement executed on an appropriate stamp document in accordance with the law….