Amendment status not verified — confirm the current text below against the official source.
In the Kerala Stamp Act, 1959 (17 of 1959),-- (1) in section 28 A,-- (a) after sub-section (1), the following sub-sections shall be inserted, namely:-- "(1A) Subject to such rules as may be prescribed, the fair value of land fixed under sub-section (1) may be revised by the Revenue Divisional Officer every five years or earlier if so directed by the Government, if in the opinion of the Government any substantial change of the fair value of land has taken place. (1B) Notwithstanding anything contained in this Act or the Rules made thereunder, the Government may, by notification published in the Official Gazette, make an increase of a fixed percentage in the fair value of land fixed as per sub-section (1), from time to time, before revision is made under sub-section (1A) and the value so increased shall be deemed to be the fair value of the land."; (b) in sub-section (3), after the words, brackets and figure "under sub-section (1)", the words, brackets, figure and letter "and the revised fair value of land fixed under sub-section (1A)" shall be inserted. (c) in sub-section (4), after the words, brackets and figure "under sub-section (1)", the words, brackets, figure and letter "or the revision of fair value under sub-section (1A)" shall be inserted. (2) in the SCHEDULE,-- (a) in serial number 5, the clause (d) shall be renumbered as clause (g) and before clause (g) as so renumbered, the following clauses shall be inserted, namely:-- (d) If relating to monthly deposit scheme (MDS) similar to that of chitties, of whatever name called, between a co-operative Bank/Society and a depositor One hundred rupees in respect of each depositor. (e) If relating to installation of ATM machine, between a bank and the land owner or renewal thereof Two thousand and five hundred rupees per year. (f) If relating to installation of Mobile Tower, between a company and the land owner or renewal thereof Five thousand rupees per year." (b) for serial number 10, and the entries against it in columns (2) and (3), the following serial number and entries shall, respectively, be substituted, namely:-- "10. Articles of Association of a Company,-- (a) if relating to companies having authorised capital up to Rs. 10 lakhs Two thousand rupees. (b) if relating to companies having authorised capital above Rs. 10 lakhs and up to Rs. 25 lakhs Five thousand rupees. (c) if relating to companies having authorised capital above Rs. 25 lakhs 0.5 per cent of the paid up capital."; (c) in serial number 19, in the entry in column (3), for the words "Twenty five rupees", the words "Fifty rupees" shall be substituted; (d) in serial number 21, in clause (i), in the entry in column (3), for the words "Five rupees", the words "Six rupees" shall be substituted; (e) in serial number 22, in clause (II), in the entries in column (3), for the words "Seven rupees", the words "Six rupees" shall be substituted; (f) after serial number 36 and the entries against it in columns (2) and (3), the following serial number and entires shall, respectively, be inserted, namely:-- " Memorandum of association and rules and regulations of a charitable society under the Travancore-Cochin Literary, Scientific and Charitable Societies Registration Act, 1955 (Act XII of 1955) or under the Societies Registration Act, 1860 (Central Act 21 of 1860) Five hundred rupees."; (g) in serial number 37,-- (i) after clause (c) and the entries against it in columns (2) and (3), the following clause and entries shall, respectively, be inserted, namely:-- " (d) When executed in favour of commercial banks for securing loans 0.5 per cent for the amount secured subject to a maximum of rupees 20,000.”; (ii) the existing Exemption shall be numbered as 1, and after Exemption 1, as so numbered, the following Exemption shall be inserted, namely:-- "2. Instruments executed for securing agricultural and educational loans granted by commercial banks".