The Panchayat Level and Economic Activity Federations of Self Help Groups have been exempted from stamp duty for obtain bank loan as a government order, District Collector N Mathivanan said on Tuesday. Reducing stamp duty will guarantee the interests of small and small farmers, farmers, as well as those who have benefited from small loans under the differential interest rate (DRI), vehicle loans, people willing to use locker facilities and those who wish to borrow through marginal loans, an official statement says. He said that if SGH borrowed from banks, they had to submit proprietary documents, rebates, assumptions and loans after paying stamp duty. Reduced stamp duty applies to all loan contracts entered into by these borrowers, including for banks, financial institutions and financial development companies. CHANDIGARH: In good news for borrowers in Haryana, the government has decided to reduce stamp duty on loan contracts to just $100. Under the Indian Stamp Act of 1899, stamp duty on the Memorandum of Understanding currently stands at 2,000 Us-Us-Euro. “This has led to an excessive delay. In order to simplify the credit process, the government has exempted SHG from the payment of stamp duty,” he said in a statement here. In view of public complaints at the time of the COVID 19 pandemic, it was decided that a maximum amount of 500 euros us for two-wheelers, 1,000 EUROS US for cars and jeeps and 2,000 euros us for transport vehicles be calculated on these three categories of vehicles against which no FIRs have been registered (for violation of blocking standards) , he said. From 24 March to 31 May, Haryana police seized some 6,500 vehicles for violations of the Motor Vehicle Act 1988. Click here to read the Mint ePaperMint is now on telegram.
Join the mint chain in your telegram and stay up to date with the latest economic news. The decision was made yesterday at a cabinet meeting. In a government statement, it was said that this would benefit all categories of society. . The cabinet, chaired by Chief Minister L Khattar, also authorized the mixture of challans issued by the Haryana police for violating the provisions of the Motor Vehicle Act, 1988 during the blocking restrictions induced by coronavirus in the state.