Amendment status not verified — confirm the current text below against the official source.
Subs. by notification No. S.O. 130(E), dated 28-1-2004, for article 47. 47 Description of Instrument Proper Stamp-duty (2) for time— (iii) in respect of every full sum of one thousand rupees and also any fractional part of one thousand rupees insured by the policy— where the insurance shall be made for any time not exceeding six months; Ten paise. Five paise. where the insurance shall be made for any time exceeding six months and not exceeding twelve months. Ten paise. Five paise. B.—FIRE-INSURANCE AND OTHER CLASSES OF INSURANCE, NOT ELSEWHERE INCLUDED IN THIS ARTICLE, COVERING GOODS, MERCHANDISE, PERSONAL EFFECTS, CROPS AND OTHER PROPERTY AGAINST LOSS OR DAMAGE — (1) in respect of an original policy— (i) when the sum insured does not exceed Rs. 5,000; Twenty five paise. (ii) in any other case; and Fifty paise. (2) in respect of each receipt for any payment of a premium on any renewal of an original policy. C.—ACCIDENT AND SICKNESS INSURANCE— One-half of duty payable in respect of the original policy in addition to the amount if any, chargeable under No. 53. (a) against railway accident, valid for a single journey only. Five paise. Exemption When issued to a passenger travelling by the intermediate or the third class in any railway; (b) in any other case—for the maximum amount which may become payable in the case of any single accident or sickness where such amount does not exceed Rs. 1,000, and also where such amount exceeds Rs. 1,000, for every Rs. 1,000 or part thereof. Ten paise: Provided that, in case of a policy of insurance against death by accident when the annual premium payable does not exceed Rs. 2.50 per Rs. 1,000, the duty on such instrument shall be five paise for every Rs. 1,000 or part thereof of the maximum amount which may become payable under it. 48 Description of Instrument Proper Stamp-duty CC.—INSURANCE BY WAY OF INDEMENITY against liability to pay damages on account of accidents to workmen employed by or under the insurer or against liability to pay compensation under the Workmen's Compensation Act, 1923 (8 of 1923), for every Rs. 100 or part thereof payable as premium. Five paise. D.—LIFE INSURANCE OR GROUP INSURANCE OR OTHER INSURANCE NOT SPECIFICALLY PROVIDED FOR, except such a RE-INSURANCE, as is described in Division E of this article— If drawn singly If drawn in duplicate for each part. (i) for every sum insured not exceeding Rs. 250; Ten paise. Five paise. (ii) for every sum insured exceeding Rs. 250 but not exceeding Rs. 500; Ten paise Five paise. (iii) for every sum insured exceeding Rs. 500 but not exceeding Rs. 1,000 and also for every Rs. 1,000 or part thereof in excess of Rs. 1,000. Twenty paise . Ten paise. N.B.—If a policy of group insurance is renewed or 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. Exemption Polices of life-insurance granted by the Director- General of Post Offices in accordance with rules for Postal Life-Insurance issued under the authority of the Central Government. E.—RE-INSURANCE BY AN INSURANCE COMPANY, which has granted a POLICY of the nature specified in Division A or Division B of this Article, with another company by way of indemnity or guarantee against the payment on the original insurance of a certain part of the sum insured thereby. One-quarter of the duty payable in respect of the original insurance but not less than five paise or more than fifty paise: Provided that if the total amount of duty payable is not a multiple of five paise, the total amount shall be rounded off to the next higher multiple of five paise. 49