Indian Stamp Act, 1899 PART 1

 Indian Stamp Act, 1899

Indian Stamp Act, 1899

(THE INDIAN STAMP ACT, 1899)

(As applicable to the states of Andhra Pradesh and Telangana)

This Act was enacted to codify and amend the Statutes relating to Stamps. This Act was enacted as it was deemed expedient to codify and amend the statutes relating to stamps.

Commentary

This Act was preceded by an Act called the Indian Stamp Act, 1879. Although the Act has been amended many times, the then British colonial rulers felt that the Act was incomplete and flawed and enacted this Act. This is the law since then. According to the current situation

Being revised and still ongoing. It means that this inscription like most inscriptions is a British colonial

Ruler's alms talk.

So what does 'stamp' mean? 'Stamp' is an 'English word', 'Stamp' means seal,

     Chapter-1

Basic elements

(PRELIMINARY)

Section 1 : Abbreviation, Extent, Effective Date :

(1) The business name of this Act shall be the Indian Stamp Act. (Indian Stamp Act).

(2) This Act shall apply to the whole of India except the State of Jammu and Kashmir. However, this section shall not apply to the territories included in Part-B (excluding Jammu and Kashmir) before 1-11-1956, and to the territories included in section (3), sub-section (1) of the States Reorganization Act, 1956. (Except for the provisions of this Act relating to stamp duty on documents specified in Entry No. 91 of the First List to the Constitution of India, Seventh Schedule).

(3) This Act shall come into force on the 1st day of July, 1899.

Commentary

This Act came into force in the year 1899. That is about 50 years before our country got independence. By then most of the states including undivided Andhra Pradesh did not exist. Many states and territories were outside British India. Sub-section (2) has to be understood in this background. Therefore, whatever the sub-section may be, it is necessary to understand that this Act applies to all the States and Union Territories of India except Jammu and Kashmir alone. In 1959 the Act was applied to undivided Andhra Pradesh. Since this Act is a Central Government Act, this Act is also applicable to the newly formed state of Telangana. At the same time, the undivided Government of Andhra Pradesh has framed certain rules as prescribed in this Act, in respect of certain types of stamp duties. The Telangana government has applied those rules to their state as well. In the same order some new rules have been formulated by Telangana government. Things are explained to the reader on a case-by-case basis.

Section 2: Definitions:

Unless the context requires a special meaning, certain words in this Act shall have the meaning and definition as follows.

01) Banker (Banker): The term banker is also applicable to banks and people acting as bankers.

Commentary

Naturally, the term 'banker' applies to moneylenders. A banker is a person who takes our money at low interest and lends it to us at high interest. Banks are also mainly like this. But as business transactions have become more versatile, banks are also offering money transfer, cheques, drafts, bill of exchange and various other services. However, whatever work a bank does, whatever services it provides, must be for profit.

2) Bill of Exchange (Bill of Exchange) Bill of Exchange means, in the Negotiable Instruments Act

Defined Bill of Exchange. At the same time, a bill of exchange or any other document in writing instructing another person to pay any amount to one person (whether or not the name of that person is specifically mentioned) is also 1881, 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: The term 'Bill of Exchange payable on demand' applies to the following situations.

(a) ordering the payment of a specified sum either by bill of exchange or promissory note, ordering the surrender of any bill of exchange or promissory note in respect of money. Directing the payment of any sum out of a specified fund (whether that fund is available or not). or 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) ordering the payment of any sum every week or month or at any other specified period. () (an order for the payment of any sum of money weekly, monthly or at any other stated period).

(c) 'by a deed of loan, to lend some specified sum to a person named in the said deed. (a letter of credit, that is to say, any instrument by which one person authorizes another to give credit, to the person in whose favor it is drawn).

Commentary

Sub-clauses (2) and (3) relate to bills of exchange. A fuller explanation of this subject can be found in "The Law of Negotiable Instruments", translated by this translator.

4) 'Bill of lading' (Bill of lading) "Bill of lading" applies to 'complete' bill of lading'. But the receipt given by the mate is not considered as bill of lading. (Bill of lading includes a through bill of lading but does not include a mate's receipt).

Commentary

'Bill of Lading' is a generic term for carriage of goods by ships only. by ship

At the time of carriage of goods, the owner of the ship, stating that the goods will be delivered safely to the designated place,

A bill of lading is a guarantee document given to the owner of the goods. Unless the bill of lading has to be issued by the ship owner or the captain

His companion shall not give. 'Mate' means companion.

5) Bond: The following are treated as bonds.

(a) A bond is a document in which one person agrees to pay a sum of money to another person.

But either in cases where a specific action has taken place or in cases where a specific action has not taken place

There should be a condition in the document that there is no need to pay the money.

(b) a written instrument by a person agreeing to pay certain sums only to another specified person;

A document becomes a bond if it is attested by a witness (the person who received the order

(The document should not contain a provision to pay money to them or to the holder of the document).

Indian Stamp Act 1899 5