PART II
AMENDMENT TO THE INDIAN STAMP ACT, 1899
Amendment of Act 2 of 1899.
147. In the Indian Stamp Act, 1899, in Schedule I, in article 47, in division D, under the heading “Exemption”, for the portion beginning with “Policies of life-insurance” and ending with “authority of the Central Government.”, the following shall be substituted, namely:––
“Policies of life insurance––
(a) granted by the Director-General of Post Offices in accordance with the rules for Postal Life-Insurance issued under the authority of the Central Government; and
(b) under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).”.
Notes on Clauses:
Clauses 147 seek to amend the Indian Stamp Act, 1899.
It is proposed to amend the division D of article 47 of Schedule I of the said Act so as to also exempt policies of life insurance issued under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) from the application of stamp duty.
