Brief Overview:
The law makers in Maharashtra have introduced dedicated Article for stamping of financial guarantee and bank guarantee.
Technical Details:
Stamp duty on financial or bank guarantees will be ad valorem subject to maximum cap of INR 20 Lacs.
Stamp duty will be nominal if the guarantee is given in favour of the Government Corporation, Local Authority, or Statutory Body, in respect of public works or public procurement.
Stamp duty will be payable up to INR 25,000 in case of renewal of guarantee.
For further details, please see:
Maharashtra Stamp Amendment Bill
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