THE STAMP ACT, 1899 (II OF 1899) CONTENTS CHAPTER I PRELIMINARY 1. Short title, extent and commencement 2. Definitions CHAPTER II STAMP-DUTIES A.—Of the liability of instruments to duty 3. Instruments chargeable with duty 4. Several instruments used in single transaction of sale, mortgage or settlement 5. Instruments relating to several distinct matters 6. Instruments coming within several descriptions in Schedule I 7. Policies of sea-insurance 8. Bonds, debentures or other securities, issued on loans under Act XI, 1879 9. Power to reduce, remit or compound duties 9-A. Power of Provincial Government to exempt certain instruments B.—Of stamps and the mode of using them 10. Duties how to be paid 11. Use of adhesive stamps 12. Cancellation of adhesive stamps 13. Instruments stamped with impressed stamps how to be written 14. Only one instrument to be on same stamp 15. Instrument written contrary to section 13 or 14 deemed unstamped 16. Denoting Duty C.—Of the time of stamping Instruments 17. Instruments executed in Pakistan 18. Instruments other than bills and notes executed out of Pakistan 19. Bills and notes drawn out of Pakistan D.—Of valuations for duty 20. Conversion of amount expressed in foreign currencies 21. Stock and marketable securities how to be valued 22. Effect of statement of rate of exchange or average price 23. Instruments reserving interest 23-A. Certain instruments connected with mortgages of marketable securities to be chargeable as agreements 24. How transfer in consideration of debt, or subject to future payment, etc., to be charged 25. Valuation in case of annuity, etc 26. Stamp where value of subject-matter is indeterminate 27. Facts affecting duty to be set forth in instrument 27-A. Value of immovable property 28. Direction as to duty in case of certain conveyances E.—Duty by whom payable 29. Duties by whom payable 30. Obligation to give receipt in certain cases CHAPTER III ADJUDICATION AS TO STAMPS 31. Adjudication as to proper stamp 32. Certificate by Collector CHAPTER IV INSTRUMENTS NOT DULY STAMPED 33. Examination and impounding of instruments 34. Special provision as to unstamped receipts 35. Instruments not duly stamped inadmissible in evidence, etc 36. Admission of instrument where not to be questioned 37. Admission of improperly stamped instruments 38. Instruments impounded how dealt with 39. Collector’s power to refund penalty paid under section 38, sub-section (1) 40. Collector’s power to stamp instruments impounded 41. Instruments unduly stamped by accident 42. Endorsement of instruments on which duty has been paid under section 35, 40 or 41 43. Prosecution for offence against Stamp-law 44. Persons paying duty or penalty may recover same in certain cases 45. Power of Revenue Authority to refund penalty or excess duty in certain cases 46. Non-liability for loss of instruments sent under section 38 47. Power of payer to stamp bills and promissory notes received by him unstamped 48. Recovery of duties and penalties CHAPTER V ALLOWANCES FOR STAMPS IN CERTAIN CASES 49. Allowance for spoiled stamps 50. Application for relief under section 49 when to be made 51. Allowance in case of printed forms no longer required by Corporations 52. Allowance for misused stamps 53. Allowance for spoiled or misused stamps how to be made 54. Allowance for stamps not required for use 55. Allowance on renewal of certain debentures CHAPTER VI REFERENCE AND REVISIONS 56. Control of, and statement of case to, Chief Revenue Authority 57. Statement of case by Chief Revenue Authority to High Court 58. Power of High Court to call for further particulars as to case stated 59. Procedure in disposing of case stated 60. Statement of case by other Courts to High Court 61. Revision of certain decisions of Courts regarding the sufficiency of stamps CHAPTER VII CRIMINAL OFFENCES AND PROCEDURE 62. Penalty for executing, etc., instrument not duly stamped 63. Penalty for failure to cancel adhesive stamp 64. Penalty for omission to comply with provisions of section 27 65. Penalty for refusal to give receipt, and for devices to evade duty on receipts 66. Penalty for not making out policy, or making one not duly stamped 67. Penalty for not drawing full number of bills or marine policies purporting to be in sets 68. Penalty for post-dating bills, and for other devices to defraud the revenue 69. Penalty for breach of rule relating to sale of stamps and for unauthorized sale 70. Institution and conduct of prosecutions 71. Jurisdiction of Magistrates 72. Place of trial CHAPTER VIII SUPPLEMENTAL PROVISIONS 73. Books, etc., to be open to inspection 74. Power to make rules relating to sale of stamps 75. Power to make rules generally to carry out Act 76. Publication of rules 76-A. Delegation of certain powers 77. Savings as to court-fees 78. Act to be translated and sold cheaply 79. [Repealed] SCHEDUAL I (Stamp Duty on instruments) SCHEDULE II (Repealed) TEXT 1 THE STAMP ACT, 1899 (II of 1899) [27th January, 1899] An Act to consolidate and amend the law relating to Stamps. WHEREAS it is expedient to consolidate and amend the law relating to stamps; It is hereby enacted as follows:CHAPTER I PRELIMINARY 1. Short title, extent and commencement.— (1) This Act may be called the 2[* * *] Stamp Act, 1899. 3 [(2) It extends to the whole of Pakistan.] 1For Statement of Objects and Reasons, see Gazette of India, 1897, Pt. V, p. 175, for Report of the Select Committee, see ibid., 1898, Pt. V, p. 231; and for Proceedings in Council, see ibid., 1898, Pt. VI, pp. 10 and 278; and ibid., 1899, Pt. VI. p. 5. The Act had been amended in its application to:(1) the Punjab and the N.W.F.P. by the Indian Stamp (Punjab Amendment) Act, 1922 (Punjab VIII of 1922), the Indian Stamp (Punjab Amendment) Act, 1924 (Punjab I of 1924) and the Indian Stamp (N.W.F.P. Amendment) Act, 1948 (N.W.F.P. Act XV of 1948); see also the Punjab Stamp (Amendment) Act, 1935 (Punjab I of 1935), Punjab Act XIV of 1948, section 2 and Act XI of 1949, section 2, applying only to the Punjab;(2)Sind, by the Indian Stamp (Sind Amendment) Act, 1938 (Sind XII of 1938);(3) Capital of the Federation, by the Finance Act, 1952 (V of 1952); and (4) the Province of West Pakistan (except the Capital of the Federation) by the West Pakistan (Adaptation and Repeal of Laws) Act, 1957 (XVI of 1957), section 3(3) and 3rd schedule (with effect from 14-10-55). It had been applied to Phulera in the Excluded Area of Upper Tanawal to the extent the Act is applicable in the N.W.F.P., subject to certain modifications, and extended to the Excluded Area of Upper Tanawal (N.W.F.P.) other than Phulera with effect from such date and subject to such modifications as may be notified, see N.W.F.P. (Upper Tanawal Excluded Area) Laws Regulation, 1950. This Act and all rules, notifications, declaration and orders made under it which were in force immediately before the first day of April, 1952, have been extended to and brought into force in the State of Bahawalpur, see the Bahawalpur (Extension of Laws) Order, 1952 (G.G.O. II of 1952). It has been extended to Khairpur State, see the Khairpur (Federal Laws) (Second Extension) Order, 1953 (G.G.O. XV of 1953). It has also been extended to the Leased Areas of Baluchistan, see the Leased Areas (Laws) Order, 1950 (G.G.O. III of 1950); and applied in the Federated Areas of Baluchistan, see Gazette of India, 1937, Pt. I, p. 1499. It has also been extended to the Baluchistan States Union, see G.G.O. XVIII of 1953. This Act has been amended in its applications to the Province of West Pakistan by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959) (with effect from the 15th August, 1959). It has further been amended in its application to the Province of West Pakistan by the Stamp (West Pakistan Amendment) Act, 1964 (II of 1964), s.1; and published in the Gazette of West Pakistan (Extraordinary), dated 7.3.1964,pages 711-732. 2Omitted the word “Indian” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Article 3 and Schedule; and published in the Gazette of Pakistan (Extraordinary), pages 223-283. (3) It shall come into force on the first day of July, 1899. 2. Definitions.— In this Act, unless there is something repugnant in the subject or context,– (1) “banker” includes a bank and any person acting as a banker: (2) “bill of exchange” means a bill of exchange as defined by the Negotiable Instruments Act, 18814, and includes also a hundi, and any other document entitling or purporting to entitle any person, whether named therein or not, to payment by any other person of, or to draw upon any other person for, any sum of money: (3) “bill of exchange payable on demand” includes– (a) an order for the payment of any sum of money by a bill of exchange or promissory note, or for the delivery of any bill of exchange or promissory note in satisfaction of any sum of money, or for the payment of any sum of money, out of any particular fund which may or may not be available, or upon any condition or contingency which may or may not be performed or happen; (b) an order for the payment of any sum of money weekly, monthly or at any other stated periods; and (c) a letter of credit, that is to say, any instrument by which one person authorises another to give credit to the person in whose favour it is drawn: (4) “bill of lading” includes a “through bill of lading”, but does not include a mate’s receipt: (5) “bond” includes– (6) (a) any instrument whereby a person obliges himself to pay money to another, on condition that the obligation shall be void if a specified act is performed, or is not performed, as the case may be; (b) any instrument attested by a witness and not payable to order or bearer, whereby a person obliges himself to pay money to another; and (c) any instrument so attested, whereby a person obliges himself to deliver grain or other agricultural produce to another: “chargeable” means, as applied to an instrument executed or first executed after the commencement of this Act, chargeable under this Act and, as applied to any other instrument, chargeable under the law in 3 Substituted by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845,which were earlier substituted for the words, comma and semi-colon “It extends to all the Provinces, inclusive of British Baluchistan; and” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Article 3 and Schedule; and published in the Gazette of Pakistan(Extraordinary), pages 223-283. 4 XXVI of 1881. force in 5[Pakistan] when such instrument was executed, or where several persons executed the instrument at different times, first executed: (7) “cheque” means a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand: 6 [(8) * 7 [(9) “Collector” means the Collector of a District appointed under the Punjab Land Revenue Act, 1967(XVII of 1967) and includes an officer authorized by the Government to exercise the powers of the Collector;] 8 [(9-A) “Commissioner” means a Commissioner of a Division appointed under the Punjab Land Revenue Act, 1967 (XVII of 1967) and includes an Additional Commissioner;] (10) 9 * * * * * * * * * * *] “conveyance” includes a conveyance on sale and every instrument by which property, whether moveable or immoveable, is transferred inter vivos and which is not otherwise specifically provided for by Schedule I: [(11) “duly stamped” means affixation of an adhesive or impressed stamp or e-stamp of not less than the requisite amount and that the stamp has been legally affixed, used or electronically generated;] 10 [(11A) “e-stamp” means a paper printed or partially printed containing a bar code or having any of its unique identification code and such other information, as may be specified by the rules, to be generated and printed, on deposit of money equivalent to chargeable stamp duty in the account of the Government;] (12) 11 “executed” and “execution”, used with reference to instruments, mean “signed” and “signature”: [(12A) “collecting Government” * * * * * * * * * * ] 5Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan (Extraordinary), pages 223-283. 6Omitted by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 7Substituted by the Punjab Laws (Amendment) Act 2011 (VI of 2011),w.e.f. 20.4.2011(notification published in the Punjab Gazette (Extraordinary),dated 16.4.2011, page 4081),s.5 ; and published in the Punjab Gazette (Extraordinary),dated 14.4.2011,pages 4043-4047, which were earlier substituted by the Stamp (Punjab Amendment) Ordinance, 2001 (XXXIV of 2001), w.e.f. 14.8.2001, s.2; and published in the Punjab Gazette (Extraordinary), dated 1.11.2001, pages 1763-1764, which were earlier substituted by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.4; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754, which were earlier substituted by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Article 3 and Schedule; and published in the Gazette of Pakistan (Extraordinary), pages 223-283, which were earlier substituted by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule 8Inserted by the Punjab Laws (Amendment) Act 2011 (VI of 2011), w.e.f. 20.4.2011(notification published in the Punjab Gazette (Extraordinary), dated 16.4.2011, page 4081),s.5;and published in the Punjab Gazette (Extraordinary),dated 14.4.2011,pages 4043-4047. 9Substituted by the Stamp (Amendment) Act 2015 (XXXII of 2015), s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2015, pages 7375-7376. 10 Inserted by the Stamp (Amendment) Act 2015 (XXXII of 2015), s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2015, pages 7375-7376. 12 [(13) “impressed stamp” includes– (a) the label affixed and impressed by the proper officer; (b) the stamp embossed or engraved on a stamp paper; and (c) an e-stamp.] (14) “instrument” includes every document by which any right or liability is, or purports to be, created, transferred, limited, extended, extinguished or recorded 13[and includes any instrument executed in electronic form]: (15) “instrument of partition” means any instrument whereby co-owners of any property divide or agree to divide such property in severalty, and includes also a final order for effecting a partition passed by any Revenue-authority or any Civil Court and an award by an arbitrator directing a partition: (16) “lease” means a lease of immoveable property, and includes also– 14 (a) a patta; (b) a kabuliyat or other undertaking in writing, not being a counterpart of a lease, to cultivate, occupy or pay or deliver rent for, immoveable property; (c) any instrument by which tolls of any description are let; (d) any writing on an application for a lease intended to signify that the application is granted: [(16-A)“marketable security” means a security of such a description as to be capable of being sold in any stock market in 15[Pakistan] or in the United Kingdom:] (17) “mortgage-deed” includes every instrument whereby for the purpose of securing money advanced, or to be advanced, by way of loan, or an existing or future debt, or the performance of an engagement, one person transfers, or creates, to, or in favour of, another, a right over or in respect of specified property: (18) “paper” includes vellum, parchment or any other material on which an instrument may be written: (19) “policy of insurance” includes– 11Omitted by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.4; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754, which were earlier inserted by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 12 Substituted by the Stamp (Amendment) Act 2015 (XXXII of 2015), s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2015, pages 7375-7376. 13Inserted by the Stamp (Amendment) Act 2015 (XXXII of 2015), s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2015, pages 7375-7376. 14Inserted by the Indian Stamp (Amendment) Act, 1904 (XV of 1904), s. 2; and published in the Gazette of India, dated 28.10.1904. 15Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 17 (20) (a) any instrument by which one person, in consideration of a premium, engages to indemnify another against loss, damage or liability arising from an unknown or contingent event; (b) a life-policy, and any policy insuring any person against accident or sickness, and any other personal insurance:16[*] [(c) * * * * * * * * * * * * * * ] “policy of sea-insurance” or “sea-policy”– (a) means any insurance made upon any ship or vessel (whether for marine or inland navigation), or upon the machinery, tackle or furniture of any ship or vessel, or upon any goods, merchandise or property of any description whatever on board of any ship or vessel, or upon the freight of, or any other interest which may be lawfully insured in, or relating to, any ship or vessel; and (b) includes any insurance of goods, merchandise or property for any transit which includes not only sea risk within the meaning of clause (a), but also any other risk incidental to the transit insured from the commencement of the transit to the ultimate destination covered by the insurance: Where any person, in consideration of any sum of money paid or to be paid for additional freight or otherwise, agrees to take upon himself any risk attending goods, merchandise or property of any description whatever while on board of any ship or vessel, or engages to indemnify the owner of any such goods, merchandise or property from any risk, loss or damage, such agreement or engagement shall be deemed to be a contract for sea-insurance: (21) “power-of-attorney” includes any instrument (not chargeable with a fee under the law relating to court-fees for the time being in force) empowering a specified person to act for and in the name of the person executing it: (22) “promissory note” means a promissory note as defined by the Negotiable Instruments Act, 188118; it also includes a note promising the payment of any sum of money out of any particular fund which may or may not be available, or upon any condition or contingency which may or may not be performed or happen: 19 [(22-A)“Public Office” includes a Government Office, a People’s Local Council, a Local Authority, a Statutory Corporation or a similar body set 16Repealed the word “and” by the Indian Stamp (Amendment) Act, 1906 (V of 1906), s. 2; and published in the Gazette of India, dated 31.3.1906. 17Repealed by the Indian Stamp (Amendment) Act, 1906 (V of 1906), s. 2; and published in the Gazette of India, dated 31.3.1906. 18XXVI of 1881. 19Added by the Stamp (Punjab Amendment) Act, 1973 (XXVI of 1973),w.e.f.29.12.1973, s.2; and published in the Punjab Gazette(Extraordinary), pages 1941-E to 1941-F. up by the 20[Federal] or Provincial Government, commercial or industrial concern whether singly owned or run through partnership having more than twenty employees, a body registered under the Companies Act, 1913, and a Co-operative Society; (22-B) “Public Officer” includes an Officer-in-Charge of a Public Office;] (23) (24) “receipt” includes any note, memorandum or writing– (a) whereby any money, or any bill of exchange, cheque or promissory note is acknowledged to have been received, or (b) whereby any other moveable property is acknowledged to have been received in satisfaction of a debt, or (c) whereby any debt or demand, or any part of a debt or demand, is acknowledged to have been satisfied or discharged, or (d) which signifies or imports any such acknowledgment, and whether the same is or is not signed with the name of any person: 21[* * *] “settlement” means any non-testamentary disposition, in writing, of moveable or immoveable property made– (a) in consideration of marriage, (b) for the purpose of distributing property of the settler among his family or those for whom he desires to provide, or for the purpose of providing for some person dependent on him, or (c) for any religious or charitable purpose; and includes an agreement in writing to make such a disposition 22 [and, where any such disposition has not been made in writing, any instrument recording, whether by way of declaration of trust or otherwise, the terms of any such disposition]: 23[and] 24 [(25) “soldier” includes any person below the rank of non-commissioned officer who is enrolled under the Indian Army Act, 1911 25 26[or the Pakistan Army Act, 195227].] 20 Substituted for the word “Central” by the Federal Adaptation of Laws Order, 1975 (P.O.No. 4 of 1975), w.e.f.1.8.1975, Article 2 and Table of General Adaptations; and published in the Gazette of Pakistan (Extraordinary), pages 435-467. 21 Omitted the word “and” by the Repealing and Amending Act, 1928 (XVIII of 1928), s.2 and the first Schedule; and published in the Gazette of India, dated 25.9.1928. 22Added by the Indian Stamp (Amendment) Act, 1904 (XV of 1904), s. 2; and published in the Gazette of India, dated 28.10.1904. 23 Added by the Repealing and Amending Act, 1928 (XVIII of 1928),s.2 and the first Schedule; and published in the Gazette of India, dated 25.9.1928. 24 Added by the Repealing and Amending Act, 1928 (XVIII of 1928),s.2 and the first Schedule; and published in the Gazette of India, dated 25.9.1928. 25 VIII of 1911. 26Added by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845. 27 XXIX of 1952. CHAPTER II STAMP-DUTIES A.—Of the Liability of Instruments to Duty. 3. Instruments chargeable with duty.— Subject to the provisions of this Act and the exemptions contained in Schedule I, the following instruments shall be chargeable with duty of the amount indicated in that schedule as the proper duty therefor respectively, that is to say– (a) every instrument mentioned in that Schedule which, not having been previously executed by any person, is executed in 28[Pakistan] on or after the first day of July, 1899; (b) every bill of exchange 29[payable otherwise than on demand] 30 [*] or promissory note drawn or made out of 31[Pakistan] on or after that day and accepted or paid, or presented for acceptance or payment, or endorsed, transferred or otherwise negotiated, in 32 [Pakistan]; and (c) every instrument (other than a bill of exchange 33[*] or promissory note) mentioned in that Schedule, which, not having been previously executed by any person, is executed out of 34[Pakistan] on or after that 28Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 29Inserted by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927, s.5; and published in the Gazette of India, dated 30.3.1927. 30Omitted the word “cheque” by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927, s.5; and published in the Gazette of India, dated 30.3.1927. 31Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 32 Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 33 Omitted the word “cheque” by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927, s.5; and published in the Gazette of India, dated 30.3.1927. 34 Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. day, relates to any property situate, or to any matter or thing done or to be done, in 35[Pakistan] and is received in 36[Pakistan]: Provided that no duty shall be chargeable in respect of– (1) any instrument executed by, or on behalf of, or in favour of, the 37 [Government] in cases where, but for this exemption, the 38 [Government] would be liable to pay the duty chargeable in respect of such instrument; (2) any instrument for the sale, transfer or other disposition, either absolutely or by way of mortgage or otherwise, of any ship or vessel, or any part, interest, share or property of or in any ship or vessel registered under the Merchant Shipping Act, 1894 or under Act XIX of 183839, or the Registration of Ships Act, 1841 40, as amended by subsequent Acts. 4. Several instruments used in single transaction of sale, mortgage or settlement.— 41[(1) Where, in the case of any sale, mortgage or settlement, several instruments are employed for completing the transaction, the principal instrument only shall be chargeable with the duty prescribed in Schedule I, for the conveyance, mortgage of settlement, and each of the other instruments shall be chargeable with a duty of four rupees instead of the duty (if any) prescribed for it in that schedule.] (2) The parties may determine for themselves which of the instruments so employed shall, for the purposes of sub-section (1), be deemed to be the principal instrument: Provided that the duty chargeable on the instrument so determined shall be the highest duty which would be chargeable in respect of any of the said instruments employed. 5. Instruments relating to several distinct matters.— Any instrument comprising or relating to several distinct matters shall be chargeable with the aggregate amount of the duties with which separate instruments, each comprising or relating to one of such matters, would be chargeable under this Act. 35 Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 36 Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 37Substituted for the words “the Crown” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.5; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754. 38Substituted for the words “the Crown” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.5; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754. 39The Bombay Coasting Vessels Act, 1838. 40 X of 1841. 41Substituted by the Stamp (West Pakistan Amendment) Act, 1964 (II of 1964), s.2; and published in the Gazette of West Pakistan (Extraordinary), dated 7.3.1964, pages 711-732. 6. Instruments coming within several descriptions in Schedule I.— Subject to the provisions of the last preceding section, an instrument so framed as to come within two or more of the descriptions in Schedule I, shall, where the duties chargeable thereunder are different, be chargeable only with the highest of such duties: 42 [Provided that nothing contained in this Act shall render chargeable with duty exceeding four rupees a counterpart or duplicate of any instrument chargeable with duty and in respect of which the proper duty has been paid.] 7. Policies of sea-insurance.— (1) No contract for sea-insurance (other than such insurance as is referred to in section 506 of the Merchant Shipping Act, 1894) shall be valid unless the same is expressed in a sea-policy. (2) No sea-policy made for time shall be made for any time exceeding twelve months. (3) No sea-policy shall be valid unless it specifies the particular risk or adventure, or the time, for which it is made, the names of the subscribers or underwriters, and the amount or amounts insured. (4) Where any sea-insurance is made for or upon a voyage and also for time, or to extend to or cover any time beyond thirty days after the ship shall have arrived at her destination and been there moored at anchor, the policy shall be charged with duty as a policy for or upon a voyage, and also with duty as a policy for time. 8. Bonds, debentures or other securities, issued on loans under Act XI, 1879.— (1) Notwithstanding anything in this Act, any local authority raising a loan under the provisions of the Local Authorities Loan Act, 187943, or of any other law for the time being in force, by the issue of bonds, debentures or other securities, shall, in respect of such loan, be chargeable with a duty of 44[one per centum] on the total amount of the bonds, debentures or other securities issued by it, and such bonds, debentures or other securities need not be stamped, and shall not be chargeable with any further duty on renewal, consolidation, sub-division or otherwise. (2) The provisions of sub-section (1) exempting certain bonds, debentures or other securities from being stamped and from being chargeable with certain further duty shall apply to the bonds, debentures or other securities of all outstanding loans of the kind mentioned therein, and all such bonds, debentures or other securities shall be valid, whether the same are stamped or not: Provided that nothing herein contained shall exempt the local authority which has issued such bonds, debentures or other securities from the duty chargeable in respect thereof prior to the twenty-sixth day of March, 1897, when such duty has not already been paid or remitted by order issued by the 45[Federal] Government. 42Substituted by the Stamp (West Pakistan Amendment) Act, 1964 (II of 1964), s.3; and published in the Gazette of West Pakistan (Extraordinary), dated 7.3.1964,pages 711-732. 43XI of 1879. 44Substituted for the words “eight annas per centum” by the Indian Stamp (Amendment) Act, 1910 (VI of 1910), s.2; 45Substituted for the word “Central” by the Punjab Laws (Adaptation) Order, 1974 (P.O. No.1 of 1974),w.e.f. 14.8.1973, Article 2 and the Schedule; and published in the Punjab Gazette(Extraordinary), dated 20.11.1974, pages 1425-A to 1425-PP. (3) In the case of wilful neglect to pay the duty required by this section, the local authority shall be liable to forfeit to the 46[Provincial Government] a sum equal to ten per centum upon the amount of duty payable, and a like penalty for every month after the first month during which the neglect continues. 9. Power to reduce, remit or compound duties.— 47[The Government] may, by rule or order published in the 49[Official Gazette]– [ Provincial 48 (a) reduce or remit, whether prospectively or retrospectively, in the whole or any part of 50[the territories under its administration], the duties with which any instruments or any particular class of instruments, or any of the instruments belonging to such class, or any instruments when executed by or in favour of any particular class of persons, or by or in favour of any members of such class, are chargeable, and (b) provide for the composition or consolidation of duties in the case of issues by any incorporated company or other body corporate of debentures, bonds or other marketable securities. 51 [9-A. Power of Provincial Government to exempt certain instruments.— The Provincial Government may by 52[notification in] the official Gazette, generally exempt from payment of the whole or any part of the duties on any instrument executed by or in favour of a banking company in the normal course of its banking business. Explanation.– For the purpose of this Section, “Banking Company” shall have the same meaning as in the Banking Tribunals Ordinance, 1984 (Ordinance No. LVIII of 1984)]. B.—Of Stamps and the mode of using them. 10. Duties how to be paid.— (1) Except as otherwise expressly provided in this Act, all duties with which any instruments are chargeable shall be paid, and such payment shall be indicated on such instruments, by means of stamps 53[or estamps]– (a) according to the provisions herein contained, or 46Substituted for the word “Government” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.6; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754. 47Substituted for the words “the Governor-General in Council” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 48Substituted for the words “Collecting Government” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.3; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754. 49Substituted for the words “Gazette of India” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 4 and Table of General Adaptations. 50Substituted for the words “British India” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 51Inserted by the Punjab Stamp (Amendment) Ordinance, 1984 (XXXVII of 1984), w.e.f.31.12.1984, s.2; and published in the Punjab Gazette (Extraordinary), pages….. 52Added by the corrigendum published in the Punjab Gazette (Extraordinary), dated 31.12.1984, page 3029. 53 Inserted by the Stamp (Amendment) Act 2015 (XXXII of 2015), s.3; and published in the Punjab Gazette (Extraordinary), dated 26.6.2015, pages 7375-7376. (b) when no such provision is applicable thereto, as Government] may by rules direct. 54 [the 55 [Provincial (2) regulate,– The rules56 made under sub-section (1) may, among other matters, (a) in the case of each kind of instrument–the description of stamps 57[or estamps] which may be used; (b) in the case of instruments stamped with impressed stamps–the number of stamps which may be used; (c) in the case of bills of exchange or promissory notes written in any Oriental language–the size of the paper on which they are written. 11. Use of adhesive stamps.— The following instruments may be stamped with adhesive stamps, namely:(a) instruments chargeable with 58[a duty not exceeding twenty-five paisa], except parts of bills of exchange payable otherwise than on demand and drawn in sets; (b) bills of exchange, 60 [Pakistan]; (c) entry as an advocate, vakil or attorney on the roll of a High Court; (d) notarial acts; and (e) transfers by endorsement of shares in any incorporated company or other body corporate. 59 [*] and promissory notes drawn or made out of 12. Cancellation of adhesive stamps.— (1) (a) Whoever affixes any adhesive stamp to any instrument chargeable with duty which has been executed by any person shall, when affixing such stamp, cancel the same so that it cannot be used again; and (b) whoever executes any instrument on any paper bearing an adhesive stamp shall, at the time of execution, unless such stamp has been 54Substituted for the words “the Governor-General in Council” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 55 Substituted for the words “Collecting Government” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.3; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754. 56See the Stamp Rules, 1925. 57 Inserted by the Stamp (Amendment) Act 2015 (XXXII of 2015), s.3; and published in the Punjab Gazette (Extraordinary), dated 26.6.2015, pages 7375-7376. 58Substituted for the words “the duty of one anna or half an anna” by the Stamp (West Pakistan Amendment) Act, 1964 (II of 1964), s.4; and published in the Gazette of West Pakistan (Extraordinary), dated 7.3.1964, pages 711-732. 59 Omitted the word “cheque” by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5; and published in the Gazette of India, dated 30.3.1927. 60Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. already cancelled in manner aforesaid, cancel the same so that it cannot be used again. (2) Any instrument bearing an adhesive stamp which has not been cancelled so that it cannot be used again, shall, so far as such stamp is concerned, be deemed to be unstamped. (3) The person required by sub-section (1) to cancel an adhesive stamp may cancel it by writing on or across the stamp his name or initials or the name or initials of his firm with the true date of his so writing, or in any other effectual manner. 13. Instruments stamped with impressed stamps how to be written.— Every instrument written upon paper stamped with an impressed stamp shall be written in such manner that the stamp may appear on the face of the instrument and cannot be used for or applied to any other instrument. 14. Only one instrument to be on same stamp.— No second instrument chargeable with duty shall be written upon a piece of stamped paper upon which an instrument chargeable with duty has already been written: Provided that nothing in this section shall prevent any endorsement which is duly stamped or is not chargeable with duty being made upon any instrument for the purpose of transferring any right created or evidenced thereby or of acknowledging the receipt of any money or goods the payment or delivery of which is secured thereby. 15. Instrument written contrary to section 13 or 14 deemed unstamped.— Every instrument written in contravention of section 13 or section 14 shall be deemed to be unstamped. 16. Denoting duty.— Where the duty with which an instrument is chargeable, or its exemption from duty, depends in any manner upon the duty actually paid in respect of another instrument, the payment of such last mentioned duty shall, if application is made in writing to the Collector for that purpose, and on production of both the instruments, be denoted upon such first mentioned instrument, by endorsement under the hand of the Collector or in such other manner (if any) as 61 [the 62[Provincial Government] may by rule prescribe. C.—Of the time of stamping Instruments. 17. Instruments executed in Pakistan.— All instruments chargeable with duty and executed by any person in 63[Pakistan] shall be stamped before or at the time of execution. 61Substituted for the words “the Governor-General in Council” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 62Substituted for the words “Collecting Government” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.3; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754. 63Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 18. Instruments other than bills and notes executed out of 64[Pakistan].— (1) Every instrument chargeable with duty executed only out of 65[Pakistan], and not being a bill of exchange, 66[* * *] or promissory note, may be stamped within three months after it has been first received in 67[Pakistan]. (2) Where any such instrument cannot, with reference to the description of stamp prescribed therefor, be duly stamped by a private person, it may be taken within the said period of three months to the Collector, who shall stamp the same, in such manner as 68[the 69[Provincial Government] may by rule prescribe, with a stamp of such value as the person so taking such instrument may require and pay for. 19. Bills and notes drawn out of Pakistan.— The first holder in 70[Pakistan] of any bill of exchange, 71[payable otherwise than on demand] 72[*] or promissory note drawn or made out of 73[Pakistan] shall, before he presents the same for acceptance or payment, or endorses, transfers or otherwise negotiates the same in 74[Pakistan], affix thereto the proper stamp and cancel the same: 64Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 65Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 66 Omitted the word “cheque” by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5; and published in the Gazette of India, dated 30.3.1927. 67Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 68Substituted for “the Governor-General in Council” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 69 Substituted for the words “Collecting Government” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.3; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754. 70Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 71Inserted by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5; and published in the Gazette of India, dated 30.3.1927. 72Omitted the word “cheque” by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5;and published in the Gazette of India, dated 30.3.1927. 73Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 74Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. Provided that,– (a) if, at the time any such bill of exchange, 75[* * * * *] or note comes into the hands of any holder thereof in 76[Pakistan], the proper adhesive stamp is affixed thereto and cancelled in manner prescribed by section 12, and such holder has no reason to believe that such stamp was affixed or cancelled otherwise than by the person and at the time required by this Act, such stamp shall, so far as relates to such holder, be deemed to have been duly affixed and cancelled; (b) nothing contained in this proviso shall relieve any person from any penalty incurred by him for omitting to affix or cancel a stamp. D.—Of Valuations for duty. 20. Conversion of amount expressed in foreign currencies.— (1) Where an instrument is chargeable with ad valorem duty in respect of any money expressed in any currency other than that of 77[Pakistan], such duty shall be calculated on the value of such money in the currency of 78[Pakistan] according to the current rate of exchange on the day of the date of the instrument. (2) The 79[Federal] Government may, from time to time, by notification in the [Official Gazette], prescribe81 a rate of exchange for the conversion of British or any foreign currency into the currency of 82[Pakistan] for the purposes of calculating stampduty, and such rate shall be deemed to be the current rate for the purposes of subsection (1). 80 75Omitted the word “cheque” by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5; and published in the Gazette of India, dated 30.3.1927. 76 Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 77Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 78Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 79Substituted for the word “Central” by the Punjab Laws (Adaptation) Order, 1974 (P.O. No.1 of 1974),w.e.f. 14.8.1973, Article 2 and the Schedule; and published in the Punjab Gazette(Extraordinary), dated 20.11.1974, pages 1425-A to 1425-PP. 80Substituted for the words “Gazette of India” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 4 and Table of General Adaptations. 81For notification prescribing such rates, see Finance Department (Central Revenues) Notification No. C. 125-Stamps 25, dated 18-9-25 (Gazette of India, 1925, Pt. I, p. 886), as amended by Notification No. 8-Stamps, dated 7-11-31. 82Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 21. Stock and marketable securities how to be valued.— Where an instrument is chargeable with ad valorem duty in respect of any stock or of any marketable or other security, such duty shall be calculated on the value of such stock or security according to the average price or the value thereof on the day of the date of the instrument. 22. Effect of statement of rate of exchange or average price.— Where an instrument contains a statement of current rate of exchange, or average price, as the case may require, and is stamped in accordance with such statement, it shall, so far as regards the subject-matter of such statement, be presumed, until the contrary is proved, to be duly stamped. 23. Instruments reserving interest.— Where interest is expressly made payable by the terms of an instrument, such instrument shall not be chargeable with duty higher than that with which it would have been chargeable had no mention of interest been made therein. 83 [23-A. Certain instruments connected with mortgages of marketable securities to be chargeable as agreements.— (1) Where an instrument (not being a promissory note or bill of exchange)– (a) is given upon the occasion of the deposit of any marketable security by way of security for money advanced or to be advanced by way of loan, or for an existing or future debt, or (b) makes redeemable or qualifies a duly stamped transfer, intended as a security, of any marketable security, it shall be chargeable with duty as if it were an agreement or memorandum of an agreement chargeable with duty under 84[Article No. 5 (c)] of Schedule I. (2) A release or discharge of any such instrument shall only be chargeable with the like duty.] 24. How transfer in consideration of debt, or subject to future payment, etc., to be charged.— Where any property is transferred to any person in consideration, wholly or in part, of any debt due to him, or subject either certainly or contingently to the payment or transfer of any money or stock, whether being or constituting a charge or encumbrance upon the property or not, such debt, money or stock is to be deemed the whole or part, as the case may be, of the consideration in respect whereof the transfer is chargeable with ad valorem duty: Provided that nothing in this section shall apply to any such certificate of sale as is mentioned in Article No. 18 of Schedule I. Explanation– In the case of a sale of property subject to a mortgage or other encumbrance, any unpaid mortgage-money or money charged, together with the interest (if any) due on the same, shall be deemed to be part of the consideration for the sale: 83Added by the Indian Stamp (Amendment) Act, 1904 (XV of 1904), s. 3; and published in the Gazette of India, dated 28.10.1904. 84Substituted for the words and figure “Article No. 5(b)” by the Indian Stamp (Amendment) Act, 1912 (I of 1912), s.3; and published in the Gazette of India, dated 9.3.1912, page 1. Provided that, where property subject to a mortgage is transferred to the mortgagee, he shall be entitled to deduct from the duty payable on the transfer the amount of any duty already paid in respect of the mortgage. Illustrations (1) A owes B Rs. 1,000. A sells a property to B, the consideration being Rs.500 and the release of the previous debt of Rs.1,000 Stamp-duty is payable on Rs.1,500. (2) A sells a property to B for Rs.500 which is subject to a mortgage to C for Rs.1,000 and unpaid interest Rs.200. Stamp-duty is payable on Rs.1,700. (3) A mortgages a house of the value of Rs.10,000 to B for Rs.5,000. B afterwards buys the house from A. Stamp-duty is payable on Rs.10,000 less the amount of stamp-duty already paid for the mortgage. 25. Valuation in case of annuity, etc.— Where an instrument is executed to secure the payment of an annuity or other sum payable periodically, or where the consideration for a conveyance is an annuity or other sum payable periodically, the amount secured by such instrument or the consideration for such conveyance, as the case may be, shall, for the purposes of this Act, be deemed to be,– (a) where the sum is payable for a definite period so that the total amount to be paid can be previously ascertained–such total amount; (b) where the sum is payable in perpetuity or for an indefinite time not terminable with any life in being at the date of such instrument or conveyance–the total amount which, according to the terms of such instrument or conveyance, will or may be payable during the period of twenty years calculated from the date on which the first payment becomes due; and (c) where the sum is payable for an indefinite time terminable with any life in being at the date of such instrument or conveyance–the maximum amount which will or may be payable as aforesaid during the period of twelve years calculated from the date on which the first payment becomes due. 26. Stamp where value of subject-matter is indeterminate.— Where the amount or value of the subject-matter of any instrument chargeable with ad valorem duty cannot be, or (in the case of an instrument executed before the commencement of this Act) could not have been, ascertained at the date of its execution or first execution, nothing shall be claimable under such instrument more than the highest amount or value for which, if stated in an instrument of the same description, the stamp actually used would, at the date of such execution have been sufficient: [Provided that, in the case of the lease of a mine in which royalty or a share of the produce is received as the rent or part of the rent, it shall be sufficient to have estimated such royalty or the value of such share, for the purpose of stamp-duty,– 85 (a) when the lease has been granted by or on behalf of 86[Government], at such amount or value as the Collector may, having regard to all the 85Substituted by the Indian Stamp (Amendment) Act, 1904 (XV of 1904), s. 4; and published in the Gazette of India, dated 28.10.1904. circumstances of the case, have estimated as likely to be payable by way of royalty or share to 87[Government] under the lease, or (b) when the lease has been granted by any other person, at twenty thousand rupees a year; and the whole amount of such royalty or share, whatever it may be, shall be claimable under such lease.] Provided also that, where proceedings have been taken in respect of an instrument under section 31 or 41, the amount certified by the Collector shall be deemed to be the stamp actually used at the date of execution. 27. Facts affecting duty to be set forth in instrument.— The consideration (if any) and all other facts and circumstances affecting the chargeability of any instrument with duty, or the amount of the duty with which it is chargeable, shall be fully and truly set forth therein. 88 [27-A. Value of immovable property.— (1) Where any instrument chargeable with ad valorem duty under 89[Articles 23, 27-A, 31, 33, 48(b), 48(bb), 63 or 63-A] of Schedule I, relates to an immovable property, the value of the immovable property shall be calculated according to the valuation table notified by the District Collector in respect of immovable property situated in the locality. (2) Where an instrument, mentioned in sub-section (1), relates to an immovable property consisting of land and structure, it shall state the value of the land or structure separately and the value of the structure stated in the instrument shall, subject to the provisions of this Act, be accepted. (3) Where the value of immovable property stated in an instrument to which sub-section (1) applies is more than the value fixed according to the valuation table, the value declared in the instrument shall be accepted as value for the purposes of stamp duty. (4) Where the value given in the valuation table notified under sub-section (1), when applied to any immovable property, appears to be excessive, the 90 [Commissioner] or any other person notified by the Government may, on application 86Substituted for the words “the Crown” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.5; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754, which were earlier substituted for the words “the Secretary of State in Council” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 87Substituted for the words “the Crown” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.5; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754, which were earlier substituted for the words “the said Secretary of State in Council” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 88Substituted by the Punjab Finance Act 2010 (VI of 2010), w.e.f.1.7.2010, s.2; and published in the Punjab Gazette (Extraordinary), dated 28.6.2010, pages 3145-3150, which were earlier inserted by the Punjab Finance Act, 1986 (IV of 1986), w.e.f.14.6.1986, s.2; and published in the Punjab Gazette (Extraordinary), pages 1307-1308. 89Substituted for the expression “Articles 23, 27-A, 31, 33 or 63” by the Punjab Finance Act 2016 (XXXV of 2016), published in the Punjab Gazette (Extraordinary), dated: 29 June 2016, pp. 6083-6092, s.2: it came into force on 1 July 2016. It was earlier substituted for the expression “Articles 23, 27-A, 31 or 33” by the Punjab Finance Act 2015 (XXIX of 2015), w.e.f.1.7.2015, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2015, pages 7361-7368. It was earlier substituted for the expression “Articles 23, 31 or 33” by the Punjab Finance Act 2012 (XLI of 2012),w.e.f. 1.7.2012,s.2; and published in the Punjab Gazette (Extraordinary), dated 25.6.2012, pages 41719 -41724. 90Substituted for the words “Executive District Officer (Revenue)”by the Punjab Laws (Amendment) Act 2011 (VI of 2011),w.e.f. 20.4.2011(notification published in the Punjab Gazette (Extraordinary),dated 16.4.2011, page 4081),s.5; and made to him by the aggrieved person, determine its correct value and for that purpose the provisions of sections 31 and 32 shall apply as nearly as possible.] 28. Direction as to duty in case of certain conveyances.— (1) Where any property has been contracted to be sold for one consideration for the whole, and is conveyed to the purchaser in separate parts by different instruments, the consideration shall be apportioned in such manner as the parties think fit, provided that a distinct consideration for each separate part is set forth in the conveyance relating thereto, and such conveyance shall be chargeable with ad valorem duty in respect of such distinct consideration. (2) Where property contracted to be purchased for one consideration for the whole, by two or more persons jointly, or by any person for himself and others, or wholly for others, is conveyed in parts by separate instruments to the persons by or for whom the same was purchased, for distinct parts of the consideration, the conveyance of each separate part shall be chargeable with ad valorem duty in respect of the distinct part of the consideration therein specified. (3) Where a person, having contracted for the purchase of any property but not having obtained a conveyance thereof, contracts to sell the same to any other person and the property is in consequence conveyed immediately to the subpurchaser, the conveyance shall be chargeable with ad valorem duty in respect of the consideration for the sale by the original purchaser to the sub-purchaser. (4) Where a person, having contracted for the purchase of any property but not having obtained a conveyance thereof, contracts to sell the whole, or any part thereof, to any other person or persons and the property is in consequence conveyed by the original seller to different persons in parts, the conveyance of each part sold to a sub-purchaser shall be chargeable with ad valorem duty in respect only of the consideration paid by such sub-purchaser, without regard to the amount or value of the original consideration, and the conveyance of the residue (if any) of such property to the original purchaser shall be chargeable with ad valorem duty in respect only of the excess of the original consideration over the aggregate of the consideration paid by the sub-purchasers: Provided that the duty on such last-mentioned conveyance shall in no case be less than one rupee. (5) Where a sub-purchaser takes an actual conveyance of the interest of the person immediately selling to him, which is chargeable with ad valorem duty in respect of the consideration paid by him and is duly stamped accordingly, any conveyance to be afterwards made to him of the same property by the original seller shall be chargeable with a duty equal to that which would be chargeable on a conveyance for the consideration obtained by such original seller, or, where such duty would exceed five rupees, with a duty of five rupees. E.—Duty by whom payable. 29. Duties by whom payable.— In the absence of an agreement to the contrary, the expense of providing the proper stamp shall be borne,– published in the Punjab Gazette (Extraordinary),dated 14.4.2011,pages 4043-4047, which were earlier substituted for the word “Commissioner” by the Stamp (Punjab Amendment) Ordinance, 2001 (XXXIV of 2001), w.e.f. 14.8.2001, s.3; and published in the Punjab Gazette (Extraordinary), dated 1.11.2001, pages 1763-1764. (a) in the case of any instrument described in any of the following Articles of Schedule I, namely:No.2. 91 [No.6. (Administration Bond), (Agreement relating to Deposit of Title-deeds, Pawn or Pledge], No.13. (Bill of Exchange), No.15. (Bond), No.16. (Bottomery Bonds), No.26. (Customs Bond), No.27. (Debenture), No.32. (Further Charge), No.34. (Indemnity-Bond), No.40. (Mortgage-Deed), No.49. (Promissory-Note), No.55. (Release), No.56. (Respondentia Bond), No.57. (Security Bond of Mortgage-Deed), No.58. (Settlement), No.62. (a) (Transfer of shares in an incorporated company or other body corporate), No.62. (b) (Transfer of Debentures, being marketable securities, whether the debenture is liable to duty or not, except debentures provided for by section 8), No.62. (c) (Transfer of any interest secured by a bond, mortgage-deed or policy of insurance),– by the person drawing, making or executing such instrument: 92 [(b) in the case of a policy of insurance other than fire-insurance–by the person effecting the insurance; (bb) in the case of a policy of fire-insurance–by the person issuing the policy;] (c) in the case of a conveyance (including a re-conveyance of mortgaged property) by the grantee 93[and grantor in equal shares] in the case of a lease or agreement to lease–by the lessee or intended lessee: 91Substituted for “No. 6 (Agreement to Mortgage)” by the Indian Stamp (Amendment) Act, 1904 (XV of 1904), s. 5; and published in the Gazette of India, dated 28.10.1904. 92Substituted by the Indian Stamp (Amendment) Act, 1906 (V of 1906), s. 4; and published in the Gazette of India, dated 31.3.1906. 93Inserted by the Punjab Finance Act, 1992 (VI of 1992), w.e.f.1.7.1992, s.2; and published in the Punjab Gazette (Extraordinary), dated 29.6.1992, pages 2959-C-2959-F. 96 (d) in the case of a counterpart of a lease–by the lessor: (e) in the case of an instrument of exchange–by the parties in equal shares: (f) in the case of a certificate of sale–by the purchaser of the property to which such certificate relates;94[*] (g) in the case of an instrument of partition–by the parties thereto in proportion to their respective shares in the whole property partitioned, or, when the partition is made in execution of an order passed by a Revenue-authority or Civil Court or arbitrator, in such proportion as such authority, Court or arbitrator directs 95[;] [(h) in the case of a contract chargeable with stamp duty under Article 22-A of Schedule I, the stamp duty shall be payable by the contractor in whose favour the instrument is executed; in the case of a decree, rule of a court or an order of a court chargeable with stamp duty under Article 27-A of Schedule I, the stamp duty shall be paid by the beneficiary of the decree, rule or order; in the case of a gift chargeable with stamp duty under Article 33 of Schedule I, the stamp duty shall be paid by the person in whose favour the instrument is executed; and in the case of transfer of right or interest relating to an immovable property chargeable with stamp duty under Article 63-A of Schedule I, the stamp duty shall be paid by the person in whose favour the transfer of the right or interest relating to an immovable property is made.] (i) (j) (k) 30. Obligation to give receipt in certain cases.— Any person receiving any money exceeding twenty rupees in amount, or any bill of exchange, cheque or promissory note for an amount exceeding twenty rupees, or receiving in satisfaction or part satisfaction of a debt any movable property exceeding twenty rupees in value, shall, on demand by the person paying or delivering such money, bill, cheque, note or property, give a duly stamped receipt for the same. [Any person receiving or taking credit for any premium or consideration for any renewal of any contract of fire-insurance, shall, within one month after receiving or taking credit for such premium or consideration, give a duly stamped receipt for the same.] 97 CHAPTER III ADJUDICATION AS TO STAMPS 94 The word “and” was omitted by the Punjab Finance Act 2016 (XXXV of 2016), published in the Punjab Gazette (Extraordinary), dated: 29 June 2016, pp. 6083-6092, s.2: it came into force on 1 July 2016. 95Substituted for the “full stop” by the Punjab Finance Act 2016 (XXXV of 2016), published in the Punjab Gazette (Extraordinary), dated: 29 June 2016, pp. 6083-6092, s.2: it came into force on 1 July 2016. 96Inserted by the Punjab Finance Act 2016 (XXXV of 2016), published in the Punjab Gazette (Extraordinary), dated: 29 June 2016, pp. 6083-6092, s.2: it came into force on 1 July 2016. 97Added 31.3.1906. by the Indian Stamp (Amendment) Act, 1906 (V of 1906), s. 5; and published in the Gazette of India, dated 31. Adjudication as to proper stamp.— (1) When any instrument, whether executed or not and whether previously stamped or not, is brought to the Collector, and the person bringing it applies to have the opinion of that officer as to the duty (if any) with which it is chargeable, and pays a fee of such amount (not exceeding five rupees) and not less than 98 [fifty paisa] as the Collector may in each case direct, the Collector shall determine the duty (if any) with which, in his judgment, the instrument is chargeable. (2) For this purpose the Collector may require to be furnished with an abstract of the instrument, and also with such affidavit or other evidence as he may deem necessary to prove that all the facts and circumstances affecting the chargeability of the instrument with duty, or the amount of the duty with which it is chargeable, are fully and truly set forth therein, and may refuse to proceed upon any such application until such abstract and evidence have been furnished accordingly: Provided that– (a) no evidence furnished in pursuance of this section shall be used against any person in any civil proceeding, except in an enquiry as to the duty with which the instrument to which it relates is chargeable; and (b) every person by whom any such evidence is furnished shall, on payment of the full duty with which the instrument to which it relates is chargeable, be relieved from any penalty which he may have incurred under this Act by reason of the omission to state truly in such instrument any of the facts or circumstances aforesaid. 32. Certificate by Collector.— (1) When an instrument brought to the Collector under section 31, is, in his opinion, one of a description chargeable with duty, and– (a) the Collector determines that it is already fully stamped, or (b) the duty determined by the Collector under section 31, or such a sum as, with the duty already paid in respect of the instrument, is equal to the duty so determined, has been paid,99 the Collector shall certify by endorsement on such instrument that the full duty (stating the amount) with which it is chargeable has been paid. (2) When such instrument is, in his opinion, not chargeable with duty, the Collector shall certify in manner aforesaid that such instrument is not so chargeable. (3) Any instrument upon which an endorsement has been made under this section, shall be deemed to be duly stamped or not chargeable with duty, as the case may be; and, if chargeable with duty, shall be receivable in evidence or otherwise, and may be acted upon and registered as if it had been originally duly stamped: Provided that nothing in this section shall authorise the Collector to endorse– 98Substituted for the words “eight annas” by the Stamp (West Pakistan Amendment) Act, 1964 (II of 1964), s.5; and published in the Gazette of West Pakistan (Extraordinary), dated 7.3.1964, pages 711-732. 99For refund of this duty in the case of certain instruments, see the Stamp (Specified Instruments) Act, 1924 (XIII of 1924), section 3(4). (a) any instrument executed or first executed in 100[Pakistan] and brought to him after the expiration of one month from the date of its execution or first execution, as the case may be; (b) any instrument executed or first executed out of 101[Pakistan] and brought to him after the expiration of three months after it has been first received in 102[Pakistan]; or (c) any instrument chargeable with 103[a duty not exceeding twenty-five paisa] or any bill of exchange or promissory note, when brought to him, after the drawing or execution thereof, on paper not duly stamped. 104 [32A. Certificate of designated officer.– An officer designated by the Government shall, by notification in the official Gazette, issue a certificate as to genuineness or otherwise of an e-stamp for the purpose of evidence in a legal proceedings.] CHAPTER IV INSTRUMENTS NOT DULY STAMPED 33. Examination and impounding of instruments.— (1) Every person having by law or consent of parties authority to receive evidence, and every person in charge of a public office, except an officer of police, before whom any instrument, chargeable in his opinion, with duty, is produced or comes in the performance of his functions, shall, if it appears to him that such instrument is not duly stamped, impound the same. (2) For that purpose every such person shall examine every instrument so chargeable and so produced or coming before him, in order to ascertain whether it is stamped with a stamp of the value and description required by the law in force in 105 [Pakistan] when such instrument was executed or first executed: 100 Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 101Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 102Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 103Substituted for the words “the duty of an anna or half an anna” by the Stamp (West Pakistan Amendment) Act, 1964 (II of 1964), s.6; and published in the Gazette of West Pakistan (Extraordinary), dated 7.3.1964, pages 711-732. 104 Inserted by the Stamp (Amendment) Act 2015 (XXXII of 2015), s.4; and published in the Punjab Gazette (Extraordinary), dated 26.6.2015, pages 7375-7376. 105Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2 nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. Provided that– (a) nothing herein contained shall be deemed to require any Magistrate or Judge of a Criminal Court to examine or impound, if he does not think fit so to do, any instrument coming before him in the course of any proceeding other than a proceeding under Chapter XII or Chapter XXXVI of the Code of Criminal Procedure, 1898 106; (b) in the case of a Judge of a High Court, the duty of examining and impounding any instrument under this section may be delegated to such officer as the Court appoints in this behalf. (3) For the purposes of this section, in cases of doubt,– (a) 107 (b) [the 111[Provincial Government]] may determine who shall be deemed to be persons in charge of public offices. [the 108[Provincial Government]] may determine109 what offices shall be deemed to be public offices; and 110 34. Special provision as to unstamped receipts.— Where any receipt chargeable with a duty 112[not exceeding twenty-five paisa] is tendered to or produced before any officer unstamped in the course of the audit of any public account, such officer may, in his discretion, instead of impounding the instrument, require a duly stamped receipt to be substituted therefor. 35. Instruments not duly stamped inadmissible in evidence, etc.— No instrument chargeable with duty shall be admitted in evidence for any purpose by any person having by law or consent of parties authority to receive evidence, or shall be acted upon, registered or authenticated by any such person or by any public officer, unless such instrument is duly stamped. Provided that– (a) any such instrument not being an instrument chargeable with a duty 113[not exceeding twenty-five paisa] only, or a bill of exchange or promissory note, shall, subject to all just exceptions, be admitted in evidence on 106V of 1898. 107 Substituted for the words “the Governor-General in Council” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 108 Substituted for the words “Collecting Government” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.3; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754. 109For the purposes of this section the office of a returning officer appointed for the purposes of an election to a legislative body constituted under the Government of India Act is not a public officer, see Gazette of India, 1920 (Pt. I, p. 2136). 110 Substituted for the words “the Governor-General in Council” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 111 Substituted for the words “Collecting Government” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.3; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754. 112Substituted for the words “of one anna” by the Stamp (West Pakistan Amendment) Act, 1964 (II of 1964), s.7; and published in the Gazette of West Pakistan (Extraordinary), dated 7.3.1964,pages 711-732. 113Substituted for the words “of one anna or half an anna” by the Stamp (West Pakistan Amendment) Act, 1964 (II of 1964), s.8; and published in the Gazette of West Pakistan (Extraordinary), dated 7.3.1964, pages 711-732. payment of the duty with which the same is chargeable, or, in the case of an instrument insufficiently stamped, of the amount required to make up such duty, together with a penalty of five-rupees, or, when ten times the amount of the proper duty or deficient portion thereof exceeds five rupees, of a sum equal to ten times such duty or portion; (b) where any person from whom a stamped receipt could have been demanded, has given an unstamped receipt and such receipt, if stamped, would be admissible in evidence against him, then such receipt shall be admitted in evidence against him on payment of a penalty of one rupee by the person tendering it; (c) where a contract or agreement of any kind is effected by correspondence consisting of two or more letters, and any one of the letters bears the proper stamp, the contract or agreement shall be deemed to be duly stamped; (d) nothing herein contained shall prevent the admission of any instrument in evidence in any proceeding in a Criminal Court, other than a proceeding under Chapter XII or Chapter XXXVI of the Code of Criminal Procedure, 1898114; (e) nothing herein contained shall prevent the admission of any instrument in any Court when such instrument has been executed by or on behalf of 115 [Government], or where it bears the certificate of the Collector as provided by section 32 or any other provision of this Act. 36. Admission of instrument where not to be questioned.— Where an instrument has been admitted in evidence, such admission shall not, except as provided in section 61, be called in question at any stage of the same suit or proceeding on the ground that the instrument has not been duly stamped. 37. Admission of improperly stamped instruments.— 116[The 117[Provincial Government] may make rules providing that, where an instrument bears a stamp of sufficient amount but of improper description, it may, on payment of the duty with which the same is chargeable, be certified to be duly stamped, and any instrument so certified shall than be deemed to have been duly stamped as from the date of its execution. 38. Instruments impounded how dealt with.— (1) When the person impounding an instrument under section 33 has by law or consent of parties authority to receive evidence and admits such instrument in evidence upon payment of a penalty as provided by section 35 or of duty as provided by section 37, he shall send to the Collector an authenticated copy of such instrument, together with a 114V of 1898. 115 Substituted for the words “the Crown” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.5; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754, which were earlier substituted for the words “the Government” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 116 Substituted for the words “the Governor-General in Council” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 117 Substituted for the words “Collecting Government” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.3; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754. certificate in writing, stating the amount of duty and penalty levied in respect thereof, and shall send such amount to the Collector, or to such person as he may appoint in this behalf. (2) In every other case, the person so impounding an instrument shall send it in original to the Collector. 39. Collector’s power to refund penalty paid under section 38, sub-section (1).— (1) When a copy of an instrument is sent to the Collector under section 38, sub-section (1), he may, if he thinks fit, 118[* * *] refund any portion of the penalty in excess of five rupees which has been paid in respect of such instrument. (2) When such instrument has been impounded only because it has been written in contravention of section 13 or section 14, the Collector may refund the whole penalty so paid. 40. Collector’s power to stamp instruments impounded.— (1) When the Collector impounds any instrument under section 33, or receives any instrument sent to him under section 38, sub-section (2), not being an instrument chargeable with a duty 120[not exceeding twenty-five paisa] only or a bill of exchange or promissory note, he shall adopt the following procedure:119 (a) if he is of opinion that such instrument is duly stamped, or is not chargeable with duty, he shall certify by endorsement thereon that it is duly stamped, or that it is not so chargeable, as the case may be; (b) if he is of opinion that such instrument is chargeable with duty and is not duly stamped, he shall require the payment of the proper duty or the amount required to make up the same, together with a penalty of five rupees; or, if he thinks fit, 121[an amount not exceeding] ten times the amount of the proper duty or of the deficient portion thereof, whether such amount exceeds or falls short of five rupees: Provided that, when such instrument has been impounded only because it has been written in contravention of section 13 or section 14, the Collector may, if he thinks fit, remit the whole penalty prescribed by this section. (2) Every certificate under clause (a) of sub-section (1) shall, for the purposes of this Act, be conclusive evidence of the matters stated therein. (3) Where an instrument has been sent to the Collector under section 38, sub-section (2), the Collector shall, when he has dealt with it as provided by this section, return it to the impounding officer. 118 Omitted the words “upon application made to him in this behalf or, if no application is made, with the consent of the Chief Controlling Revenue Authority” by the Decentralization Act, 1914 (IV of 1914), s.2 and Schedule; and published in the Gazette of India, dated 24.2.1914. 119 For modifications of these provisions in respect of instruments which the Stamp (Specified Instruments) Act, 1924 (XIV of 1924), applies see section 3 of that Act. 120 Substituted for the words “of one anna or half an anna” by the Stamp (West Pakistan Amendment) Act, 1964 (II of 1964), s.8; and published in the Gazette of West Pakistan (Extraordinary), dated 7.3.1964, pages 711-732. 121 Inserted by the Indian Stamp (Amendment) Act, 1904 (XV of 1904), s. 6; and published in the Gazette of India, dated 28.10.1904. 41. Instruments unduly stamped by accident.— If any instrument chargeable with duty and not duly stamped, not being an instrument chargeable with a duty of 123[not exceeding twenty-five paisa] only or a bill of exchange or promissory note, is produced by any person of his own motion before the Collector within one year from the date of its execution or first execution, and such person brings to the notice of the Collector the fact that such instrument is not duly stamped and offers to pay to the Collector the amount of the proper duty, or the amount required to make up the same, and the Collector is satisfied that the omission to duly stamp such instrument has been occasioned by accident, mistake or urgent necessity, he may, instead of proceeding under sections 33 and 40, receive such amount and proceed as next hereinafter prescribed. 122 42. Endorsement of instruments on which duty has been paid under section 35, 40 or 41.— (1) When the duty and penalty (if any) leviable in respect of any instrument have been paid under section 35, section 40 or section 41, the person admitting such instrument in evidence or the Collector, as the case may be, shall certify by endorsement thereon that the proper duty or, as the case may be, the proper duty and penalty (stating the amount of each) have been levied in respect thereof, and the name and residence of the person paying them. (2) Every instrument so endorsed shall thereupon be admissible in evidence, and may be registered and acted upon and authenticated as if it had been duly stamped, and shall be delivered on his application in this behalf to the person from whose possession it came into the hands of the officer impounding it, or as such person may direct: Provided that– (a) no instrument which has been admitted in evidence upon payment of duty and a penalty under section 35, shall be so delivered before the expiration of one month from the date of such impounding, or if the Collector has certified that its further detention is necessary and has not cancelled such certificate; (b) nothing in this section shall affect the Code of Civil Procedure 124, section 144, clause 3. 43. Prosecution for offence against Stamp-law.— The taking of proceedings or the payment of a penalty under this Chapter in respect of any instrument shall not bar the prosecution of any person who appears to have committed an offence against the Stamp-law in respect of such instrument: Provided that no such prosecution shall be instituted in the case of any instrument in respect of which such a penalty has been paid, unless it appears to the Collector that the offence was committed with an intention of evading payment of the proper duty. 122 For modifications of these provisions in respect of instruments to which the Stamp (Specified Instruments) Act, 1924 (XVIII of 1924), applies see section 3 of that Act. 123 Substituted for the words “of one anna or half an anna” by the Stamp (West Pakistan Amendment) Act, 1964 (II of 1964), s.8; and published in the Gazette of West Pakistan (Extraordinary), dated 7.3.1964,pages 711-732. 124 XIV of 1882,now the Code of Civil Procedure, 1908 (V of 1908). 44. Persons paying duty or penalty may recover same in certain cases.— (1) When any duty or penalty has been paid under section 35, section 37, section 40 or section 41, by any person in respect of an instrument, and, by agreement or under the provisions of section 29 or any other enactment in force at the time such instrument was executed, some other person was bound to bear the expense of providing the proper stamp for such instrument, the first mentioned person shall be entitled to recover from such other person the amount of the duty or penalty so paid. (2) For the purpose of such recovery, any certificate granted in respect of such instrument under this Act shall be conclusive evidence of the matters therein certified. (3) Such amount may, if the Court thinks fit, be included in any order as to costs in any suit or proceeding to which such persons are parties in which such instrument has been tendered in evidence. If the Court does not include the amount in such order, no further proceedings for the recovery of the amount shall be maintainable. 45. Power of Revenue Authority to refund penalty or excess duty in certain cases.— (1) Where any penalty is paid under section 35 or section 40, the 125[Chief Revenue Authority] may, upon application in writing made within one year from the date of the payment, refund such penalty wholly or in part. (2) Where, in the opinion of the 126[Chief Revenue Authority], stamp-duty in excess of that which is legally chargeable has been charged and paid under section 35 or section 40, such authority may, upon application in writing made within three months of the order charging the same, refund the excess. 46. Non-liability for loss of instruments sent under section 38.— (1) If any instrument sent to the Collector under section 38, sub-section (2), is lost, destroyed or damaged during transmission, the person sending the same shall not be liable for such loss, destruction or damage. (2) When any instrument is about to be so sent, the person from whose possession it came into the hands of the person impounding the same, may require a copy thereof to be made at the expense of such first-mentioned person and authenticated by the person impounding such instrument. 127 [47. Power of payer to stamp bills and promissory notes received by him unstamped.—When any Bill of Exchange, chargeable with the duty of five paisa, or promissory note chargeable with the duty of fifteen paisa, is presented for payment unstamped, the person to whom it is so presented may affix thereto the necessary adhesive stamp, and upon cancelling the same in the manner hereinbefore provided, may pay the sum payable upon such bill or note and may charge the duty against the person who ought to have paid the same, or deduct it from the sum payable as 125 Substituted for the words “Chief Controlling Revenue-authority” by the Central Laws (Adaptation) Order, 1961 (A.O. 1 of 1961), w.e.f 23.03.1956, Article 2 and Schedule; and published in the Gazette of Pakistan (Extraordinary), dated, 24.01.1961, pages 102-174. 126Substituted for the words “Chief Controlling Revenue-authority” by the Central Laws (Adaptation) Order, 1961 (A.O. 1 of 1961), w.e.f 23.03.1956, Article 2 and Schedule; and published in the Gazette of Pakistan (Extraordinary), dated, 24.01.1961, pages 102-174. 127Substituted by the Stamp (West Pakistan Amendment) Act, 1964 (II of 1964), s.9; and published in the Gazette of West Pakistan (Extraordinary), dated 7.3.1964, pages 711-732. aforesaid, and such bill or note shall, so far as respects the duty, be deemed good and valid: Provided that nothing herein contained shall relieve any person from any penalty or proceeding to which he may be liable in relation to such bill or note.] 48. Recovery of duties and penalties.— All duties, penalties and other sums required to be paid under this Chapter may be recovered by the Collector by distress and sale of the movable property of the person from whom the same are due, or by any other process for the time being in force for the recovery of arrears of landrevenue. CHAPTER V ALLOWANCES FOR STAMPS IN CERTAIN CASES 49. Allowance for spoiled stamps.— Subject to such rules as may be made by 128 [the 129[Provincial Government] as to the evidence to be required, or the enquiry to be made the Collector may, on application made within the period prescribed in section 50, and if he is satisfied as to the facts, make allowance for impressed stamps spoiled in the cases hereinafter mentioned, namely:(a) the stamp on any paper inadvertently and undesignedly spoiled, obliterated or by error in writing or any other means rendered unfit for the purpose intended before any instrument written thereon is executed by any person: (b) the stamp on any document which is written out wholly or in part, but which is not signed or executed by any party thereto: (c) in the case of bills of exchange 131 [* * *] or promissory notes– (1) 130 [payable otherwise than on demand] the stamp on 132[any such bill of exchange] 133[* * *] signed by or on behalf of the drawer which has not been accepted or made use of in any manner whatever or delivered out of his hands for any purpose other than by way of tender for acceptance provided that the paper on which any such stamp is impressed does not bear 128 Substituted for the words “the Governor-General in Council” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 129 Substituted for the words “Collecting Government” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.3; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754. 130Inserted by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5;and published in the Gazette of India, dated 30.3.1927. 131Omitted the word “cheques” by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5;and published in the Gazette of India, dated 30.3.1927. 132Substituted for the words “any bill of exchange” by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5;and published in the Gazette of India, dated 30.3.1927 . 133Omitted the words “or cheque” by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5;and published in the Gazette of India, dated 30.3.1927. any signature intended as or for the acceptance of any bill of exchange 134[* * *] to be afterwards written thereon: (d) (2) the stamp on any promissory note signed by or on behalf of the maker which has not been made use of in any manner whatever or delivered out of his hands: (3) the stamp used or intended to be used for 135[any such bill of exchange] 136[* * *] or promissory note signed by, or on behalf of, the drawer thereof, but which from any omission or error has been spoiled or rendered useless, although the same, being a bill of exchange 137[* * *], may have been presented for acceptance or accepted or endorsed, or, being a promissory note, may have been delivered to the payee: provided that another completed and duly stamped bill of exchange 138[* * *] or promissory note is produced identical in every particular, except in the correction of such omission or error as aforesaid, with the spoiled bill 139[* * *] or note: the stamp used for an instrument executed by any party thereto which– (1) has been afterwards found to be absolutely void in law from the beginning: (2) has been afterwards found unfit, by reason of any error or mistake therein, for the purpose originally intended: (3) by reason of the death of any person by whom it is necessary that it should be executed, without having executed the same, or of the refusal of any such person to execute the same, cannot be completed so as to effect the intended transaction in the form proposed: (4) for want of the execution thereof by some material party, and his inability or refusal to sign the same, is in fact incomplete and insufficient for the purpose for which it was intended: (5) by reason of the refusal of any person to act under the same, or to advance any money intended to be thereby secured, or by the refusal or non-acceptance of any office thereby granted, totally fails of the intended purpose: 134Omitted the words “or cheque” by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5;and published in the Gazette of India, dated 30.3.1927. 135Substituted for the words “any bill of exchange” by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5;and published in the Gazette of India, dated 30.3.1927.. 136Omitted the word “cheque” by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5;and published in the Gazette of India, dated 30.3.1927. 137 Omitted the word “cheque” by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5;and published in the Gazette of India, dated 30.3.1927. 138Omitted the word “cheque” by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5;and published in the Gazette of India, dated 30.3.1927.. 139 Omitted the word “cheque” by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5;and published in the Gazette of India, dated 30.3.1927. (6) becomes useless in consequence of the transaction intended to be thereby effected being effected by some other instrument between the same parties and bearing a stamp of not less value: (7) is deficient in value and the transaction intended to be thereby effected has been effected by some other instrument between the same parties and bearing a stamp of not less value: (8) is inadvertently and undesignedly spoiled, and in lieu whereof another instrument made between the same parties and for the same purpose is executed and duly stamped: Provided that, in the case of an executed instrument, no legal proceeding has been commenced in which the instrument could or would have been given or offered in evidence and that the instrument is given up to be cancelled. Explanation– The certificate of the Collector under section 32 that the full duty with which an instrument is chargeable has been paid is an impressed stamp within the meaning of this section. 50. Application for relief under section 49 when to be made.— The application for relief under section 49 shall be made within the following periods, that is to say,– (1) in the cases mentioned in clause (d) (5), within two months of the date of the instrument: (2) in the case of a stamped paper in which no instrument has been executed by any of the parties thereto, within six months after the stamp has been spoiled: (3) in the case of a stamped paper in which an instrument has been executed by any of the parties thereto, within six months after the date of the instrument, or, if it is not dated, within six months after the execution thereof by the person by whom it was first or alone executed: Provided that,– (a) when the spoiled instrument has been for sufficient reasons sent out of 140[Pakistan], the application may be made within six months after it has been received back in 141[Pakistan]: (b) when, from unavoidable circumstances, any instrument for which another instrument has been substituted cannot be given up to be cancelled within the aforesaid period, the application 140 Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. 141Substituted for the words “the Provinces and the Capital of the Federation” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and 2nd schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the words “British India” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Articles 3(2) and 4 and published in the Gazette of Pakistan, pages 223-283. may be made within six months after the date of execution of the substituted instrument. 51. Allowance in case of printed forms no longer required by Corporations. — The 142[Chief Revenue Authority] 143[or the Collector if empowered by the 144[Chief Revenue Authority] in this behalf] may, without limit of time, make allowance for stamped papers used for printed form of instruments 145[by any banker or] by any incorporated company or other body corporate, if for any sufficient reason such forms have ceased to be required by the said 146[banker,] company or body corporate: provided that such authority is satisfied that the duty in respect of such stamped papers has been duly paid. 52. Allowance for misused stamps.— (a) When any person has inadvertently used, for an instrument chargeable with duty, a stamp of a description other than that prescribed for such instrument by the rules made under this Act, or a stamp of greater value than was necessary, or has inadvertently used any stamp for an instrument not chargeable with any duty; or (b) when any stamp used for an instrument has been inadvertently rendered useless under section 15, owing to such instrument having been written in contravention of the provisions of section 13; the Collector may, on application made within six months after the date of the instrument, or, if it is not dated, within six months after the execution thereof by the person by whom it was first or alone executed, and upon the instrument, if chargeable with duty, being re-stamped with the proper duty, cancel and allow as spoiled the stamp so misused or rendered useless. 53. Allowance for spoiled or misused stamps how to be made.— In any case in which allowance is made for spoiled or misused stamps, the Collector may give in lieu thereof– (a) other stamps of the same description and value; or, (b) if required and he thinks fit, stamps of any other description to the same amount in value; or, 142Substituted for the words “Chief Controlling Revenue-authority” by the Central Laws (Adaptation) Order, 1961 (A.O. 1 of 1961), w.e.f 23.03.1956, Article 2 and Schedule; and published in the Gazette of Pakistan (Extraordinary), dated, 24.01.1961, pages 102-174. 143Inserted by the Decentralization Act, 1914 (IV of 1914), s.2 and Schedule; and published in the Gazette of India, dated 24.2.1914. 144Substituted for the words “Chief Controlling Revenue-authority” by the Central Laws (Adaptation) Order, 1961 (A.O. 1 of 1961), w.e.f 23.03.1956, Article 2 and Schedule; and published in the Gazette of Pakistan (Extraordinary), dated, 24.01.1961, pages 102-174. 145Inserted by the Indian Stamp (Amendment) Act, 1906 (V of 1906), s. 6; and published in the Gazette of India, dated 31.3.1906. 146Inserted by the Indian Stamp (Amendment) Act, 1906 (V of 1906), s. 6; and published in the Gazette of India, dated 31.3.1906. (c) at his discretion, the same value in money, of that value]. 147 [deducting ten per centum 54. Allowance for stamps not required for use.— When any person is possessed of a stamp or stamps which have not been spoiled or rendered unfit or useless for the purpose intended, but for which he has no immediate use, the Collector shall repay to such person the value of such stamp or stamps in money, 148 [deducting ten per centum of that value] upon such person delivering up the same to be cancelled, and proving to the Collector’s satisfaction– (a) that such stamp or stamps were purchased by such person with a bona fide intention to use them; and (b) that he has paid the full price thereof; and (c) that they were so purchased within the period of six months next preceding the date on which they were so delivered: Provided that, where the person is a licensed vendor of stamps, the Collector may, if he thinks fit, make the repayment of the sum actually paid by the vendor without any such deduction as aforesaid. 55. Allowance on renewal of certain debentures.— When any duly stamped debenture is renewed by the issue of a new debenture in the same terms, the Collector shall, upon application made within one month, repay to the person issuing such debenture, the value of the stamp on the original or on the new debenture, whichever shall be less: Provided that the original debenture is produced before the Collector and cancelled by him in such manner as the 149[Provincial Government] may direct. Explanation– A debenture shall be deemed to be renewed in the same terms within the meaning of this section notwithstanding the following changes:(a) the issue of two or more debentures in place of one original debenture, the total amount secured being the same; (b) the issue of one debenture in place of two or more original debentures, the total amount secured being the same; (c) the substitution of the name of the holder at the time of renewal for the name of the original holder; and (d) the alteration of the rate of interest or the dates of payment thereof. CHAPTER VI REFERENCE AND REVISION 147Substituted for the words “deducting one anna for each rupee or fraction portion of a rupee” by the Stamp (West Pakistan Amendment) Act, 1964 (II of 1964), s.10; and published in the Gazette of West Pakistan (Extraordinary), dated 7.3.1964, pages 711-732. 148 Substituted for the words “deducting one anna for each rupee or fraction portion of a rupee” by the Stamp (West Pakistan Amendment) Act, 1964 (II of 1964), s.10; and published in the Gazette of West Pakistan (Extraordinary), dated 7.3.1964, pages 711-732. 149Substituted for the words “Governor-General in Council” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 56. Control of, and statement of case to, Chief Revenue Authority.— (1) The powers exercisable by a Collector under Chapter IV and Chapter V 150[and under clause (a) of the first proviso to section 26] shall in all cases be subject to the control of the 151 [Chief Revenue Authority]. (2) If any Collector, acting under section 31, section 40 or section 41, feels doubt as to the amount of duty with which any instrument is chargeable, he may draw up a statement of the case, and refer it, with his own opinion thereon, for the decision of the 152[Chief Revenue Authority]. (3) Such authority shall consider the case and send a copy of its decision to the Collector, who shall proceed to assess and charge the duty (if any) in conformity with such decision. 57. Statement of case by Chief Revenue Authority to High Court.— (1) The [Chief Revenue Authority] may state any case referred to it under section 56, subsection (2), or otherwise coming to its notice, and refer such case, with its own opinion thereon,– 153 154 155 [ [(a) (b) * * * * if the case arises in Province]. ] * 156 * * * * * * *] [any Province], to the High Court of 157 [the 150Inserted by the Indian Stamp (Amendment) Act, 1904 (XV of 1904), s. 7; and published in the Gazette of India, dated 28.10.1904. 151Substituted for the words “Chief Controlling Revenue-authority” by the Central Laws (Adaptation) Order, 1961 (A.O. 1 of 1961), w.e.f 23.3.1956, Article 2 and Schedule; and published in the Gazette of Pakistan (Extraordinary), dated, 24.01.1961, pages 102-174. 152Substituted for the words “Chief Controlling Revenue-authority” by the Central Laws (Adaptation) Order, 1961 (A.O. 1 of 1961), w.e.f 23.03.1956, Article 2 and Schedule; and published in the Gazette of Pakistan (Extraordinary), dated, 24.01.1961, pages 102-174. 153Substituted for the words “Chief Controlling Revenue-authority” by the Central Laws (Adaptation) Order, 1961 (A.O. 1 of 1961), w.e.f. 23.03.1956, Article 2 and Schedule; and published in the Gazette of Pakistan (Extraordinary), dated, 24.01.1961, pages 102-174. 154 Substituted for clauses “a, b, c” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and the second Schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845 ,which were earlier substituted for “paragraph a to i” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Article 3 and Schedule; and published in the Gazette of Pakistan(Extraordinary), pages 223-283 ,which were earlier substituted for “paragraph a to e” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 155Deleted by the Punjab Laws (Adaptation) Order, 1974 (P.O. No.1 of 1974),w.e.f. 14.8.1973, Article 2 and the Schedule; and published in the Punjab Gazette(Extraordinary), dated 20.11.1974, pages 1425-A to 1425-PP. 156Substituted for the words “West Pakistan” by the Punjab Laws (Adaptation) Order, 1974 (P.O. No.1 of 1974),w.e.f. 14.8.1973, Article 2 and the Schedule; and published in the Punjab Gazette(Extraordinary), dated 20.11.1974, pages 1425-A to 1425-PP. 157Substituted for the words “West Pakistan” by the Punjab Laws (Adaptation) Order, 1974 (P.O. No.1 of 1974),w.e.f. 14.8.1973, Article 2 and the Schedule; and published in the Punjab Gazette(Extraordinary), dated 20.11.1974, pages 1425-A to 1425-PP. (2) Every such case shall be decided by not less than three Judges of the 158 High Court [* * *] to which it is referred, and in case of difference, the opinion of the majority shall prevail. 58. Power of High Court to call for further particulars as to case stated.— If the High Court 159[* * *] is not satisfied that the statements contained in the case are sufficient to enable it to determine the questions raised thereby, the Court may refer the case back to the Revenue-authority by which it was stated, to make such additions thereto or alterations therein as the Court may direct in that behalf. 59. Procedure in disposing of case stated.— (1) The High Court 160[* * *], upon the hearing of any such case, shall decide the questions raised thereby, and shall deliver its judgment thereon containing the grounds on which such decision is founded. (2) The Court shall send to the Revenue-authority by which the case was stated a copy of such judgment under the seal of the Court and the signature of the Registrar; and the Revenue-authority shall, on receiving such copy, dispose of the case conformably to such judgment. 60. Statement of case by other Courts to High Court.— (1) If any Court, other than a Court mentioned in section 57, feels doubt as to the amount of duty to be paid in respect of any instrument under proviso (a) to section 35, the Judge may draw up a statement of the case and refer it, with his own opinion thereon, for the decision of the High Court 161[* * *] to which, if he were the 162[Chief Revenue Authority], he would, under section 57, refer the same. 158 Omitted the words “or Chief Court” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and the second Schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the comma “,” by the Federal Laws (Revision and Declaration) Act, 1951 (XXVI of 1951), s.3 and 2nd Schedule; and published in the Gazette of Pakistan(Extraordinary), dated12.5.1951, pages 340-388, which were earlier substituted for the words “Chief Court or Judicial Commissioners’ s Court” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Article 3 and Schedule; and published in the Gazette of Pakistan(Extraordinary), pages 223-283, which were earlier substituted for the words “or Chief Court” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 159 Omitted the words “or Chief Court” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and the second Schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the comma “,” by the Federal Laws (Revision and Declaration) Act, 1951 (XXVI of 1951), s.3 and 2nd Schedule; and published in the Gazette of Pakistan(Extraordinary), dated12.5.1951, pages 340-388, which were earlier substituted for the words “Chief Court or Judicial Commissioners’ s Court” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Article 3 and Schedule; and published in the Gazette of Pakistan(Extraordinary), pages 223-283, which were earlier substituted for the words “or Chief Court” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 160 Omitted the words “or Chief Court” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and the second Schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the comma “,” by the Federal Laws (Revision and Declaration) Act, 1951 (XXVI of 1951), s.3 and 2nd Schedule; and published in the Gazette of Pakistan(Extraordinary), dated12.5.1951, pages 340-388, which were earlier substituted for the words “Chief Court or Judicial Commissioners’ s Court” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Article 3 and Schedule; and published in the Gazette of Pakistan(Extraordinary), pages 223-283, which were earlier substituted for the words “or Chief Court” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 161 Omitted the words “or Chief Court” by the Central Laws (Statute Reform) Ordinance, 1960 (XXI of 1960), w.e.f. 14.10.1955, s.3 and the second Schedule; and published in the Gazette of Pakistan (Extraordinary), dated 9.6.1960, pages 725-845, which were earlier substituted for the comma “,” by the Federal Laws (Revision and Declaration) Act, 1951 (XXVI of 1951), s.3 and 2nd Schedule; and published in the Gazette of Pakistan(Extraordinary), dated12.5.1951, pages 340-388, which were earlier substituted for the words “Chief Court or Judicial Commissioners’ s Court” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Article 3 and Schedule; and published in the Gazette of Pakistan(Extraordinary), pages 223-283, which were earlier substituted for the words “or Chief Court” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. (2) Such Court shall deal with the case as if it had been referred under section 57, and send a copy of its judgment under the seal of the Court and the signature of the Registrar to the 163[Chief Revenue Authority] and another like copy to the Judge making the reference, who shall, on receiving such copy, dispose of the case conformably to such judgment. (3) References made under sub-section (1), when made by a Court subordinate to a District Court, shall be made through the District Court, and, when made by any subordinate Revenue Court, shall be made through the Court immediately superior. 61. Revision of certain decisions of Courts regarding the sufficiency of stamps.— (1) When any Court in the exercise of its civil or revenue jurisdiction or any Criminal Court in any proceedings under Chapter XII or Chapter XXXVI of the Code of Criminal Procedure, 1898164 makes any order admitting any instrument in evidence as duly stamped or as not requiring a stamp, or upon payment of duty and a penalty under section 35, the Court to which appeals lie from, or references are made by, such first mentioned Court may, of its own motion or on the application of the Collector, take such order into consideration. (2) If such Court, after such consideration, is of opinion that such instrument should not have been admitted in evidence without the payment of duty and penalty under section 35, or without the payment of a higher duty and penalty than those paid, it may record a declaration to that effect, and determine the amount of duty with which such instrument is chargeable, and may require any person in whose possession or power such instrument then is, to produce the same, and may impound the same when produced. (3) When any declaration has been recorded under sub-section (2), the Court recording the same shall send a copy thereof to the Collector, and, where the instrument to which it relates has been impounded or is otherwise in the possession of such Court, shall also send him such instrument. (4) The Collector may thereupon, notwithstanding anything contained in the order admitting such instrument in evidence, or in any certificate granted under section 42, or in section 43, prosecute any person for any offence against the Stamp-law which the Collector considers him to have committed in respect of such instrument: Provided that– (a) no such prosecution shall be instituted where the amount (including duty and penalty) which, according to the determination of such Court, was payable in respect of the instrument under section 35, is paid to the Collector, unless he thinks that the offence was committed with an intention of evading payment of the proper duty; 162Substituted for the words “Chief Controlling Revenue-authority” by the Central Laws (Adaptation) Order, 1961 (A.O. 1 of 1961), w.e.f 23.03.1956, Article 2 and Schedule; and published in the Gazette of Pakistan (Extraordinary), dated, 24.01.1961, pages 102-174. 163 Substituted for the words “Chief Controlling Revenue-authority” by the Central Laws (Adaptation) Order, 1961 (A.O. 1 of 1961), w.e.f 23.03.1956, Article 2 and Schedule; and published in the Gazette of Pakistan (Extraordinary), dated, 24.01.1961, pages 102-174. 164 V of 1898. (b) except for the purposes of such prosecution, no declaration made under this section shall affect the validity of any order admitting any instrument in evidence, or of any certificate granted under section 42. CHAPTER VII CRIMINAL OFFENCES AND PROCEDURE 165 62. Penalty for executing, etc., instrument not duly stamped.— (1) Any person– 168 (a) drawing, making, issuing, endorsing or transferring, or signing otherwise than as a witness, or presenting for acceptance or payment, or accepting, paying or receiving payment of, or in any manner negotiating, any bill of exchange 166[payable otherwise than on demand] 167 [* * *] or promissory note without the same being duly stamped; or (b) executing or signing otherwise than as a witness any other instrument chargeable with duty without the same being duly stamped; or (c) voting or attempting to vote under any proxy not duly stamped; shall for every such offence be punishable with fine which may extend to [one thousand] rupees: Provided that, when any penalty has been paid in respect of any instrument under section 35, section 40 or section 61, the amount of such penalty shall be allowed in reduction of the fine (if any) subsequently imposed under this section in respect of the same instrument upon the person who paid such penalty. (2) If a share-warrant is issued without being duly stamped, the company issuing the same, and also every person who, at the time when it is issued, is the managing director or secretary or other principal officer of the company, shall be punishable with fine which may extend to 169[one thousand] rupees. 63. Penalty for failure to cancel adhesive stamp.— Any person required by section 12 to cancel an adhesive stamp, and failing to cancel such stamp in manner prescribed by that section, shall be punishable with fine which may extend to 170[two hundred] rupees. 165For modification of provisions in respect of instruments to which the Stamp (Specified Instruments) Act, 1924 (XIII of 1924), applies, see section 3 of that Act. 166Inserted by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5;and published in the Gazette of India, dated 30.3.1927. 167 Omitted the word “cheque” by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5;and published in the Gazette of India, dated 30.3.1927. 168Substituted for the words “five hundred” by the Punjab Finance Act, 1996 (V of 1996),w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. 169 Substituted for the words “five hundred” by the Punjab Finance Act, 1996 (V of 1996),w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. 170Substituted for the words “one hundred” by the Punjab Finance Act, 1996 (V of 1996),w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. 64. Penalty for omission to comply with provisions of section 27.— Any person who, with intent to defraud the Government,– (a) executes any instrument in which all the facts and circumstances required by section 27 to be set forth in such instrument are not fully and truly set forth; or, (b) being employed or concerned in or about the preparation of any instrument, neglects or omits fully and truly to set forth therein all such facts and circumstances; or (c) does any other act calculated to deprive the Government of any duty or penalty under this Act; shall be punishable with fine which may extend to 171[ten thousand] rupees. 65. Penalty for refusal to give receipt, and for devices to evade duty on receipts.— Any person who– (a) being required under section 30 to give a receipt, refuses or neglects to give the same; or, (b) with intent to defraud the Government of any duty, upon a payment of money or delivery of property exceeding twenty rupees in amount or value, gives a receipt for an amount or value not exceeding twenty rupees, or separates or divides the money or property paid or delivered; shall be punishable with fine which may extend to 172[two hundred] rupees. 66. Penalty for not making out policy, or making one not duly stamped.— Any person who– (a) receives, or takes credit for, any premium or consideration for any contract of insurance and does not, within one month after receiving, or taking credit for, such premium or consideration, make out and execute a duly stamped policy of such insurance; or (b) makes, executes or delivers out any policy which is not duly stamped, or pays or allows in account, or agrees to pay or allow in account, any money upon, or in respect of, any such policy; shall be punishable with fine which may extend to 173[four hundred] rupees. 67. Penalty for not drawing full number of bills or marine policies purporting to be in sets.— Any person drawing or executing a bill of exchange 174[payable otherwise than on demand] or a policy of marine insurance purporting to be drawn or 171Substituted for the words “five thousand” by the Punjab Finance Act, 1996 (V of 1996),w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. 172Substituted for the words “one hundred” by the Punjab Finance Act, 1996 (V of 1996),w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. 173Substituted for the words “two hundred” by the Punjab Finance Act, 1996 (V of 1996),w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. 174Inserted 30.3.1927. by the Indian Finance Act, 1927 (V of 1927), w.e.f.1.7.1927,s.5;and published in the Gazette of India, dated executed in a set of two or more, and not at the same time drawing or executing on paper duly stamped the whole number of bills or policies of which such bill or policy purports the set to consist, shall be punishable with fine which may extend to 175[two thousand] rupees. 68. Penalty for post-dating bills, and for other devices to defraud the revenue.— Any person who– (a) with intent to defraud the Government of duty, draws, makes or issues any bill of exchange or promissory note bearing a date subsequent to that on which such bill or note is actually drawn or made; or (b) knowing that such bill or note has been so post-dated endorses, transfers, presents for acceptance or payment, or accepts, pays or receives payment of, such bill or note, or in any manner negotiates the same; or (c) with the like intent, practices or is concerned in any act, contrivance or device not specially provided for by this Act or any other law for the time being in force; shall be punishable with fine which may extend to 176[two thousand] rupees. 69. Penalty for breach of rule relating to sale of stamps and for unauthorised sale.— (a) Any person appointed to sell stamps who disobeys any rule made under section 74; and (b) any person not so appointed who sells or offers for sale any stamp other than 177[five paisa, fifteen paisa or twenty-five paisa revenue adhesive] stamp] shall be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to 178[one thousand] rupees, or with both. 70. Institution and conduct of prosecutions.— (1) No prosecution in respect of any offence punishable under this Act or any Act hereby repealed shall be instituted without the sanction of the Collector or such other officer as 179[the 180[Provincial Government]] generally, or the Collector specially, authorises in that behalf. 175Substituted for the words “one thousand” by the Punjab Finance Act, 1996 (V of 1996),w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. 176Substituted for the words “one thousand” by the Punjab Finance Act, 1996 (V of 1996),w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. 177Substituted for the words “one anna or half an anna adhesive” by the Stamp (West Pakistan Amendment) Act, 1964 (II of 1964), s.11; and published in the Gazette of West Pakistan (Extraordinary), dated 7.3.1964, pages 711-732. 178Substituted for the words “five hundred” by the Punjab Finance Act, 1996 (V of 1996),w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. 179 Substituted for the words “the Governor-General in Council” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 180Substituted for the words “Collecting Government” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.3; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754. (2) The 181[Chief Revenue Authority], or any officer generally or specially authorized by it in this behalf, may stay any such prosecution or compound any such offence. (3) The amount of any such composition shall be recoverable in the manner provided by section 48. 71. Jurisdiction of Magistrates.— No Magistrate other than 182[* * *] a Magistrate whose powers are not less than those of a Magistrate of the second class, shall try any offence under this Act. 72. Place of trial.— Every such offence committed in respect of any instrument may be tried in any district 183[* * *] in which such instrument is found as well as in any district 184[* * *] in which such offence might be tried under the Code of Criminal Procedure for the time being in force. CHAPTER VIII SUPPLEMENTAL PROVISIONS 73. Books, etc., to be open to inspection.— Every public officer having in his custody any registers, books, records, papers, documents or proceedings, the inspection whereof may tend to secure any duty, or to prove or lead to the discovery of any fraud or omission in relation to any duty, shall at all reasonable times permit any person authorised in writing by the Collector to inspect for such purpose the registers, books, papers, documents and proceedings, and to take such notes and extracts as he may deem necessary, without fee or charge. 74. Power to make rules relating to sale of stamps.— Government] 187[* * *] may make rules for regulating– 185 [The 186 [Provincial (a) the supply and sale of stamps and stamped papers, (b) the persons by whom alone such sale is to be conducted, and (c) the duties and remuneration of such persons: 181Substituted for the words “Chief Controlling Revenue-authority” by the Central Laws (Adaptation) Order, 1961 (A.O. 1 of 1961), w.e.f 23.03.1956, Article 2 and Schedule; and published in the Gazette of Pakistan (Extraordinary), dated, 24.01.1961, pages 102-174. 182 Omitted the words “Presidency Magistrate or” by the Adaptation of Central Acts and Ordinances Order, 1949 (G.G.O. No. 4 of 1949), w.e.f. 28.3.1949, Article 3 and Schedule; and published in the Gazette of Pakistan (Extraordinary), pages 223-283. 183 Repealed the words “or Presidency-town” by the Federal Laws (Revision and Declaration) Act, 1951 (XXVI of 1951), s.3 and 2nd Schedule; and published in the Gazette of Pakistan(Extraordinary), dated12.5.1951, pages 340-388. 184Repealed the words “or Presidency-town” by the Federal Laws (Revision and Declaration) Act, 1951 (XXVI of 1951), s.3 and 2nd Schedule; and published in the Gazette of Pakistan(Extraordinary), dated12.5.1951, pages 340-388. 185 Substituted for the words “the Governor-General in Council” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 186 Substituted for the words “Collecting Government” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.3; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754. 187Omitted the words “subject to the control of the Governor General in Council” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. Provided that such rules shall not restrict the sale of or twenty-five paisa revenue adhesive] stamps. 188 [five paisa, fifteen paisa 75. Power to make rules generally to carry out Act.— 189[The 190[Provincial Government] may make rules191 to carry out generally the purposes of this Act, and may by such rules prescribe the fines, which shall in no case exceed five hundred rupees, to be incurred on breach thereof. 76. Publication of rules.— 192[(1) All rules made under this Act shall be published in the Official Gazette.] (2) All rules published as required by this section shall, upon such publications, have effect as if enacted by this Act. 193 [76-A. Delegation of certain powers.— 194[The 195[* * * * * *] Provincial Government, may by notification in the Official Gazette], delegate(a) all or any of the powers conferred on it by sections 2 (9), 33 (3) (b), 70 (1) 74 and 78 to the 196[Chief Revenue Authority]; and (b) all or any of the powers conferred on the 197[Chief Revenue Authority] by sections 45 (1), (2), 56 (1) and 70 (2) to such subordinate Revenueauthority as may be specified in the notification.] 77. Savings as to court-fees.— Nothing in this Act contained shall be deemed to affect the duties chargeable under any enactment for the time being in force relating to court-fees. 78. Act to be translated and sold cheaply.— Every 198[Provincial Government] shall make provision for the sale of translations of this Act in the principal vernacular 188Substituted for the words “one anna or half an anna adhesive” by the Stamp (West Pakistan Amendment) Act, 1964 (II of 1964), s.11; and published in the Gazette of West Pakistan (Extraordinary), dated 7.3.1964, pages 711-732. 189 Substituted for the words “the Governor-General in Council” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 190Substituted for the words “Collecting Government” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.3; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754. 191See The Stamp Rules, 1927. 192Substituted by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and first Schedule. 193Inserted by the Decentralization Act, 1914 (IV of 1914), s.2 and Schedule; and published in the Gazette of India, dated 24.2.1914. 194Substituted for the words “The Local Government may by notification in the local Official Gazette” by the Government of India (Adaptation of Indian Laws) Order, 1937, w.e.f. 1.4.1937, Article 3 and Schedule I. 195Omitted the words “Central Government, subject to the provisions of section 124(1) of the Government of India Act, 1935, and the” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.7; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754. 196Substituted for the words “Chief Controlling Revenue-authority” by the Central Laws (Adaptation) Order, 1961 (A.O. 1 of 1961), w.e.f 23.03.1956, Article 2 and Schedule; and published in the Gazette of Pakistan (Extraordinary), dated, 24.01.1961, pages 102-174. 197Substituted for the words “Chief Controlling Revenue-authority” by the Central Laws (Adaptation) Order, 1961 (A.O. 1 of 1961), w.e.f 23.03.1956, Article 2 and Schedule; and published in the Gazette of Pakistan (Extraordinary), dated, 24.01.1961, pages 102-174. languages of the territories administered by it at a price not exceeding paisa] per copy. 200 [79. Repeal.- * * * * * * * * 199 [twenty-five * * ] 198Substituted for the words “Collecting Government” by the Stamp (West Pakistan Amendment) Ordinance, 1959 (XLVI of 1959), s.3; and published in the Gazette of West Pakistan (Extraordinary), dated 15.8.1959, pages 753-754. 199Substituted for the words “four annas” by the Stamp (West Pakistan Amendment) Act, 1964 (II of 1964), s.12; and published in the Gazette of West Pakistan (Extraordinary), dated 7.3.1964, pages 711-732. 200 Repealed by the Repealing and Amending Act, 1914 (X of 1914), section 3 and the second Schedule; and published in the Gazette of India, dated 17.3.1914 . 201 [SCHEDULE I STAMP-DUTY ON INSTRUMENTS (See Section 3) Sr. Description of Instrument Proper Stamp-duty No. 1. ACKNOWLEDGMENT of a debt exceeding twenty rupees in amount or value, written or signed by, or on behalf of, a debtor in order to supply evidence of such debt in any book other than a banker’s pass-book or on a separate piece of paper when such book or paper is left in the creditor’s possession; provided that such acknowledgment does not contain any promise to pay the debt or any stipulation to pay interest or to deliver any goods or other property— 202 2. [(a) where such amount does not exceed two thousand rupees. One rupee. (b) where such amount exceeds two thousand rupees but does not exceed ten thousand rupees. Two rupees. (c) where such amount thousand rupees. Five rupees.] exceeds ten ADMINISTRATION BOND, including a bond given under sections 291, 375 and 376 of the Succession Act 1925203, section 6 of the Government Savings Banks Act, 1873204:(a) where the mount does not exceed Rs.1,000; The same duty as on a Bond (No. 15) for such amount. (b) in any other case 205 [One hundred] rupees. 201Substituted by the West Pakistan Finance Ordinance, 1969 (VII of 1969), w.e.f.1.7.1969, s.7; and published in the Gazette of West Pakistan (Extraordinary), dated 30.6.1969, pages1007-1050. 202Substituted by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. 203 XXXIX of 1925. 204 V of 1873. 205Substituted for the word “fifty” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette(Extraordinary), dated 27.6.1995,pages 103-112. Sr. Description of Instrument Proper Stamp-duty No. 3. ADOPTION-DEED, that is to say, any instrument (other than a will) recording an adoption or conferring or purporting to confer an authority to adopt. ADVOCATE, See ADVOCATE (No. 30). 4. ENTRY AS 206 [One hundred] rupees. 207 [Fifty rupees]. AN AFFIDAVIT, including an affirmation or declaration in the case of persons by law allowed affirming or declaring instead of swearing Exemptions Affidavit or declaration in writing when made– 5. (a) as a condition of enrolment under Indian Army Act, 1911208, or Pakistan Army Act, 1952209 or Indian Air Force Act, 1932210, or Pakistan Air Force Act, 1953211; the the the the (b) for the immediate purpose of being filed or used in any Court or before the officer of any Court; or (c) for the sole purpose of enabling any person to receive any pension or charitable allowance. AGREEMENT OR MEMORANDUM OF AN AGREEMENT– (a) if relating to the sale of a bill of exchange; 212 [Two] rupee. 206Substituted for the word “fifty” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette(Extraordinary), dated 27.6.1995,pages 103-112. 207 Substituted for the words “Twenty rupees” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 208VII of 1911. 209XXIX of 1952. 210XIV of 1932. 211VI of 1953. 212Substituted for the word “one” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. Sr. Description of Instrument Proper Stamp-duty No. (b) if relating to the sale of a Government security; 213 [One rupee] for every Rs.10,000 or part thereof of the value of the security, 214 [subject to a maximum of one hundred rupees]. (c) if relating to the sale of a share in an incorporated company or other body corporate; 215 [One rupee] for every rupees 5,000 or part thereof of the value of the share. 216 [(cc) if relating to the sale of immovable property. 217 218 [(ccc) for collection or recovery of octroi or goods exit tax or tax on transfer of immovable property by a contractor with a Local Council. Fifty paisa for every one hundred rupees or part thereof of the amount of the contract] (d) if not otherwise provided for [Twelve rupees] 219 hundred [Fifty] rupees. Exemptions Agreement Agreement– or Memorandum of an (a) for or relating to the purchase of or sale of goods or merchandise exclusively, not being a NOTE OR MEMORANDUM chargeable under No. 43; (b) made in the form of tenders to the 220 [Federal Government] for or relating to any loan. 213Substituted for the words “fifty paisa” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. 214Substituted for the words “subject to a maximum of fifty rupees” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette(Extraordinary), dated 27.6.1995,pages 103-112. 215Substituted for the words “Twenty five paisa” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. 216Added by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995, pages 103-112. 217 Substituted for the words “One hundred rupees” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 218Added by the Punjab Finance Act 1997 (IX of 1997),w.e.f. 1.7.1997,s.2; and published in the Punjab Gazette (Extraordinary), dated 1.7.1997, pages1011 -1014. 219Substituted for the words “twenty” by the Punjab Finance Act 1998 (VII of 1998), w.e.f.1.7.1998, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.1998, pages 1577-1579. Sr. Description of Instrument Proper Stamp-duty No. AGREEMENT TO LEASE, see LEASE (No. 35). 221 [6. AGREEMENT RELATING TO DEPOSIT OF TITLE DEEDS, PAWN OR PLEDGE, that is to say, any instrument evidencing an agreement relating to– (1) the deposit of title-deeds or instruments constituting or being evidence of the title to any property whatever (other than marketable security), or (2) the pawn or pledge of movable property, where such deposit, pawn or pledge has been made by way of security for the re-payment of money advanced or to be advanced by way of loan or an existing or future debt– (a) if such loan or debt is repayable on demand or more than three months from the date of the instrument evidencing the agreement; (i) in the case of banking companies or other financial institutions, when the entire finance is not based on interest; and One-fifth of one percent, that is to say, 0.2% of the loan amount subject to a maximum of one hundred thousand rupees. (ii) in any other case. One-fifth of one percent, that is to say, 0.2% of the loan amount. (b) if such loan or debt is repayable not more than three months from the date of such instrument; 220Substituted for the words “Central Government” by the Federal Adaptation of Laws Order, 1975 (P.O.No. 4 of 1975), w.e.f.1.8.1975, Article 2 and Table of General Adaptations; and published in the Gazette of Pakistan (Extraordinary), pages 435-467. 221Substituted by the Punjab Finance Act, 2006 (V of 2006), w.e.f.1.7.2006, s.3; and published in the Punjab Gazette (Extraordinary), dated 30.6.2006, pages 5027-5029. Sr. Description of Instrument Proper Stamp-duty No. 7. 8. (i) in the case of banking companies or other financial institutions, when the entire finance is not based on interest; and One-tenth of one percent, that is to say, 0.1% of the loan amount, subject to a maximum of fifty thousand rupees. (ii) in any other case. One-tenth of one percent, that is to say, 0.1% of the loan amount.] APPOINTMENT IN EXECUTION OF A POWER, where made by any writing not being a will– (a) of trustees 222 [Fifty] rupees. (b) of property, movable or immovable 223 [One hundred] rupees. APPRAISEMENT OR VALUATION made otherwise than under an order of the Court in the course of a suit– (a) where the amount does not exceed Rs.1,000; 224 [Three rupees for every one hundred rupees or part thereof]. (b) in any other case 225 [One hundred] rupees. Exemptions (a) Appraisement of valuation made for the information of one party only, and not being in any manner obligatory between parties either by agreement or operation of law. (b) Appraisement of crop for the purpose of ascertaining the amount to be given to a landlord as rent. 222Substituted for the words “Thirty five” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995, pages 103-112. 223Substituted for the words “seventy” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995, pages 103-112. 224Substituted for the words, brackets and figure “The same duty as on a Bond (No.15) for such amount” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette(Extraordinary), dated 27.6.1995,pages 103-112. 225 Substituted for the word “fifty” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. Sr. Description of Instrument Proper Stamp-duty No. 9. APPRENTICESHIP-DEED, including every writing relating to the service or tuition of any apprentice clerk or servant, placed with any master to learn any profession, trade or employment not being ARTICLES OF CLERKSHIP (No. 11). 226 [One hundred] rupees. Exemptions Instrument of apprenticeship executed by a Magistrate under the Apprentices Act, 1850227, or by which a person is apprenticed by or at the charge of any public charity. [10.* * * * * * * * * * *] 11. 229 228 ARTICLES OF CLERKSHIP OR contract whereby any person first becomes bound to serve as a clerk in order to his admission as an attorney in any High Court. [Seven hundred fifty] rupees. and ASSIGNMENT, see CONVEYANCE (No. 23), TRANSFER (No. 62) and TRANSFER OF LEASE (No. 63), as the case may be. ATTORNEY. see ENTRY AS AN ATTORNEY (No. 30), and POWER OF ATTORNEY (No. 48). AUTHORITY TO ADOPT, see ADOPTIONDEED (No. 3). 230 [11- AIR TICKETS issued by any Airline– A (i) for domestic flights; Twenty five rupees per ticket 226 Substituted for the word “fifty” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette(Extraordinary), dated 27.6.1995,pages 103-112. 227XIX of 1850. 228Deleted by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 1989-1992. 229Substituted for the words “Five hundred” by the Punjab Finance Act, 1990 (I of 1990), w.e.f. 1.7.1990, s.2; and published in the Punjab Gazette (Extraordinary), dated 28.6.1990, pages 1165-A to 1165-G. 230Added by the Punjab Finance Act 1997 (IX of 1997),w.e.f. 1.7.1997,s.2; and published in the Punjab Gazette (Extraordinary), dated 1.7.1997, pages1011 -1014. Sr. Description of Instrument Proper Stamp-duty No. (ii) 231 for international flights. [11- AUTHENTICATED DECLARATIONS that is B to say declarations of newspapers, periodicals or printing presses authenticated by a legally competent authority. Two hundred and rupees per ticket] fifty Five thousand rupees per Declaration.] EXPLANATION I. The duty shall be paid by the declarant. EXPLANATION II. The declaration shall not be authenticated unless the duty is paid. 12. 235 AWARD, that is to say, any decision in writing by an arbitrator or umpire, not being an award directing a partition, on a reference made otherwise than by an order of the Court in the course of a suit. 232 [ 233[Three percent] of] the amount or value of the property to which the award relates as set forth in such award 234[* * * * *]. [12- * * * * * * * * * * * * * * * * * * * * * * * * * * * *] [12B * * * * * * * * * * * *] A 236 13. **************** BILL OF EXCHANGE as defined by section 2(2) not being BOND, bank note or currency note– 231Added by the Punjab Finance Act 1998 (VII of 1998), w.e.f.1.7.1998, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.1998, pages 1577-1579. 232 Substituted for the words “Three rupees for every one hundred rupees or part thereof for” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 19891992. 233 Substituted for the words “Two percent” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 234Omitted the words “subject to a maximum of fifty rupees” by the Punjab Finance Act, 1990 (I of 1990), w.e.f. 1.7.1990, s.2; and published in the Punjab Gazette (Extraordinary), dated 28.6.1990, pages 1165-A to 1165-G. 235Deleted by the Punjab Finance Ordinance, 2000 (III of 2000),w.e.f.1.7.2000,s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.2000, pages 587-595 which will remain in force under the Provisional Constitution (Amendment) Order 1999 (9 of 1999), Article 4, notwithstanding the maximum limit of three months prescribed under Article 128 of the Constitution of the Islamic Republic of Pakistan. 236 Deleted by the Punjab Finance Ordinance, 2000 (III of 2000),w.e.f.1.7.2000,s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.2000, pages 587-595 which will remain in force under the Provisional Constitution (Amendment) Order 1999 (9 of 1999), Article 4, notwithstanding the maximum limit of three months prescribed under Article 128 of the Constitution of the Islamic Republic of Pakistan. Sr. Description of Instrument Proper Stamp-duty No. [(a) where payable otherwise than on demand but not more than one year after date or sight– 237 (i) if drawn singly (ii) if drawn in set of two or more, for each part of the set. two rupees for every one thousand rupees or part thereof of the amount of the Bill. one rupee for every one thousand rupees or part thereof of the amount of the Bill.] (b) where payable more than one year after date or sight–. 238 14. [If drawn singly Three rupees for every one thousand rupees or part thereof of the amount of the Bill. If drawn in set of two, for each part of the set Two rupees for every one thousand rupees or part thereof of the amount of the Bill. If drawn in set of three, for each part of the set one rupee for every one thousand rupees or part thereof of the amount of the Bill.] BILL OF LADING (including a through bill of lading). 239 [Ten rupees]. Note– If a bill of lading is drawn in parts, the proper stamp therefor must be borne by each one of the sets. Exemptions– 237Substituted by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. 238Substituted by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette(Extraordinary), dated 27.6.1995,pages 103-112. 239 Substituted for the words “One rupee” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette(Extraordinary), dated 27.6.1995,pages 103-112. Sr. Description of Instrument Proper Stamp-duty No. (a) Bill of lading when the goods therein described are received at a place within the limits of any port as defined under the Ports Act, 1908240, and are to be delivered at another place within the limits of the same port. (b) Bill of lading when executed out of Pakistan and relating to property to be delivered in Pakistan. 241 [15. BOND as defined by section 2 (5) not being a DEBENTURE (No. 27) and not being otherwise provided for by this Act, or by the Court Fees Act, 1870– Fifteen rupees (i) where the amount or value secured does not exceed five hundred rupees Fifteen rupees] (ii) where it exceeds five hundred rupees, for every additional amount of five hundred rupees or part thereof. See ADMINISTRATION BOND (No.2), BOTTOMERY BOND (No.16), CUSTOMS BOND (No.26). INDEMNITY BOND RESPONDENTIA BOND SECURITY BOND (No.57). (No.34), (No.56), Exemption Bond when executed by any person for the purpose of guaranteeing that the local income derived from private subscription to a Charitable dispensary or hospital or any other object of public utility shall not be less than a specified sum per mensem. 16. BOTTOMERY BOND, that is to say, any instrument where by the master of a seagoing ship borrows money on the security of ship to enable him to preserve the ship or prosecute her voyage. The same duty as on a bond (No. 15) for the same amount. 240XV of 1908. 241Substituted by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. Sr. Description of Instrument Proper Stamp-duty No. 17. CANCELLATION– instrument of (including any instrument by which any instrument previously executed is cancelled), if attested and not otherwise provided for. 242 [One hundred rupees] See also RELEASE (No. 55), REVOCATION OF SETTLEMENT (No. 58-B), SURRENDER OF LEASE (No. 61), REVOCATION OF TRUST (No. 64-B). 18. [CERTIFICATE OF SALE (in respect of each property put up as a separate lot and sold) granted to the purchaser of any property sold by public auction by a Civil or Revenue Court, or Collector or other Revenue Officer 243 19. 244 [ 245[Three percent] of the] consideration equal to the amount of the purchase money] 246 [Five] rupees. 247 [Ten] rupees. CERTIFICATE OR OTHER DOCUMENT evidencing the right or title of the holder thereof or any other person, either to any shares, scrip or stock in or of any incorporated company or other body corporate, or to become proprietor of shares, scrip or stock in or of any such company or body. See also LETTER OF ALLOTMENT OF SHARES (No. 36). 20. CHARTER PARTY, that is to say, any instrument (except an agreement for the hire of a tug-steamer) whereby a vessel or some specified principal part thereof is let for the specified purposes of the charterer, whether it includes a penalty clause or not. 242 Substituted for the words “Fifty rupees” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 243Substituted by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. 244 Substituted for the words, brackets and figure “The same duty as on a conveyance (No.23), for a” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 19891992. 245Substituted for the words “Two percent” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 246Substituted for the word “Two” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. 247Substituted for the word “Five” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. Sr. Description of Instrument Proper Stamp-duty No. 21. **** **** 22. COMPOSITION-DEED, that is to say, any instrument executed by a debtor whereby he conveys his property for the benefit of his creditors, or whereby payment of a composition or dividend on their debts is secured to the creditors, or whereby provision is made for the continuance of the debtor’s business under the supervision of inspector or under letters of licence for the benefit of his creditors. 248 [One hundred] rupees. [22- CONTRACT, that is to say any instrument of A. the nature of memorandum of agreement made or entered into by a contractor with Government, Corporation, Local Body, Local Authority, agency or organisation set up or controlled by the Federal or the Provincial Government– 249 (a) to execute any work– (i) where the amount of the contract does not exceed fifty thousand rupees 250 [Two hundred rupees] (ii) where it exceeds fifty thousand rupees but does not exceed five lac rupees 251 [Five hundred rupees] (iii) where it exceeds five lac rupees but does not exceed fifteen lac rupees 252 [One thousand rupees] (iv) where it exceeds fifteen lac rupees but does not exceed twenty five lac rupees 253 [Fifteen hundred rupees] (v) where it exceeds twenty five lac rupees 254 [Two thousand rupees] 248Substituted for the word “Fifty” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette(Extraordinary), dated 27.6.1995,pages 103-112. 249Added by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette(Extraordinary), dated 27.6.1995,pages 103-112. 250 Substituted for the words “One hundred rupees” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 251 Substituted for the words “Two hundred rupees” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 252 Substituted for the words “Five hundred rupees” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 253 Substituted for the words “Seven hundred and fifty rupees” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. Sr. Description of Instrument Proper Stamp-duty No. (b) to procure stores and materials 255 [23. CONVEYANCE as defined by section 2 (10) not being a TRANSFER charged or exempted under Article 62– (a) in the case of an immovable property: (b) in case of a registered motor vehicle. 24. Twenty-five paisas for every one hundred rupees or part thereof of the amount of the contract] 256 [Three percent] of the value of the property. one hundred rupees.] COPY OR EXTRACT certified to be a true copy or extract by or by order of any public officer and not chargeable under the law for the time being in force relating to court-fees– (i) if the original was not chargeable with duty or if the duty with which it was chargeable does not exceed four rupees; Two rupees (ii) in any other case 257 [Ten] rupees. Exemption– (a) Copy of any paper which a public officer is expressly required by law to make or furnish for record in any public office or for any public purpose; (b) Copy of, or extract from, any register relating to births, baptisms, namings, dedications, marriages (divorces), deaths or burials. 25. COUNTERPART OR DUPLICATE of any instrument chargeable with duty and in respect of which the proper duty has been paid– 254 Substituted for the words “One thousand rupees” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 255Substituted by the Punjab Finance Act, 2010 (VI of 2010),w.e.f.1.7.2010,s.2; and published in the Punjab Gazette (Extraordinary), dated 28.6.2010,pages 3145-3150.Zwhich had been earlier substituted by The Punjab Finance Act, 1986 (IV of 1986) 256 Substituted for the words “Two percent” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 257Substituted for the word “Five” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. Sr. Description of Instrument Proper Stamp-duty No. (a) if the duty with which the original instrument is chargeable does not exceed four rupees; The same duty as leviable on the original. (b) in any other case 258 is [Ten] rupees. Exemption– Counterpart of any lease granted to cultivator when such lease is exempted from duty. 26. CUSTOMS-BOND– (a) where the amount does not exceed Rs.1,000; The same duty as on a Bond (No. 15) for such amount. (b) in any other case 259 260 [One hundred] rupees. [27. DEBENTURE OR PARTICIPATION TERM CERTIFICATE OR TERM FINANCE CERTIFICATE OR ANY OTHER INSTRUMENT OF REDEEMABLE CAPITAL OTHER THAN A COMMERCIAL PAPER (whether or not a mortgage debenture, a Participation Term Certificate, a Term Finance Certificate or any other instrument of redeemable capital), being a marketable security transferable by endorsement or by separate instrument of transfer or by delivery. One-twentieth of one percent, that is to say, 0.05% of the face value 261[* * *] subject to a maximum of one million rupees. Explanation-I. The term “Debenture” includes any interest coupons attached thereto, but the amount of such coupons shall not be included in estimating the duty. 258Substituted for the word “Five” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. 259Substituted for the word “Fifty” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. 260Substituted by the Punjab Finance Act, 2006 (V of 2006), w.e.f.1.7.2006, s.3; and published in the Punjab Gazette (Extraordinary), dated 30.6.2006, pages 5027-5029. 261 Omitted the words “per annum” by the Punjab Finance Act, 2007 (IV of 2007), w.e.f. 1.7.2007, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.2007. pages 5665-5666. Sr. Description of Instrument Proper Stamp-duty No. Explanation-II. The term “Participation Term Certificate” means an instrument or certificate of a specified denomination called the face value or nominal value, issued by a company for raising capital, the holder whereof participates in the profit and loss of the company over such period to such extent and on such conditions as may be specified at the time of its issue. Explanation-III. The term “Term Finance Certificate” means a fixed tenure instrument or certificate of a specified denomination called the face value or nominal value issued to raise capital by a body corporate in the form of transferable security.] [27DECREE, RULE OF A COURT OR AN A. ORDER OF A COURT based on mutual consent of parties in cases involving transfer of an immovable property including sale, exchange, gift or mortgage, declaring or conferring a right in or title to an immovable property. 262 263 [Three percent] of the value of the property. EXPLANATION.– Value, in this Article, means value of the property in accordance with the valuation table as notified by the Collector or where valuation table is not available, the average sale price of a property of similar nature in the same revenue estate or locality in the preceding year as may be determined by the Collector. 262Inserted by the Punjab Finance Act 2008 (I of 2008), w.e.f.1.7.2008, and s.3; and published in the Punjab Gazette (Extraordinary), dated 27.6.2008, pages 4033-4035. 263 Substituted for the words “Two percent” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178 Sr. Description of Instrument Proper Stamp-duty No. 28. DELIVERY-ORDER IN RESPECT OF GOODS, that is to say, any instrument entitling any person therein named, or his assigns or the holder thereof, to the delivery of any goods lying in any dock or port, or in any ware-house in which goods are stored or deposited on rent or hire, or upon any wharf such instrument being signed by or on behalf of the owner of such goods upon the sale or transfer of the property therein, when such goods exceed in value twenty rupees. 264 [Five] rupees. 265 [One hundred rupees]. DEPOSIT OF TITLE-DEEDS. see AGREEMENT relating to DEPOSIT OF TITLEDEEDS, PAWN OR PLEDGE (No.6). DISSOLUTION OF PARTNERSHIP, See PARTNERSHIP (No. 46). 29. DIVORCE-Instrument of, that is to say, any instrument by which any person effects the dissolution of his marriage. DOWER- Instrument of, See SETTLEMENT (No. 58). DUPLICATE, See COUNTERPART (No. 25). 266 [30. * * * * * * * *] 267 [31. EXCHANGE of immoveable property. 32. 268 [Three percent] of the value of the property of the highest value.] FURTHER CHARGE-Instrument of, that is to say, any instrument imposing a further charge on mortgaged property– 264Substituted for the word “Two” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette(Extraordinary), dated 27.6.1995,pages 103-112. 265 Substituted for the words “Thirty rupees” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 266Omitted by the Punjab Finance Act, 1990 (I of 1990), w.e.f. 1.7.1990, s.2; and published in the Punjab Gazette (Extraordinary), dated 28.6.1990, pages 1165-A to 1165-G. 267Substituted by the Punjab Finance Act, 2010 (VI of 2010), w.e.f.1.7.2010, s.2; and published in the Punjab Gazette (Extraordinary), dated 28.6.2010,pages 3145-3150, which were earlier substituted by the Punjab Finance Act 1997 (IX of 1997),w.e.f. 1.7.1997,s.2; and published in the Punjab Gazette (Extraordinary), dated 1.7.1997, pages1011 -1014. 268 Substituted for the words “Two percent” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. Sr. Description of Instrument Proper Stamp-duty No. (a) when the original mortgage is one of the description referred to in clause (a) of Article No. 40 (that is, with possession); [Two percent of the] consideration equal to the amount of the further charge secured by such instrument. 269 (b) when such mortgage is one of the description referred to in clause (b) of Article No. 40 (that is, without possession)– (i) if at the time of execution of the instrument of further charge possession of the property is given or agreed to be given under such instrument; 270 (ii) if possession is not so given; 271 [33. GIFT– Instrument of, including a memorandum of oral gift of immovable property, not being a SETTLEMENT (Article 58) or WILL OR TRANSFER (Article 62)– when executed in respect of an immovable property. INDEMNITY BOND 34. [Two percent of the] consideration equal to the total amount of the charge (including the original mortgage and any further charge already made) less the duty already paid on such original mortgage and further charge. [Two percent of] the amount of the further charge secured by such instrument. 272 273 [Three percent] of the value of the property.] The same duty as on a Security Bond (No. 57) for the same amount. 269Substituted for the words, brackets and figure “The same duty as on a Conveyance (No.23) for a” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 19891992. 270 Substituted for the words, brackets and figure “The same duty as on a Conveyance (No.23) for a” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 19891992. 271Substituted for the words, brackets and figure “The same duty as on a Bond (No.15) for” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 1989-1992. 272Substituted by the Punjab Finance Act, 2010 (VI of 2010), w.e.f.1.7.2010,s.2; and published in the Punjab Gazette (Extraordinary), dated 28.6.2010,pages 3145-3150, which were earlier substituted by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette(Extraordinary), dated 27.6.1995,pages 103-112. 273 Substituted for the words “Two percent” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. Sr. Description of Instrument Proper Stamp-duty No. INSPECTORSHIP-DEED, COMPOSITION-DEED (No. INSURANCE, see POLICY INSURANCE (No. 47). 35. see 22). OF LEASE, including an underlease or sublease and any agreement to let or sub-let– (a) where by such lease the rent is fixed and no premium is paid or delivered– (i) where the lease purports to be for a term of less than one year; 274 [Two percent of] the whole amount payable or deliverable under such lease. (ii) where the lease purports to be for a term of not less than one year but not more than three years ; 275 (iii) where the lease purports to be for a term in excess of three years, but not more than twenty years; 276 (iv) where the lease purports to be for a term in excess of twenty years or in perpetuity; 277 [Two percent of] the amount or value of the average annual rent reserved. [Two percent of the] consideration equal to the amount or value of the average annual rent reserved. [Two percent of the] consideration equal to the whole amount of rents which would be paid or delivered in respect of the first ten years of the lease. 274Substituted for the words, brackets and figure “The same duty as on a Bond (No.15) for” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 1989-1992. 275Substituted for the words, brackets and figure “The same duty as on a Bond (No.15) for” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 1989-1992. 276Substituted for the words, brackets and figure “The same duty as is leviable on a Debenture [No.27(b)] for a” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 1989-1992. 277Substituted for the words, brackets and figure “The same duty as is leviable on a Debenture [No.27(b)] for a” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 1989-1992. Sr. Description of Instrument Proper Stamp-duty No. (v) where the lease does not purport to be for any definite term ; 278 [Two percent of the] consideration equal to the amount or value of the average annual rent which would be paid or delivered for the first ten years, if the lease continued so long. (b)(i) where the lease is granted for money advanced and where no rent is reserved; 279 (ii) where the lease is granted for a fine or premium and where no rent is reserved; 280 [Two percent of the] consideration equal to the amount of such advance as set forth in the lease. [Two percent of the] consideration equal to the amount of such fine or premium as set forth in the lease. 278Substituted for the words, brackets and figure “The same duty as is leviable on a Debenture [No.27(b)] for a” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 1989-1992. 279Substituted for the words, brackets and figure “The same duty as is leviable on a Conveyance (No.23) for a” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 1989-1992. 280Substituted for the words, brackets and figure “The same duty as is leviable on a Conveyance (No.23) for a” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 1989-1992. Sr. Description of Instrument Proper Stamp-duty No. (c)(i) where the lease is granted for money advanced in addition to rent reserved; [Two percent of the] consideration equal to the amount of advance as set forth in the lease, in addition to the duty which would have been payable on such lease, if no advance had been paid or delivered; provided that, in any case when an agreement to lease is stamped with the ad valorem stamp required for a lease and a lease in pursuance of such agreement is subsequently executed, the duty on such lease shall not exceed 282 [one hundred rupees]. 281 281 Substituted for the words, brackets and figure “The same duty as is leviable on a Conveyance (No.23) for a” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 1989-1992. 282Substituted for the words “four rupees” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.2004, pages 1989-1992. Sr. Description of Instrument Proper Stamp-duty No. (ii) where the lease is granted for a fine or premium in addition to rent reserved. [Two percent of the] consideration equal to the amount of such fine or premium as set forth in the lease, in addition to the duty which would have been payable on such lease if no fine or premium had been paid or delivered; provided that, in any case when an agreement to lease is stamped with the ad valorem stamp required for a lease and a lease in pursuance of such agreement is subsequently executed, the duty on such lease shall not exceed 284 [one hundred rupees]. 283 Exemption Lease, executed in the case of a cultivator and for the purposes of cultivation (including a lease of trees for the production of food or drink) without the payment or delivery of any fine or premium when a definite term is expressed and such term does not exceed one year, or when the average annual rent reserved does not exceed one hundred rupees. 283Substituted for the words, brackets and figure “The same duty as is leviable on a Conveyance (No.23) for a” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 1989-1992.. 284Substituted for the words “four rupees” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.2004, pages 1989-1992. Sr. Description of Instrument Proper Stamp-duty No. 36. LETTER OF ALLOTMENT OF SHARES in any company or proposed company or in respect of any loan to be raised by any company or proposed company. See also CERTIFICATE DOCUMENT (No. 19). 286 LETTER OF LICENCE, that is to say, any agreement between a debtor and his creditors, that the letter shall, for a specified time, suspend their claims and allow the debtor to carry on business at his own discretion. [39. * * * * * 40. [Two rupees]. OTHER [37. * * * * * * * * * * * * 38. 288 OR 285 * * * * * * *] 287 [Fifty] rupees. * * * * * *] MORTGAGE-DEED not being an AGREEMENT RELATING TO DEPOSIT OF TITLE-DEEDS, PAWN OR PLEDGE (No. 6), BOTTOMERY BOND (No. 16), MORTGAGE OF A CROP (No. 41), RESPONDENTIA BOND (No. 56). OR SECURITY BOND (No. 57)– (a) when possession of the property or any part of the property comprised in such deed is given by the mortgagor or agreed to be given; 289 [ 290[Three percent] of the] consideration equal to the amount secured by such deed. 285Substituted for the words “fifty paisas” by the Punjab Finance Act, 1990 (I of 1990), w.e.f. 1.7.1990, s.2; and published in the Punjab Gazette (Extraordinary), dated 28.6.1990, pages 1165-A to 1165-G. 286 Deleted by the Punjab Finance Ordinance, 2000 (III of 2000),w.e.f.1.7.2000,s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.2000, pages 587-595 which will remain in force under the Provisional Constitution (Amendment) Order 1999 (9 of 1999), Article 4, notwithstanding the maximum limit of three months prescribed under Article 128 of the Constitution of the Islamic Republic of Pakistan. 287 Substituted for the word “Thirty” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. 288 Deleted by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.2004, pages 1989-1992. 289 Substituted for the words, brackets and figure “The same duty as on a Conveyance (No.23) for a” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.2004, pages 1989-1992. 290 Substituted for the words “Two percent” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. Sr. Description of Instrument Proper Stamp-duty No. (b) when possession is not given or agreed to be given as aforesaid; 291 [ 292[Three percent] of] the amount secured by such deed. Explanation– A mortgagor who gives to the mortgagee a power of attorney to collect rents or a lease of the property mortgaged or part thereof, is deemed to give possession within the meaning of this Article. (c) when a collateral or auxiliary or additional or substituted security, or by way of further assurance for the above mentioned purposes where the principal or primary security is duly stamped– for every sum secured not exceeding Rs. 1,000; Ten rupees. and for every Rs. 1,000 or part thereof secured in excess of Rs. 1,000. Ten rupees. [(d) (i) companies, mortgage for financial finance is not 293 (ii) mortgage with banking that is to say, simple or legal banking companies or other institutions, when the entire based on interest; and One-fifth of one percent, that is to say, 0.2% of the loan amount subject to a maximum of one hundred thousand rupees. in any other case. One-fifth of one percent, that is to say, 0.2% of the loan amount.] Exemptions 291 Substituted for the words, brackets and figure “The same duty as on a Bond (No.15) for” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.2004, pages 1989-1992. 292 Substituted for the words “Two percent” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 293Inserted by the Punjab Finance Act, 2006 (V of 2006), w.e.f.1.7.2006, s.3; and published in the Punjab Gazette (Extraordinary), dated 30.6.2006, pages 5027-5029. Sr. Description of Instrument Proper Stamp-duty No. (1) Instruments, executed by persons taking advances under the Land Improvement Loans Act, 1883294, or the 295 West Pakistan Agriculturists Loans Act, 1958296, or by their sureties as security for the repayment of such advances. (2) Letter of hypothecation accompanying a Bill of Exchange. 41. 42. MORTGAGE OF A CROP, including any instrument evidencing an agreement to secure the repayment of a loan made upon any mortgage of a crop, whether the crop is or is not in existence at the time of mortgage– 297 [(a) when the loan is repayable, not more than three months from the date of the instrument, for every two hundred rupees or part thereof of the sum secured One rupee (b) when the loan is repayable more than three months, but not more than eighteen months from the date of the instrument, for every one hundred rupees or part thereof of the sum secured Two rupees] NOTARIAL ACT, that is to say, any instrument, endorsement, note, attestation, certificate or entry not being a PROTEST (No. 50) made or signed by a Notary Public in the execution of the duties of his office, or by any other person lawfully acting as a Notary Public. 298 [Five] rupees. See also PROTEST OF BILL OR NOTE (No.50). 294 XIX of 1883. 295Now ‘Punjab’ see the Punjab Laws (Adaptation) Order, 1974 (P.O. No.1 of 1974),w.e.f. 14.8.1973, Article 2 and the Schedule; and published in the Punjab Gazette(Extraordinary), dated 20.11.1974, pages 1425-A to 1425-PP. 296 West Pakistan Act XVII of 1958 297Substituted by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995, pages 103-112. 298Substituted for the word “Four” by the Punjab Finance Act, 1990 (I of 1990), w.e.f. 1.7.1990, s.2; and published in the Punjab Gazette (Extraordinary), dated 28.6.1990, pages 1165-A to 1165-G. Sr. Description of Instrument Proper Stamp-duty No. 43. 44. NOTE OR MEMORANDUM SENT BY a broker or agent to his principal intimating the purchase or sale on account of such principal– (a) of any goods exceeding in value twenty rupees; 299 300 (b) of any stock or marketable security exceeding in value twenty rupees, not being a Government security; 301 302 (c) of a Government security. 303 NOTE OF PROTEST BY THE MASTER OF A SHIP. [ [Five] rupees]. [ [Five] rupees] for every Rs.5,000 or part thereof of the value of the stock or security. [One rupee] for every 10,000 rupees or part thereof of the value of the security subject to a maximum of 304 [Fifty] rupees. 305 [Five] rupees. See also PROTEST BY MASTER OF A SHIP (No. 51) ORDER FOR THE PAYMENT OF MONEY. See BILL OF EXCHANGE (No. 13). 45. PARTITION-Instrument of [as defined by section 2 (15)]. [Two percent of] the amount of the value of the separated share or shares of the property. 306 299 Substituted for the words “Fifty paisas” by the Punjab Finance Act, 1990 (I of 1990), w.e.f. 1.7.1990, s.2; and published in the Punjab Gazette (Extraordinary), dated 28.6.1990, pages 1165-A to 1165-G 300Substituted for the word “Two” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. 301 Substituted for the words “Twenty-five paisas” by the Punjab Finance Act, 1990 (I of 1990), w.e.f. 1.7.1990, s.2; and published in the Punjab Gazette (Extraordinary), dated 28.6.1990, pages 1165-A to 1165-G. 302Substituted for the word “Two” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. 303Substituted for the words “Twenty-five paisas” by the Punjab Finance Act, 1990 (I of 1990), w.e.f. 1.7.1990, s.2; and published in the Punjab Gazette (Extraordinary), dated 28.6.1990, pages 1165-A to 1165-G. 304Substituted for the word “Forty” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. 305Substituted for the word “Four” by the Punjab Finance Act, 1990 (I of 1990), w.e.f. 1.7.1990, s.2; and published in the Punjab Gazette (Extraordinary), dated 28.6.1990, pages 1165-A to 1165-G. 306Substituted for the words “Three rupees for every one hundred rupees or part thereof for” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.2004, pages 1989-1992. Sr. Description of Instrument Proper Stamp-duty No. Explanation– The largest share remaining after the property is partitioned (or if there are two or more shares of equal value and not smaller than any of the other shares, than one of such equal shares) shall be deemed to be that from which other shares are separated: Provided always that– (a) when an instrument of partition containing an agreement to divide property in severalty is executed and a partition is effected in pursuance of such agreement, the duty chargeable upon the instrument affecting such partition shall be reduced by the amount of duty paid in respect of the first instrument but shall not be less than 307[one hundred rupees]; (b) where land is held on Revenue Settlement for a period not exceeding thirty years and paying the full assessment, the value for purpose of duty shall be calculated at not more than five times the annual revenue; 307Substituted for the words “four rupees” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.2004, pages 1989-1992. Sr. Description of Instrument Proper Stamp-duty No. (c) where a final order for effecting a partition passed by any Revenue authority or any Civil Court, or an award by an arbitrator directing a partition, is stamped with the stamp required for an instrument of partition, and an instrument of partition in pursuance of such order or award is subsequently executed, the duty on such instrument shall not exceed 308[one hundred rupees]; 308Substituted for the words “four rupees” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.2004, pages 1989-1992. Sr. Description of Instrument Proper Stamp-duty No. [(d) when instrument of partition is executed in respect of agricultural land, the Stamp Duty shall be charged as one rupee for every rupees one hundred or part thereof of the value of such land.] 309 310 [Exception.– Notwithstanding anything contained herein, a fixed stamp duty of five hundred rupees shall be charged in respect of an instrument of partition relating to an urban or rural property including agricultural land, which is partly or wholly based on opening of inheritance.] 46. PARTNERSHIP– A-INSTRUMENT OF– (a) where the capital of the partnership does not exceed Rs. 311[10,000]; 312 [Two hundred rupees]. 313 [One thousand rupees]. (b) in any other case 309Added by the Punjab Finance Act, 1975 (XL of 1975), w.e.f. 1.7.1975, s.3; and published in the Punjab Gazette (Extraordinary), dated 28.6.1975, pages 945-A to 945-D. 310Inserted by the Punjab Finance Act 2012 (XLI of 2012),w.e.f. 1.7.2012,s.2; and published in the Punjab Gazette (Extraordinary), dated 25.6.2012, pages 41719 -41724. 311Substituted for the figure “500” by the Punjab Finance Act, 1990 (I of 1990), w.e.f. 1.7.1990, s.2; and published in the Punjab Gazette (Extraordinary), dated 28.6.1990, pages 1165-A to 1165-G. 312 Substituted for the words “One hundred rupees” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 313Substituted for the words “Five hundred rupees” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, and s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. Sr. Description of Instrument Proper Stamp-duty No. B-DISSOLUTION OF– 314 [Half of the Stamp duty payable on original]. PAWN OR PLEDGE– See AGREEMENT RELATING TO DEPOSIT OF TITLEDEEDS, PAWN OR PLEDGE (No. 6) 47. POLICY OF INSURANCE– A-See INSURANCE (see section 7)– (1) For each voyage– if drawn if drawn in singly. duplicate, for each part. (i) where the premium or consideration does not exceed the rate of 1/8 percent of the amount insured by the policy; for every full sum of Rs. 5,000 and also any fractional parts thereof insured by the policy– ; 315 (ii) in any other case, in respect of every full sum of Rs. 2,000 and also any fractional part thereof insured by the policy– . 317 [Three rupees]. 316 [Three rupees]. [Three rupees]. 318 [Three rupees]. (2) For time– in respect of every full sum of Rs.2,000 or part thereof insured by the policy– 314Substituted for the words “Twenty- five rupees” by the Punjab Finance Act, 1990 (I of 1990), w.e.f. 1.7.1990, s.2; and published in the Punjab Gazette (Extraordinary), dated 28.6.1990, pages 1165-A to 1165-G. 315Substituted for the words “ten paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. 316 Substituted for the words “five paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. 317 Substituted for the words “ten paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. 318 Substituted for the words “five paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. Sr. Description of Instrument Proper Stamp-duty No. 319 (i) where the insurance shall be made for any time not exceeding six months; (ii) where the insurance shall be made for any time exceeding six months and not exceeding twelve months– . [Three rupees]. 320 [Three rupees]. 321 [Five Rupees]. 322 [Three rupees]. B-FIRE-INSURANCE AND OTHER CLASSES OF INSURANCE, NOT ELSEWHERE INCLUDED IN THIS ARTICLE, COVERING GOODS, MERCHANDISE, PERSONAL EFFECTS, CROPS, AND OTHER PROPERTY AGAINST LOSS OR DAMAGE– (1) in respect of an original policy– (i) when the sum insured does not exceed Rs.5,000; 323 [Five rupees]. (ii) in any other case and 324 [Eight rupees]. (2) in respect of each receipt for any payment of a premium on any renewal of an original policy. C-ACCIDENT INSURANCE– AND One-half of the duty payable in respect of the original policy in addition to the amount, if any, chargeable under No. 53. SICKNESS- 319 Substituted for the words “thirty paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette (Extraordinary),dated 26.6.1996,pages 215-219. 320 Substituted for the words “fifteen paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette (Extraordinary),dated 26.6.1996,pages 215-219. 321 Substituted for the words “sixty paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. 322 Substituted for the words “thirty paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. 323Substituted for the words “fifty paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. 324Substituted for the words “one rupee” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. Sr. Description of Instrument Proper Stamp-duty No. (a) Against railway accident, valid for a single journey only. 325 [Three rupees]. Exemption When issued to a passenger travelling by the intermediate or the third class in any railway. (b) In any other case for the maximum amount which may become payable in the case of any single accident or sickness where such amount does not exceed Rs.2,000 and also where such amount exceeds Rs.2,000 for every Rs.2,000 or part thereof. 326 D-INSURANCE BY WAY OF INDEMNITY– Against liability to pay damages on account of accidents to workmen employed by or under the insurer or against liability to pay compensation under the Workmen’s Compensation Act, 1923327, for every Rs.100 or part thereof payable as premium. 328 E-LIFE INSURANCE OR OTHER INSURANCE NOT SPECIFICALLY PROVIDED FOR, except such a REINSURANCE as is described in Division of this article– [Three rupees]; provided that, in case of a policy of insurance against death by accident when the annual premium payable does not exceed Rs. 2.50 per Rs. 1,000 the duty on such instrument shall be five paisa for every Rs. 1,000 or part thereof of the maximum amount which may become payable under it. [Three rupees]. if drawn if drawn in singly. duplicate, for each part. 325Substituted for the words “five paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. 326 Substituted for the words “twenty five paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette (Extraordinary),dated 26.6.1996,pages 215-219. 327 VIII of 1923. 328Substituted for the words “five paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette (Extraordinary),dated 26.6.1996,pages 215-219. Sr. Description of Instrument Proper Stamp-duty No. (i) for every sum insured not exceeding Rs.250; 329 [Three rupees]. 330 [Three rupees]. (ii) for every sum insured exceeding Rs.250 but not exceeding Rs.500; 331 [Three rupees]. 332 [Three rupees]. (iii) for every sum insured exceeding Rs.500 but not exceeding Rs.1,000 and also for every Rs.1,000 or part thereof in excess of Rs.1,000. 333 [Three rupees]. 334 [Three rupees]. Exemption Policies of life insurance granted by the Director-General of Post Offices in accordance with rules for Postal Life Insurance issued under the authority of the 335 [Federal] Government. 329 Substituted for the words “ten paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette (Extraordinary),dated 26.6.1996,pages 215-219. 330 Substituted for the words “five paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette (Extraordinary),dated 26.6.1996,pages 215-219. 331 Substituted for the words “twenty paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette (Extraordinary),dated 26.6.1996,pages 215-219. 332 Substituted for the words “ten paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette(Extraordinary),dated 26.6.1996,pages 215-219. 333 Substituted for the words “forty paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette (Extraordinary),dated 26.6.1996,pages 215-219. 334 Substituted for the words “twenty paisa” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette (Extraordinary),dated 26.6.1996,pages 215-219. 335 Substituted for the words “Central Government” by the Federal Adaptation of Laws Order, 1975 (P.O.No. 4 of 1975), w.e.f.1.8.1975, Article 2 and Table of General Adaptations; and published in the Gazette of Pakistan (Extraordinary), pages 435-467. Sr. Description of Instrument Proper Stamp-duty F-RE-INSURANCE BY AN INSURANCE COMPANY WHICH HAS GRANTED A POLICY OF THE NATURE SPECIFIED IN DIVISION A OR DIVISION B OF THIS ARTICLE WITH ANOTHER COMPANY BY WAY OF INDEMNITY OR GUARANTEE AGAINST THE PAYMENT ON THE ORIGINAL INSURANCE OF A CERTAIN PART OF THE SUM INSURED THEREBY. One-half of the duty payable in respect of the original insurance but not less than 336[three rupees or more than eight rupees]. No. General Exemption Letter of cover or engagement to issue a policy of insurance: Provided that, unless such letter or engagement bears the stamp prescribed by this Act for such policy nothing shall be claimable thereunder, nor shall it be available for any purpose, except to compel the delivery of the policy therein mentioned. 48. POWER-OF-ATTORNEY as defined by section 2 (21), not being a proxy (No. 52)– [(a) when executed for authorizing not more than ten persons; 337 (b) when given for consideration and authorizing the attorney to sell any immovable property 338 [Five hundred] rupees. 339 [Three percent of the amount calculated according to the value notified by the District Collector.] 336Substituted for the words “five paisa or more than one rupee” by the Punjab Finance Act, 1996 (V of 1996), w.e.f.1.7.1996, s.3; and published in the Punjab Gazette (Extraordinary), dated 26.6.1996,pages 215-219. 337Substituted by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. 338Substituted for the words “one hundred” by the Punjab Finance Act 1998 (VII of 1998), w.e.f.1.7.1998, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.1998, pages 1577-1579. 339Substituted for the words “Three percent of the amount of the consideration” by the Punjab Finance Act 2016 (XXXV of 2016), published in the Punjab Gazette (Extraordinary), dated: 29 June 2016, pp. 6083-6092, s.2: it came into force on 1 July 2016. It was earlier substituted for “Two percent” by the Punjab Finance Act 2014 (XVII of 2014), w.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. It was earlier substituted for the words “The same duty as is leviable on a Conveyance (No.23) for” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary), dated: 30.6.2004, pages 1989-1992. Sr. Description of Instrument Proper Stamp-duty No. [(bb) when given without consideration for authorising the attorney to sell any immovable property. 340 341 [(a) Twelve hundred rupees in case the Power of Attorney is executed between spouses or between one wife or widow and another wife or widow of the same husband, or between father, mother, son, daughter, grandparents, grandchildren or siblings; and (b) (c) in any other case Two percent of the value calculated according to the value notified by the District Collector in all other cases.] Ten rupees for person authorized] each Explanation 1– For the purposes of this Article more persons than one when belonging to the same firm shall be deemed to be one person. Explanation 2– The term “Registration” includes every operation incidental to registration under the Registration Act, 1908 342 . 49. PROMISSORY NOTE as defined by section 2(22)– 340Added by the Punjab Finance Act 1998 (VII of 1998), w.e.f.1.7.1998, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.1998, pages 1577-1579. 341Substituted for the words “Twelve hundred rupees” by the Punjab Finance Act 2016 (XXXV of 2016), published in the Punjab Gazette (Extraordinary), dated: 29 June 2016, pp. 6083-6092, s.2: it came into force on 1 July 2016. It was earlier substituted for the words “One thousand rupees” by the Punjab Finance Act 2014 (XVII of 2014), w.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. It was basically added by the Punjab Finance Act 1998 (VII of 1998), w.e.f.1.7.1998, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.1998, pages 1577-1579. 342 XVI of 1908. Sr. Description of Instrument Proper Stamp-duty No. 343 [(a) when payable on demand– (i) when the amount or value does not exceed Rs. 2,50,000/- Thirty rupees (ii) when the amount or value exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/- Sixty rupees (iii) One hundred rupees] in any other case [(b) when payable otherwise than on demand, including a commercial paper. 344 One-fiftieth of one percent, that is to say, 0.02% per annum of the amount payable 345[subject to a maximum of one hundred thousand rupees].] 50. PROTEST OF BILL OR NOTE, that is to say, any declaration in writing made by a Notary Public, or other person lawfully acting as such, attesting the dishonour of a Bill of Exchange for promissory note. 346 [Ten] rupees. 51. PROTEST BY THE MASTER OF A SHIP, that is to say, any declaration of the particulars of her voyage drawn up by him with a view to the adjustment of losses or the calculation of averages, and every declaration in writing made by him against the charterers or the consignees or not loading or unloading the ship, such declaration is attested or certified by a Notary Public or other person lawfully acting as such. 347 [Ten] rupees. See also NOTE OF PROTEST BY THE MASTER OF A SHIP (No. 44). 343Substituted by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995, pages 103-112. 344Substituted by the Punjab Finance Act, 2006 (V of 2006), w.e.f.1.7.2006, s.3; and published in the Punjab Gazette (Extraordinary), dated 30.6.2006, pages 5027-5029. 345Inserted by the Punjab Finance Act, 2007 (IV of 2007), w.e.f. 1.7.2007, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.2007, Pages 5665-5666. 346Substituted for “Five” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995, pages 103-112. 347Substituted for “Five” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995, pages 103-112. Sr. Description of Instrument Proper Stamp-duty No. 52. PROXY empowering any person to vote at any one election of the members of a district or local board or of a body of municipal commissioners, or at any one meeting of (a) members of an incorporated company or other body corporate whose stock or funds is or are divided into shares and transferable; (b) a local authority; or (c) proprietors, members or contributors to the funds of any institution. 53. RECEIPTS as defined by section 2 (23) for any money or other property the amount or value of which exceeds twenty rupees– 350 348 [Five] rupees. 349 [(a) where such amount does not exceed two thousand rupees One rupee (b) where such amount exceeds two thousand rupees but does not exceed 10,000 rupees Two rupees (c) where such amount exceeds ten thousand rupees Five rupees] [(d) **************** * * * * * * * * * * * *] Exemptions Receipts– 348Substituted for “Two” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995, pages 103-112. 349Substituted by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995, pages 103-112. 350Deleted by the Punjab Finance Ordinance, 2000 (III of 2000),w.e.f.1.7.2000,s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.2000, pages 587-595, which will remain in force under the Provisional Constitution (Amendment) Order 1999 (9 of 1999), Article 4, notwithstanding the maximum limit of three months prescribed under Article 128 of the Constitution of the Islamic Republic of Pakistan. Sr. Description of Instrument No. (a) endorsed on or contained in any instrument duly stamped or any instrument exempted under the proviso to section 3 (instruments executed on behalf of the Government) or any cheque or bill of exchange, payable on demand acknowledging the receipt of the consideration money therein expressed, or the receipt of any principal-money, interest or annuity, or other periodical payment thereby secured; (b) for any payment of money without consideration; (c) for any payment of rent by a cultivator on account of land assessed to Government revenue; (d) for pay or allowances by noncommissioned or petty officers, soldiers, sailors or airmen of the armed forces of Pakistan/Pakistan’s military, naval or air forces, when serving in such capacity, or by mounted police-constables; (e) given by holders of family-certificates in cases where the person from whose pay or allowances the sum comprised in the receipt has been assigned as a noncommissioned or petty officer, soldier, sailor or airman, or any of the said forces and serving in such capacity; (f) for pensions or allowances by persons receiving such pensions or allowances in respect of their services as such, non-commissioned or petty officers, soldiers, sailors or airmen, and not serving the State in any other capacity; (g) given by a headman or lambardar for land-revenue or taxes collected by him; (h) given for money or securities for money deposited in the hands of any banker to be accounted for: Proper Stamp-duty Sr. Description of Instrument Proper Stamp-duty No. Provided that the same is not expressed to be received of, or by the hands of, any other than the person to whom the same is to be accounted for: Provided also that this exemption shall not extend to receipt or acknowledgment for any sum paid or deposited for, or upon a letter of allotment of a share, or in respect of a call upon any scrip or share of, or in, any incorporated company or other body corporate or such proposed or intended company or body or in respect of a debenture being a marketable security. See also POLICY OF INSURANCE [No. 47B (2)] 54. 353 RE-CONVEYANCE PROPERTY– OF MORTGAGED (a) if the consideration for which the property was mortgaged does not exceed Rs. 1,000; 351 [Thirty rupees]. (b) in any other case 352 [One hundred] rupees. [55. RELEASE, that is to say any instrument (not being such a release as is provided for by section 23-A) whereby a person renounces a claim upon another person or against any specified property. 354 [ 355[Three percent] of] such amount of the claim or value of the property]. 351Substituted for “The same duty as on a Bond (No.15) for the amount of such consideration as set forth in the reconveyance” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995, pages 103-112. 352 Substituted for “Fifty” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995,pages 103-112. 353Substituted by the Punjab Finance Act, 1990 (I of 1990). 354 Substituted for the words “Four rupees for every one hundred rupees or part thereof for” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 1989-1992. 355Substituted for “Two percent” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. Sr. Description of Instrument Proper Stamp-duty RESPONDENTIA BOND, that is to say, any instrument securing a loan on the cargo laden or to be laden on board a ship and making repayment contingent on the arrival of the cargo at the port of destination. The same duty as on a Bond (No. 15) for the amount of the loan secured. No. 56. REVOCATION OF SETTLEMENT. ARMY TRUST OR See SETTLEMENT (No. 58), TRUST (No. 64). 57. SECURITY BOND OR MORTGAGE DEED executed by way of security for the due execution of an office, or to account for money or other property received by virtue thereof or executed in favour of a Court for the due discharge of a contingent liability or executed by a surety to secure the due performance of a contract– (a) when the amount secured does not exceed Rs. 1,000; 356 [Thirty rupees]. (b) in any other case. 357 [One hundred] rupees. Exemption Bond or other instrument, when executed– (a) by any person for the purpose of guaranteeing that to the local income derived from private subscriptions to a charitable dispensary or hospital or any other object of public utility shall not be less than a specified sum per mensem; (b) under No. 3-A of the rules made by the Provincial Government under section 70 of the Sind Irrigation Act, 1879358; 356Substituted for “The same duty as on a Bond (No.15) for the amount secured” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995, pages 103-112. 357Substituted for “Fifty” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995, pages 103-112. 358 Sindh VII of 1879. Sr. Description of Instrument Proper Stamp-duty No. (c) executed by persons taking advances under the Land Improvement Loans Act, 1883359, or the 360[Punjab] Agriculturists Loans Act, 1958361, or by their sureties, as security for repayment of such advances; (d) executed by servants of the State or their sureties to secure the due execution of an office or the due accounting for money or other property received by virtue thereof. 58. SETTLEMENT– A-Instrument of (including a deed of dower)– 362 [(i) where the settlement is made in favour of legal heirs in respect of agricultural land. 363 [(ii)] where the settlement is made for a religious or charitable purpose; 365 364 367 [(iii)] in any other case. [Three percent] of the value of the property]. [ 366[Three percent] of the] sum equal to the amount or value of the property settled. 368 [ 369[Three percent] of the] consideration equal to the amount or value of the property settled: 359 XIX of 1883. 360Substituted by the Punjab Laws (Adaptation) Order, 1974 (A.O. 1 of 1974). 361 West Pakistan Act XVII of 1958. 362Inserted by the Punjab Finance Act, 1975 (XL of 1975). 363Substituted for “Two percent” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 364Clause (i) re-lettered by the Punjab Finance Act, 1975 (XL of 1975). 365 Substituted for the words “The same duty as on a Bond (No.15) for a” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 1989-1992. 366 Substituted for “Two percent” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 367Clause (ii) re-lettered ibid. 368 Substituted for the words “The same duty as is leviable on a Conveyance (No.23) for a” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 1989-1992. 369Substituted for “Two percent” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. Sr. Description of Instrument Proper Stamp-duty No. Provided that, where an agreement to settle is stamped with the stamp required for an instrument of settlement, and an instrument of settlement in pursuance of such agreement is subsequently executed, the duty on such instrument shall not exceed 370 [one hundred rupees]: Provided further that, where an instrument of settlement contains any provision for the revocation of the settlement, the amount or value of the property settled shall, for the purposes of duty, be determined as if no such provisions were contained in the instrument. Exemptions– Deed of dower executed on the occasion of a marriage between Muslims. B-Revocation of– [Two percent of the] consideration equal to the amount or value of the property concerned, as set forth in the instrument of Revocation but not exceeding 372[one hundred rupees]. 371 See also TRUST (No. 64). 370 Substituted for the words “four rupees” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.2004, pages 1989-1992. 371Substituted for the words “The same duty as is leviable on a Conveyance (No.23) for a” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.2004, pages 1989-1992. 372 Substituted for the words “fifty rupees” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary), dated 30.6.2004, pages 1989-1992. Sr. Description of Instrument Proper Stamp-duty SHARE WARRANTS to bearer issued under the Companies Act, 1913373. One and a half times the duty payable on a debenture [No. 27 (b)] for a consideration equal to the nominal amount of the shares specified in the warrant. No. 59. Exemptions Share warrant when issued by a company in pursuance of the Companies Act, 1913 374, section 30, to have effect only upon payment, as composition for that duty, to the Collector of Stamp-revenue of– (a) one and a half per centum of the whole subscribed capital of the company; or (b) if any company which has paid the said duty or composition in full subsequently issues an addition to its subscribed capital–one and a half per centum of the additional capital so issued. SCRIP-See CERTIFICATE (No. 19). 60. SHIPPING ORDER for or relating to the conveyance of goods on board of any vessel. 61. SURRENDER OF LEASE– 375 [Five] rupees. (a) when the duty with which the lease is chargeable does not exceed thirty rupees; The duty with which lease is chargeable. (b) in any other case. 376 [One hundred] rupees. Exemptions Surrender of lease, when such lease exempted from duty. 62. TRANSFER (Whether consideration)– with or without 373 VII of 1913, now the Companies Ordinance, 1984. 374 VII of 1913, now the Companies Ordinance, 1984. 375Substituted for “Two” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995, pages 103-112. 376Substituted for “Fifty” by the Punjab Finance Act, 1995 (VI of 1995), w.e.f.1.7.1995, s.2; and published in the Punjab Gazette (Extraordinary), dated 27.6.1995, pages 103-112. Sr. Description of Instrument Proper Stamp-duty No. (a) of shares in an incorporated company or other body corporate; One-fourth of the duty payable on a conveyance (No. 23) for a consideration equal to the value of the share. [(b) of Debenture or Participation Term Certificate or Term Finance Certificate or any other instrument of redeemable capital (other than Commercial Paper), whether mortgaged or not, being a transferable security, whether liable to duty or not except as provided for by section 8; and One-tenth of one percent, that is to say, 0.1% of the face value of the instrument.] 377 (c) of any interest secured by a bond, mortgage-deed or policy of insurance– (i) if the duty on such bond, mortgage-deed or policy does not exceed twenty rupees; The duty with which such bond mortgage-deed or policy of insurance is chargeable. (ii) in any other case 378 [Fifty] rupees. (d) of any property under the Administrator-General’s Act, 1913379, section 31; 380 [Fifty] rupees. (e) of any trust-property without consideration from one trustee to another trustee or from a trustee to a beneficiary. Twenty rupees or such smaller amount as may be chargeable under clauses (a) to (c) of this Article. [(f) of a promissory note, including a commercial paper, when payable otherwise than on demand. 381 Nil.] Exemptions Transfers by endorsement– 377Substituted by the Punjab Finance Act, 2006 (V of 2006), w.e.f.1.7.2006, s.3; and published in the Punjab Gazette (Extraordinary), dated 30.6.2006, pages 5027-5029. 378Substituted by the Punjab Finance Act, 1990 (I of 1990). 379 III of 1913. 380Ibid. 381 Inserted by the Punjab Finance Act, 2006 (V of 2006), w.e.f.1.7.2006, s.3; and published in the Punjab Gazette (Extraordinary), dated 30.6.2006, pages 5027-5029. Sr. Description of Instrument Proper Stamp-duty No. (a) of a bill of exchange, cheque or promissory note; (b) of a bill of lading, delivery order, warrant for goods, or other mercantile document of title to goods; (c) of a policy of insurance; (d) of securities Government]. of the 382 [Federal See also section 8– 63. TRANSFER OF LEASE by way of assignment and not by way of under-lease. Exemption– Transfer of any lease exempt from duty. 385 [63TRANSFER OF RIGHT OR INTEREST A RELATING TO AN IMMOVABLE PROPERTY, that is to say, transfer of a right or interest relating to an immovable property or an acknowledgement of such transfer, by a development authority, housing authority, statutory body, cooperative housing society, company or a developer and every instrument by which a right or interest relating to an immovable property is being transferred, registered, recorded or acknowledged by the authority, body, society, company or developer. 383 [ 384[Three percent] of the] consideration equal to the amount of the consideration for the transfer. 386 [Three percent] of the value of the property.] 382 Substituted for “Central Government” by the Federal Adaptation of Laws Order, 1975 (P.O.No. 4 of 1975), w.e.f.1.8.1975, Article 2 and Table of General Adaptations; and published in the Gazette of Pakistan (Extraordinary), pages 435-467. 383 Substituted for the words “The same duty as is leviable on Conveyance (No.23) for a ” by the Punjab Finance Act, 2004 (XIX of 2004), w.e.f.1.7.2004, s.2; and published in the Punjab Gazette (Extraordinary),dated 30.6.2004, pages 1989-1992. 384 Substituted for “Two percent” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 385 Inserted by the Punjab Finance Act 2008 (I of 2008), w.e.f.1.7.2008, and s.3; and published in the Punjab Gazette (Extraordinary), dated 27.6.2008, pages 4033-4035. 386 Substituted for “Two percent” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. Sr. Description of Instrument Proper Stamp-duty No. [EXPLANATION.– Transfer of the right or interest under this Article does not include original allotment from a development authority, housing authority, statutory body, cooperative housing society or company; and transfer through inheritance.] 387 64. TRUST– A. Declaration of–of, or concerning any property when made by any writing not being a WILL. The same duty as on a Bond (No. 15) for a sum equal to the amount or value of the property concerned as set forth in the instrument but 388 not exceeding [Two hundred rupees]. B. Revocation of, or concerning any property when made by any instrument other than a WILL. The same duty as on a bond (No. 15) for a sum equal to the amount or value of the property concerned as set forth in the instrument but not exceeding 389[Two hundred rupees]. See also SETTLEMENT VALUATION. (No. 58). See APPRAISEMENT (No. 8). 65. WARRANT FOR GOODS, that is to say, any instrument evidencing the title of any person therein named, or his assigns, or the holder thereof, to the property in any goods lying in or upon any dock, warehouse or wharf, such instrument being signed or certified by or on behalf of the person in whose custody such goods may be. 390 [Five] rupees. 387Substituted by the Punjab Finance Act 2009 (III of 2009), w.e.f.1.7.2009,s.2; and published in the Punjab Gazette (Extraordinary), dated 29.6.2009, pages 3965-3966. 388 Substituted for “One hundred rupees” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014, s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 389 Substituted for “Two percent” by the Punjab Finance Act 2014 (XVII of 2014), W.e.f. 1.7.2014,s.2; and published in the Punjab Gazette (Extraordinary), dated 26.6.2014, pages 4169-4178. 390Substituted by the Punjab Finance Act, 1990 (I of 1990). 391 [SCHEDULE II.– Enactments repealed]. 391 Repealed by the Repealing and Amending Act, 1914 (X of 1914), section 3 and Schedule II.