Indian Stamp Act, 1899

9. Power to reduce, remit or compound duties

²⁶ [(1)] ²⁷[The ²⁸[***] government] may, by rule or order published in Official Gazette,-

(a) reduce or remit, whether prospectively or retrospectively, in the whole or any part of ²⁹[the territories under its administration], the duties with which any instruments or any particular class or instruments, or any of the instruments belonging to such class, or any instruments when executed by or in favor of any particular class of persons, by or in favor or any members of such class, are chargeable, and

(b) provide for the composition or consolidation of duties in the case of issues by any incorporated company or other body corporate ³⁰[or of transfers (where there is a single transferee, whether incorporated or not).]

³¹ [(2) In this section, the expression "the government" means,-

(a) in relation to stamp-duty in respect of bills of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, transfer of shares, debentures, proxies and receipts, and in relation to any other stamp-duty chargeable under this Act and failing within entry 96 of List I in Schedule VII to the Constitution, the Central Government;

(b) save as a foresaid, the State Government.]

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