Legal Question in Banking Law in India

There is an act named "Maharashtra Provision of Facilities for Agricultural Credit by Banks Act, 1974", vide which, the banks can create their charge on agriculture land by way of declaration. The stamp duty required for the same is very less, say Rs. 100/-. Also registration of document is not required.

Please guide whether private banks like Axis Bank, are eligible to create charge in this way.


Asked on 5/23/11, 4:06 am

1 Answer from Attorneys
J. Radhakrishnan independent Practice

kindly go thorugh the Act. If in the definition of credit agency or bank in the said Act, a scheduled bank is included then Axis Bank also can have recourse to creation of charge by declaration for agricultural advances.

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Answered on 6/02/11, 5:40 am


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