Amendment status not verified — confirm the current text below against the official source.
Bills and notes drawn out of Indin.—The first holder in India of any bill of exhange payable otherwise than on demand, or promissory note drawn of made out of India shall, before he presents the samo for acceptance or payment, or endorses, transfers or otherwise negotiates the same in India, aflix thereto, the proper stamp and cancel the same: Provided that— 88] Bihar Stamp Manual [ Secs. 19A-29 . te comes into the hands of ime any such bill of exchange or nole , (a) Li aes als i proper adhesive stamp 's affixed thereto and cancelled ee scribed b section 12 and such holder has no reason to believe that shel beg 1 therwise than by the person and at the time was affixed or cancelled 0 reauited Dy this Act, such stamp shall so far as relates to such holder, be deemed to have been duly affixed and cancelled; (b) nothing contained in this proviso shall relieve any person from any penalty incurred by him for omitting to affix orcancela stamp. Comments and Case-law here a promissory note in question was executed out side India and had been sropelly siamaad rageordanies with law applicable thereto tie place of execution, in suit by the promissory himself file in India for recovery 0 {he amount due, the rejection of the objection regarding inadmissibility of the said instruments in evidence was proper as the promissory himself had instituted the suit and there was no endorsement etc, and further there was no occasion of affixing the proper stamp and their cancellation does not arise. Thus this section is not attractive. A. Kanju Swami vs. V.V.K. Swami, AIR 1988 Mad 336. Sections 18, 32 and 33—in a Case where an unstamped document (other than bill of exchange) is produced as evidence, within three months of execution, the stamp duty can be collected without impounding and without penalty—if the document is sought to be used as evidence beyond three months, the bar of three months shall not apply, and the document can be impounded u/s 33 and stamp duty and penalty are levied, even after expiry of three months. (Malaysian Airlines System Bhd vs. M/s Stic Travels (P) Ltd.) 2001 (1) PLUR (SC) 195.