Amendment status not verified — confirm the current text below against the official source.
Substituted by Act 04 of 2024 w.e.f. 03.02.2024 1[6. Agreement relating to deposit of title deeds, 2[pawn or pledge]2,- that is to say, any instrument evidencing an agreement relating to,— 11[(1) the deposit of title deeds or instruments constituting or being evidence of the title to any property whatever (other than a marketable security), where such deposit, has been made by way of security for the repayment of money advanced or to be advanced by way of loan or an existing or future debt; If such loan or debt is repayable on demand from the date of instrument evidencing the agreement,- 12[0.5 percent]12 on the loan or debt amount subject to a minimum of rupees five hundred (i) where the loan or debt amount does not exceed rupees ten lakhs (ii) where the loan or debt amount exceeds rupees ten lakhs 12[0.5 percent of the loan or debt amount]11]12 5[Explanation.- For the purpose of clause (1), notwithstanding anything contained 9[in any law for the time being in force or]9 order of any authority, any letter, note memorandum or writing relating to the deposit of title deeds whether written or made either before or at the time when or after the deposit of title deeds is effected, and whether it is in respect of the security for the first loan or any additional loan or loans taken subsequently, such letter, note, memorandum or writing shall, in the absence of any separate agreement or memorandum of agreement relating to deposit of such title deeds, be deemed to be an instrument evidencing an agreement relating to the deposit of title deeds.]5 10[11[(2) the pawn or pledge of moveable property, where such pawn or pledge has been made by way of security for the repayment of money advanced or to be advanced by way of loan or an existing or future debt. If such loan or debt is repayable on demand or otherwise,- 12[0.5 percent]12 on the loan or debt amount (i) where the loan amount exceeds rupees one lakh but does not exceed rupees ten lakhs (ii) where the loan amount exceeds rupees ten lakhs 12[0.5 percent of the loan or debt amount]11]12 Exemption: Instruments of pawn or pledge of goods or jewels wherein such loan or debt is upto Rupees one lakh‖. Provided that where a fresh instrument of pawn or pledge of movable property is executed for securing repayment of money already advanced by way of loan 61 between the same parties and for the same purpose and for the same amount and the duty in respect of earlier instrument has been paid, then the duty chargeable on such fresh instrument is chargeable as per clause (j) of Article 5 of this Schedule.]10