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Section 23 A – The Indian Stamp Act,1899

The Indian Stamp Act,1899

Section 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 ail 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 ail agreement or memorandum of an agreement chargeable with duty under Article No. 5(c) of Schedule I.

(2) A release or discharge of any such instrument shall only be chargeable with the like duty.

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The Indian Stamp Act,1899

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