(1) Where an instrument is chargeable with ad valorem duty in respect of any money expressed in any currency other than that of 1[India] such duty shall be calculated on the value of such money in the currency of 1[India] according to the current rate of exchange on the day of the date of the instrument.
(2) The Central Government may, from time to time, by notification in the Official Gazette, prescribe a rate of exchange for the conversion of British or any foreign currency into the currency of 1[India] for the purposes of calculating stamp-duty, and such rate shall be deemed to be the current rate for the purposes of sub-section (1).
(2) The Central Government may, from time to time, by notification in the Official Gazette, prescribe a rate of exchange for the conversion of British or any foreign currency into the currency of 1[India] for the purposes of calculating stamp-duty, and such rate shall be deemed to be the current rate for the purposes of sub-section (1).
Source footnotes
1. Subs. by Act 43 of 1955, s. 2, for "the States" (w.e.f. 1-4-1956).आगे पढ़ें / Continue reading
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · Instruments chargeable with duty.Section 3A · [Repealed.].Section 4 · Several instruments used in single transaction of sale, mortgage or settlement.Section 5 · Instruments relating to several distinct matters.Section 6 · Instruments coming within several descriptions in Schedule I.Section 7 · Policies of sea-insurance.India Code, Government of India. Text fetched 10 Oct 2026. Source metadata reports last modification: 2019-11-29. Check the linked official text and subsequent notifications when applying a provision.