THE BOMBAY STAMP ACT, 1958 - Igrmaharashtra.gov.in

1 [(3) The provisions of this Act and the rules made thereunder, in so far asthey relate to the recovery of duties chargeable on a counterpart, duplicate or acopy on an instrument under sub-section (1).]8. Bonds or securities other than debentures issued on loans under Act IX of1914 or other law.(1) Notwithstanding anything in this Act, any local authority a load under theprovisions of the Local Authorities Loans Act, 1914 or of any other lawfor the time being in force, by the issue of bonds or securities other thandebentures shall, in respect of such load, be chargeable with a duty of2 [two per centum] on the total amount of such bonds or securities issuedby it, and such bonds or securities need not be stamped, and shall not bechargeable with any further duty on renewal, consolidation, sub-divisionor otherwise.(2) The provisions of sub-section (1) exempting certain bonds or securitiesfrom being stamped and from being chargeable with certain further dutyshall apply to the bonds or securities other than debentures of alloutstanding loans of the kind mentioned therein, and all such bonds orsecurities shall be valid, whether the same are stamped or not.(3) In the case of willful neglect to pay the duty required by this section thelocal authority shall be liable to forfeit to the State Government a sumequal to ten per centum upon the amount of duty payable, and a likepenalty for every month after the first month during which such neglectcontinues.1. Sub-Section (3) was added by Mah 17 of 1993, s.29 (w.e.f. 1.5.1993).2. These words were substituted for the words “one and half per centum” byMah. 17 of 1993, s.30.9. Power to reduce, remit or compound duties.The State Government 1 [,if satisfied that it is necessary to do so in the publicinterest,] may, by rule or order published in the Official Gazette,-(a) reduce or remit, whether prospectively or retrospectively, in the wholeor any part of the State the duties with which any instruments or anyparticular class of instruments or any of the instruments belonging tosuch class, orany instruments when executed by or in favour of anyparticular class of persons, or by or in favour of any members of suchclass, are chargeable, and(b) provide for the composition or consolidation of duties in the case ofissues by any incorporated company or other body corporate of bonds ormarketable securities other than debentures.