The Government of Punjab on November 26, 2023, Indian Stamp (Punjab Amendment) Act, 2023 to further amend the Indian Stamp Act, 1899, in its application to the State of Punjab.
The following amendments have been stated:
In Schedule 1-A, for the existing entry 6, the following entry shall be substituted, namely:--
"6. Agreement relating to Deposit of Title Deeds, pawn or pledge, mortgage by way of deposit of Title Deed (Equitable Mortgage) and hypothecation, that is to say, any instrument evidencing an agreement relating to-
(1) the deposit of title deeds or instruments constituting or being evidence of the tittle to any property whatever (other than a marketable security), instrument of hypothecation without delivery of possession, or 0.25% of the loan amount credited or an existing or future debts.
(2) the pawn or pledge of immovable property, where such deposit, pawn, or pledge has been made by way of security for the repayment of money advanced or to be advanced by way of loan or an existing or future debt-
(a) if such loan or debt is repayable on demand or more than three months from the date of instrument evidencing the agreement;
(b) if such loan or debt is repayable not more than three months from the date of such instrument
• In entry 48, for item (f), the following item shall be substituted, namely:-
"(f) When given to a person other than a family member, authorizing the attorney to sell any immovable property; and 2% of the amount of the consideration, or Collector rate in respect of the property mentioned in the instrument, whichever is higher.
It shall come into force on and after November 26, 2023.
[Notification No. 19-PLA-2023/62]
