Karnataka Stamp Act, 1957 Section 9

(1) The State Government may, by rule or order published in the Official Gazette.-

(a)¹ [reduce upto fifty percent] the whole or any part of the ²[State of Karnataka], if in the opinion of the State Government it is necessary in public interest so to do, the duties with which any particular class of instruments, or any of the instruments belonging to such class, or any instruments when executed by or in favour of any particular class of persons, or by or in favour of any members of such class, are chargeable; and

³ [Provided that the State Government may in public interest reduce or remit the stamp duty payable on an instrument executed to obtain loan,-

(i) by any person for an agricultural purpose as defined in the Karnataka Agricultural Credit Operations Miscellaneous Provisions Act, 1974 (Karnataka Act No. 2 of 1975); and

(ii) by a public sector undertaking, for the purpose for which it is established];

⁴ [Provided further that the State Government may in public interest reduce or remit by notification till 31st March, 2006, the stamp duty payable on any instrument, to be specified therein executed by, specified new Tiny, Small-Scale, Medium Scale or Large Scale Industrial Units or Mega Projects as defined in the new industrial policy vide Government Order No. CI 167 SPI 2001,dated 30-6-2001 or by such key projects of core area as defined in the said policy or specified by the State Government from time to time]

⁵ [Provided also that the State Government may in public interest reduce or remit, by notification, the stamp duty payable on any instrument, to be specified therein, executed by or in favour of Rajiv Gandhi Housing Corporation in connection with implementation of Housing programme for the economically weaker sections and special occupational categories both in rural and urban Area except for Indira Avaz Yojana, for the purpose of providing residential facilities with capital investment by the state Government and loan borrowed from Housing and Urban Development Corporation.]

(b) provide for the composition or consolidation of duties in the case of issues by any incorporated company or other body corporate of bonds or other marketable securities.

³ [(1-A) Notwithstanding anything contained in any other law for the time being in force, no reduction or remission of stamp duty shall be allowed unless it is notified in accordance with sub-section (1)].

⁶ [(2) Every rule or order published under clause (a) of sub-section(1) shall be laid as soon as may be after it is published before each House of the State Legislature while it is in season for a total period of thirty days which may be comprised in one session or in two successive sessions, and if before the expiry of the session in which it is so laid or the session immediately following both Houses agree in making any modification in the rule or order or both Houses agree that the rule or order should not made, the rule or order shall thereafter have effect only in such modified form or be of no effect, as the case may be; so however that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or order.]

B.-Of Stamps and the made of using them

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1.Substituted by Act No. 5 of 1988, w.e.f. 1-4-1998 for the words" reduce or remit, whether prospectively or retrospectively"

2. Adapted by the Karnataka Adaptations of Laws Order, 1973 w.e.f. 1.11.1973.

3. Inserted by Act No. 5 of 1998, w.e.f. 1-4-1988.

4.*Substituted by Act No. 17 of2002, shall be deemed to have come into force w.e.f. 1-4-2001.

*Previous Reference:#[Provided further that the State Government may in public interest reduce or remit, by notification; till the end of 31st March, 2001, the stamp duty payable on any instrument, to be specified therein, executed by a new tiny and shall scale industrial unit as defined under the New Industrial Policy of the Government of Karnataka, dated 15th March, 1996.]

##[Provided also that the State Government may reduce or remit in public interest by notification the Stamp duty payable on any instrument to be specified therein executed in respect of such Key Project of a core area.

Explanation.- For the purpose of this proviso, Key Project of a core area means such projects as maybe specified by the State Government from time to time].

# Inserted by Act No. 6 of 1999, w.e.f. 1-4-1999

## Inserted by Act No. 7 of 2000, w.e.f. 1-4-2000

5. Inserted by Act No. 6 of 2001, w.e.f. 1-4-2001

6. Substituted by Act No. 29 of 1962 w.e.f. 1-10-1962