Amendment status not verified — confirm the current text below against the official source.
(1) The Indian Stamp Act, 1899 (hereinafter referred to as the principal Act) shall, in its application to West Bengal, be amended for the purposes and in the manner hereinafter provided. (2) In sub-section (6) of section 47A to the principal Act,— (a) for the words "an interest at the rate of two per centum", the words "an interest at the rate of one per centum" shall be substituted; (b) for the words "full payment of such duty", the words "full payment of such duty, subject to a maximum of rupees twenty thousand" shall be substituted. (3) In Schedule IA to the principal Act,— (a) in article 32, in item (b), for the entries under the heading "Proper Stamp- duty" against sub-item (ii), the following entries under the heading "Proper Stamp-duty" shall be substituted:— "Rupees ten for every Rs. 500 or part thereof, for the amount secured by such deed, subject to the maximum of Rs. 1,00,000."; (b) in article 35,— (i) in item (c), for the entries under the heading "Proper Stamp-duty" against sub-item (ii), the following entries under the heading "Proper Stamp-duty" shall be substituted:- "The stamp-duty as conveyance (No.23) on the market value of the property which is the subject-matter of the lease, or an aggregate of stamp-duties as a Conveyance (No.23) on rent (three times of the average annual rent) and premium or money advanced or security charges advanced, whichever is higher: Provided that in any case, when an agreement for a lease is stamped or a lease in pursuance of such agreement is subsequently executed, the duty on such lease shall not exceed rupees ten."; (ii) in item (d), after Explanation III, the following Explanation shall be added:- 'Explanation IV.—The expression "or for security charges advanced" referred to in items (b) and (c) of article 35, shall mean non-refundable security charges or deposits only.'; (c) in article 43, in item (a), for the entries under the heading "Proper Stamp- duty", the following entries under the heading "Proper Stamp-duty" shall be substituted:— "Fifty paise for every Rs. 5000 or part thereof, of the value of the good or commodity.".