Financial Daily from THE HINDU group of publications
Sunday, May 12, 2002

Investment World
Features
Stocks
Port Info
Archives

Group Sites

Investment World - Courts/Legal Issues
Columns - Know your laws


Dealing with unfit stamps

K. Krishnamurthi

THIS week too, the column will look at some more aspects related to non-judicial stamp papers.

Is it necessary that name of the purchaser alone should be written on the stamp paper?

In Tamil Nadu, the stamp paper when purchased should be either in the name of seller or purchaser; mortgagor or mortgagee; lessor or lessee; donor or donee, and so on.

Can any document be ante dated?

No, it is an offence.

How is an ante dated document detected?

A registering officer shall compare the date of execution of the document given in the document with the date of purchase of stamp papers to ensure that ante dated documents are not admitted to Registration.

What is the position there is variance in the date of execution and purchase of stamp papers in one sheet only?

When a document consisting of two or more stamp papers purchased on different dates and date of execution is found prior to the date of purchase of any one of the stamp papers the document shall be treated as antedated.

What happens to stamps that are unfit or useless?

Section 54 of the Stamp Act deals with refund of money for stamps spoiled or rendered unfit. The purchaser can apply for refund enclosing the stamps. The superintendent of stamps will refund the money deducting 10 per cent of the value. The following stipulations have to be satisfied:

  • That such stamps were purchased with a bona fide intention to use them.

  • That he has paid full price for them.

  • That they were so purchased within the period of six months next preceding the date on which they were so delivered. This Section does not say if the stamps bought more than six months ago can be used. All it says is unused stamps can be encashed within six months from the date of purchase. Nowhere does the Act stipulate the time limit for the use of stamps purchased before six months. The period of six months mentioned in this section relates to refund of money for unused stamps.

    However, if non-judicial stamp papers purchased long back are used, there is a possibility of the genuineness of the document's execution being questioned.

    (Concluded)

    Send this article to Friends by E-Mail

  • Stories in this Section
    Liberty Oil Mills: Accept


    Kaycee Industries: Accept
    Specialty chemicals -- Nothing special about it, for now
    Specialty chemicals -- MNC equations
    Specialists' score-card
    `We still have an edge over China' — Mr Prakash R. Rastogi, MD, Clariant (India)
    Leaders in Indian and global markets
    Dealing with unfit stamps
    `Sponsors' need not bail out UTI
    IDBI Principal Equity: Hold/Avoid new exposures
    UTI Brand Value Fund: Pare exposures
    Franklin India Growth Fund: Hold/Avoid fresh exposures
    UGS 10000 goes open-ended
    PE Ratio, Asset Allocation Funds: Hold
    Benchmark's innovative gold fund
    UTI clarifies
    Godrej Consumer: Book profits
    Fast moving consumer goods -- Can they spruce up their image?
    Ashok Leyland: Hold
    ITC Hotels -- Wait to check in
    Lakshmi Auto Components: Hold/buy on declines
    Indian Rayon: Book profits and re-enter at lower levels
    Pension plans: A `saving' grace?
    www.ingvysyalife.com -- Simple and serious
    Markets last week -- Sluggish trend pervades
    Positive outlook for GTL, Rolta
    Further uptrend in ITC, HLL
    IPCL moves up the price charts
    Nasdaq interestingly poised
    Improved volumes in Nifty May
    L&T remains active
    Stock futures -- Hindustan Petroleum tops list of favourites
    Options help guide
    Futures guide
    TNPL: Fine print
    Rebates and deductions
    Book value, earnings and dividends -- Key to equity valuation
    Factoring in the information right
    Futures: What is not profit
    Oil prices -- Install a graded duty system
    Co-op banking: System riddled with holes
    Q4 results: Why no quarter should be given
    MIP imbroglio -- Postponing the day of reckoning
    Inquiry into research analyst conflicts
    It adds up!


    The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
    Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

    Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line