Does Bill of Exchange require stamp?
23.6. Stamp duty is not payable on Bill of Exchange with usance period up to 90 days whether drawn on the Bank or not. Bill of Exchange drawn on Indian importers and foreign buyers in the case of exports beyond 90 days usance, attracts stamp duty.
Which stamp is used in bill of exchange?
Payment by Adhesive stamps – Bill of exchange, promissory notes, notarial acts, entry as advocate or attorney in High Court and trans- fers of shares can be stamped by adhesive stamps [section 11 of Indian Stamp Act].
Does promissory note require stamp duty?
Stamp Duty for Promissory Note Pronote must be stamped with revenue stamps that are available from the post offices. In case of a pronote executed for a large sum of money, a non-judicial stamp paper can also be used.
What is stamp duty Pakistan?
The rates of stamp duty and registration fee are as under: Stamp Duty: @ 5% of the value of property. Registration Fee: PKR 500 if value is up to 5 lac, PKR 1000 if value exceeds 5 lac.
Is bill of exchange a financial document?
Unlike a check, however, a bill of exchange is a written document outlining a debtor’s indebtedness to a creditor. It’s frequently used in international trade to pay for goods or services. A bill of exchange must clearly detail the amount of money, the date, and the parties involved including the drawer and drawee.
What is stamp paper India?
A stamp paper is an A4 (foolscap) piece of paper that is pre-printed with a revenue stamp same as the one printed in currency notes or postal stamps. These stamp papers are generally issued by the Government and usually carry the certain value of Rs. 10, Rs. 20, Rs. 50, Rs.
How do you determine the value of stamp paper?
Generally, stamp duty ranges from 3-10% of the total property value. The second way stamp duty is calculated is by fixing the percentage to the circle rate of the area. The circle rate is a value determined by the local authorities and is the minimum value that the property can be sold at.
What is the validity of 100 RS stamp paper?
Agreements made on white paper are valid. so an agreement made on 100 rupees stamp paper can surely be valid if it fulfills all other conditions under the law and as per the law. But, if the agreement requires to be stamped and registered then it cannot be used as an evidence of proof before a Court of law.
What is non-judicial stamp paper Pakistan?
The non-judicial stamp papers worth Rs 1,000 or more are referred to as high-value stamp papers and are only issued by the Treasury Offices of the district. These papers are widely used in recording the statements of agreement/deeds or the statements deeds related to property sale/purchase.