Stamp Act

Topics: Trigraph, Contract Pages: 7 (1606 words) Published: February 27, 2013
STAMP ACT-1899
Sadhan Chandra Mondal
AGM Agrani Bank Limited

Introduction : ‘Instruments’ are such papers by which it is assumed that some rights or responsibilities are created, transferred, extended, dismissed or filed. Such papers may not be called as ‘Instruments’ unless and until it is signed. Similarly every instrument should be stamped properly; otherwise it would be null and void in the eye of law.

Stamps are of four types. They are: 1) Judicial stamp, 2) Non-judicial stamp, 3) Adhesive stamp, And 4) Impressed stamp.

Section-3 of Stamp Act-1899 is concerned with stamp duty for different instruments. By this section Government fixes stamp duty from time to time. According to Schedule-1, Sec.-3 of Stamp Act-1899, here is such list of stamp duty of instruments frequently used in banks:

|Sl no. |Description of Instruments |Proper stamp duty | |1 |ACKNOLEDGEMENT of a debt exceeded taka five hundred in amount or value, written |Tk. 10.00 | | |or signed by. | | |4 |AFFIDAFIT |Tk. 200.00 | |5 |AGREEMENT or MEMORANDUM of an AGREEMENT | | | |(a) if relating to the sale of BILL OF EXCHANGE |Tk. 50.00 | | |(b) i) if relating to the sale of Govt. Security |Tk. 2.00 for every Tk. 5000 and thereof , minimum Tk. 200.00| | | ii) if relating to the sale of share of a Company |Tk. 2.00 for every Tk. 5000 and thereof | | |(c) if not otherwise provided for |Tk. 300.00 | |6 |AGREEMENT |if drawn singly |if drawn in two |if drawn in three | | |(1) relating to deposit of title deeds (other than marketable securities )or | |sets- for each part |sets- for each part | | |(2) pawn or pledge of moveable property where such deposit, pawn or pledge has| |of the set |of the set | | |been made by way of security for repayment of an existing or future debt. | | | | | |a) if such loan or debt is repayable on demand or more than 3 months |0.50% of the |0.25% of the value |0.12% of the value | | | |value | | | | |b) if such loan or debt is repayable within 3 months |0.30 % of the |0.15% of the value |0.08% of the value | | | |value | | | |13. |Bill of Exchange |if drawn singly |if drawn in two |if drawn in three | | | | |sets- for each part |sets- for each part | | | | |of the set |of the set | | |a) where payable otherwise than on demand but not more than 1 year |0.20 % of the |0.10 % of...
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