Legal Question in Banking Law in India
Mode of payment of stamp duty
Is payment of stamp duty by way of revenue stamp only is admissible and only payment of stamp duty by way of non judicial stamp is admissible. Pl clarify as I have an internal circular of a Bank which objects to taking revenue stamps on acknowledgement of debt.Thanks
4 Answers from Attorneys
Re: Mode of payment of stamp duty
contact a local lawyer
Re: Mode of payment of stamp duty
You may be bound by your internal circular. For appropriate guidance, you may want to refer back the matter to your higher authorities OR you may want to approach the local Collector's office.
Re: Mode of payment of stamp duty
For acknowledgment of debt revenue stamps would suffice. Which bank has circulated that it should be on N.J.stamp paer. In fact there is a ruling of the Mumbai(then Bombay) High court that for an acknowlegment of debt for purposes of Sec.18 of Limitation Act, it does not attract stamp duty at all.
Re: Mode of payment of stamp duty
We are surprise to hear this. Though it is not necessary.
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