New Enroll for RBI, PFRDA & NABARD Intro Class! April 18 at 9:15 PM

    Question

    As per the provisions of the Stamp Act corporatisation

    and demutualisation schemes and related instruments _________________
    A Shall not be liable to duty under the Stamp Act Correct Answer Incorrect Answer
    B Shall be liable to duty under the Stamp Act Correct Answer Incorrect Answer
    C Shall not be liable to duty under any other law for the time being in force Correct Answer Incorrect Answer
    D The central government has the discretion to decide Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

     Solution:  Section 8B. Corporatisation and demutualisation schemes and related instruments not liable to duty. —Notwithstanding anything contained in this Act or any other law for the time being in force, — (a) a scheme for corporatisation or demutualisation, or both of a recognised stock exchange; or (b) any instrument, including an instrument of, or relating to, transfer of any property, business, asset whether movable or immovable, contract, right, liability and obligation, for the purpose of, or in connection with, the corporatisation or demutualisation, or both of a recognised stock exchange pursuant to a scheme, as approved by the Securities and Exchange Board of India under sub-section (2) of section 4B of the Securities Contracts (Regulation) Act, 1956, shall not be liable to duty under this Act or any other law for the time being in force. 

    Practice Next