Haryana government cuts stamp duty on loan agreements to 100 yen
CHANDIGARH : Good news for borrowers in Haryana, the state government has decided to reduce the stamp duty on loan agreements to only ??100. Under the Indian Stamp Act, 1899, the stamp duty on the MoU is charged at the rate of ??2000 currently.
The decision was taken yesterday in the Council of Ministers. A government statement said the move would benefit all sections of society.
The reduced stamp duty will apply to all loan agreements that are executed by these borrowers in favor of banks, financial institutions, financial development companies, among others.
Reducing the stamp duty will safeguard the interests of marginal small farmers, farmers as well as those who have benefited from small ready under the differential interest rate (DRI), auto loans, those seeking locker facilities and those seeking loans under marginal lending schemes, according to an official statement.
The Cabinet, under the chairmanship of Chief Minister ML Khattar, also authorized the composition of challans issued by the Haryana Police Force for violating the provisions of the Motor Vehicle Act 1988 during the lockdown restrictions induced by the coronavirus in the state.
Haryana police had impounded approximately 6,500 vehicles from March 24 to May 31 for violating provisions of the Motor Vehicle Act 1988.
In light of public grievances during the COVID-19 pandemic, it was decided that a maximum penalty amount of ??500 for two-wheelers, ??1,000 for cars and jeeps, and ??2,000 for transport vehicles will be charged as a fee consisting of those three categories of vehicles against which no FIR has been registered (for violation of lockout standards), he said.
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