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Amendments to Stamp Act to become effective from 1st July 2020 with respect to Securities Market Instruments   Jun 30, 2020

The Ministry of Finance has issued a press release dated 30th June 2020  conveying tht Implementation of Amendments in the Indian Stamp Act, 1899 and Rules would be made effective  from 1st July, 2020 for Rationalized Collection Mechanism of Stamp Duty across India with respect to Securities Market Instruments 
 
The relevant provisions of the Finance Act, 2019 amending the Indian Stamp Act, 1899 and the Indian Stamp (Collection of Stamp-Duty through Stock Exchanges, Clearing Corporations and Depositories) Rules, 2019 were notified simultaneously on 10th December, 2019 and these were to come into force from 9th January, 2020, which was later extended to 1st April, 2020 vide notifications dated 8th January, 2020. Further, considering the requests received from stakeholders, country-wide lockdown situation due to Covid-19 and in line with the relaxations given on statutory and regulatory compliance in other sectors, the date for implementation of amendments in the Indian Stamp Act, 1899 brought through Finance Act 2019 and Rules made thereunder was further extended to 1st July, 2020 vide notifications dated 30th March, 2020. 
 
Text of the Press Release is attached      

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