Insertion of new section 73B.
142. In the Stamp Act, after section 73A, the following section shall be inserted, namely:––
Power to issue directions and to authorise certain authorities to issue instructions, etc.
“73B. The Central Government may,––
(a) issue directions relating to such matters and subject to such conditions, as it deems necessary;
(b) in writing, authorise the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) or the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934) to issue instructions, circulars or guidelines,
for carrying out the provisions of Part AA of Chapter II and the rules made thereunder”.
Notes on Clauses:
Clauses 140 to 142 of the Bill seeks to amend the Indian Stamp Act, 1899, so as to––
(a) insert a proviso in sub-section (2) of section 9A of the said Act to provide exemption from stamp-duty in respect of instruments of transaction in stock exchanges and depositories established in any International Financial Services Centre set up under section 18 of the Special Economic Zones Act, 2005;
(b) insert a new section 73B in the said Act so as to empower the Central Government to issue directions and also to authorise the Securities and Exchange Board of India or the Reserve Bank of India to issue instructions, circulars and guidelines, retrospectively, for carrying out the provisions of Part AA of Chapter II of that Act.
