Punjab Finance Act, 2006

From: 2006-06-30 - To: 0000-00-00 An Act to reduce court fee, rationalize certain stamp duties and amend the Punjab Sales Tax Ordinance, 2000. Preamble.– Whereas it is expedient to reduce court fee, rationalize certain stamp duties and amend the Punjab Sales Tax Ordinance, 2000; It is hereby enacted as follows:- 1. Short title, extent and commencement.– (1) This Act may be called the Punjab Finance Act, 2006. (2) It shall extend to the whole of the Punjab. (3) It shall come into force on the first day of July 2006. 2. Amendments in the Court Fees Act, 1870 (VII of 1870).– In the Court Fees Act, 1870 (VII of 1870), in Schedule I, in serial number 1, in column 3, under the heading “Proper Fee”:- (i) for the words “Eight and a half”, the words “Seven and a half” shall be substituted; and (ii) for the words “thirty four thousands”, the words “fifteen thousands” shall be substituted. 3. Amendments in the Stamp Act, 1899 (II of 1899).– In the Stamp Act, 1899 (II of 1899), in Schedule I, the following amendments shall be made, namely:- (1) for Article 6, under the headings “Description of Instrument” and “Proper Stamp-duty”, the following shall respectively be substituted:- “6. AGREEMENT RELATING TO DEPOSIT OF TITLE DEEDS, PAWN OR PLEDGE, 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 title to any property whatever (other than marketable security), or (2) the pawn or pledge of movable property, where such deposit, pawn or pledge has been made by way of security for the re-payment 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 the instrument evidencing the agreement; (i) in the case of banking companies or other financial institutions, when the entire finance is not based on interest; and One-fifth of one percent, that is to say, 0.2% of the loan amount subject to a maximum of one hundred thousand rupees. (ii) in any other case. One-fifth of one percent, that is to say, 0.2% of the loan amount. (b) if such loan or debt is repayable not more…