Government of India notification regarding the Indian Stamp Rules - 2019

	Dear Customer, Greetings from ICICI Bank. We would like to draw your attention to the Indian Stamp (Collection of stamp-duty through Stock Exchanges, Clearing Corporations and Depositories) Rules, 2019 (the 'Rules' ) notified by the Central Government on December 10, 2019 pursuant to the amendments to the Indian Stamp Act, 1899 (the 'Act' ) notified by the Ministry of Law and Justice, Government of India. The amendments seek to introduce a single point for collection of stamp duty by authorized entities for issuance and transfer of securities and subsequent disbursement of the duty collected to the respective states. The aforesaid Rules has come into force on Wednesday, July 01, 2020. The stamp duty leviable under clause (b) of sub-section (1) of section 9A of the Act will be collected on the consideration amount mentioned by the transferor on the Delivery Instruction Slips (DIS). The rate of stamp duty is specified in schedule I of the Act. In case of transfer of securities pursuant to invocation of pledge, duty shall be collected from the pledgee on market value of securities. Please ensure payment of stamp duty on all off market and other relevant transfers as detailed in the Rules and circulars to ensure smooth processing of instructions. In case of any clarification or further information, you may call our Customer Care between 9 a.m. and 6 p.m. or visit the nearest ICICI Bank demat servicing branch. Looking forward to your co-operation in helping us serve you better.   Sincerely, ICICI Bank Limited
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