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The Draft Indian Stamp (Lakshadweep Amendment) Regulation, 2021 is a proposed regulation that would amend the Indian Stamp Act, 1899 in the Union Territory of Lakshadweep. The amendment would introduce a number of changes to the law, including:
The draft regulation has been met with criticism from some quarters, who argue that it would make it more difficult for people to own property in Lakshadweep and would discourage investment in the territory. The government has defended the draft regulation, arguing that it is necessary to raise revenue and to protect the interests of landowners.
The following are some of the key provisions of the draft regulation:
|Acknowledgement of a debt||A written acknowledgment of owing a debt.||Rs. 100|
|Administration Bond||A bond filed by administrators of an estate.||Rs. 500|
|Adoption Deed||Legal document formalizing the adoption of a person.||Rs. 10|
|Affidavit||A written statement of facts sworn to be true.||Rs. 100|
|Agreement or Memorandum of an Agreement||A contract between parties outlining terms and conditions.|
|Agreement related to deposit of Title-Deeds, Pawn or Pledge||Document related to the deposit or pledge of assets.|
|Appointment in Execution of Power||Document appointing someone to execute a power.||Rs. 1000|
|Appraisement or Valuation||Document relating to the appraisal or valuation of property.||Rs. 300|
|Apprenticeship Deed||Agreement outlining terms of an apprenticeship.||Rs. 300|
|Articles of Association of a Company||Document detailing regulations for a company’s operation.|
|Articles of Clerkship||Document related to a clerk’s articles of training.||Rs. 300|
|Award||Legal decision or judgment by an arbitrator.||Rs. 500|
|Bill of Exchange||Written order to pay a certain amount to a specific party.|
|Bond||Agreement with specified financial obligations.||1% of the amount of bond|
|Bottomry Bond||Bond related to maritime law, involving ship and cargo.||1% of the amount of bond|
|Cancellation||Document cancelling a previous agreement or transaction.||Rs. 500|
|Certificate of Sale||Document certifying the sale of property.||Rs. 5 on Every Rs. 500|
|Certificate or Other Document||General term for various types of certificates.||1% of the value of shares|
|Charter Party||Agreement for hiring a whole or part of a ship.||Rs. 500|
|Composition Deed||Agreement settling terms of debt repayment.||Rs. 500|
|Conveyance||Transfer of property ownership.||8% of the market value of property|
|Conveyance in the nature of part performance||Conveyance showing partial transfer.||90% of (Rs. 5 on Every Rs. 500)|
|Copy or extract||Duplicate copy or extract of a document.||Rs. 10|
|Counterpart or duplicate||Duplicate or counterpart of an original document.||Rs. 100|
|Customs Bond||Bond related to customs duties or taxes.||Rs. 500|
|Debenture||Document evidencing a loan or debt.|
|Divorce||Legal dissolution of a marriage.||Rs. 300|
|Entry as an advocate, vakil, or attorney on the roll of any high court||Enrolment as a legal practitioner.||Rs. 500 (Advocate/Vakil), Rs. 250 (Attorney)|
|Exchange of Property||Transfer of property through exchange.|
|Further Charge||Additional charge on an existing mortgage.|
|Gift||Transfer of property as a gift.|
|Indemnity Bond||Bond ensuring compensation for loss or damage.||Rs. 5|
|Lease||Legal agreement for property use.||Explained Here|
|Letter of allotment of shares||Letter confirming allocation of shares in a company.||Rs. 10|
|Letter of Credit (Letter of Guarantee)||Financial instrument to ensure payment to a third party.||Rupee 1|
|Letter of License||Document granting a license for certain actions.||Rs. 100|
|Memorandum of association of a company||Legal document outlining company’s constitution.||Rs. 40|
|Mortgage Deed||Document related to mortgage of property.|
|Mortgage of a crop||Mortgage of agricultural produce or crop.||Rupee 1|
|Notarial Act||Act performed by a notary public, often involving oaths.||Rs. 50|
|Note or Memorandum||Written note or memorandum of a transaction.||Rs. 50|
|Partition||Document related to the partition of property.|
|Partnership Deed||Agreement outlining terms of partnership.||Rs. 500|
|Dissolution of Partnership||Document regarding the dissolution of a partnership.||Rs. 500|
|Power of Attorney||Authorization to act on someone’s behalf.||Rs. 500|
|Protest of Bill or Note||Formal declaration of dishonor of a negotiable instrument.||Rs. 300|
|Receipt||Document acknowledging the receipt of money or goods.||Rupee 1|
|Surrender of Lease||Document surrendering a lease agreement.||Rs. 1000|
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