Any person who,-
(a) receives or takes credit for, any premium or consideration for any contract of insurance and does not, within one month after receiving, or taking credit for, such premium or consideration, make out and execute a duly stamped policy or such insurance; or
(b) makes, executes or delivers out any policy which is not duly stamped or pays or allows in account, or agrees to pays or allows in account, any money upon or in respect of, any such policy.
shall be punishable with fine which may extend to two thousand rupees.
(a) receives or takes credit for, any premium or consideration for any contract of insurance and does not, within one month after receiving, or taking credit for, such premium or consideration, make out and execute a duly stamped policy or such insurance; or
(b) makes, executes or delivers out any policy which is not duly stamped or pays or allows in account, or agrees to pays or allows in account, any money upon or in respect of, any such policy.
shall be punishable with fine which may extend to two thousand rupees.
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More sections of this act
Section 1 · Short title, extent and commencementSection 2 · DefinitionsSection 3 · Instrument chargeable with dutySection 4 · Payment of stamp duty in cashSection 5 · Several instruments used in single transaction of sale, mortgage, agreement or any other document (memorandum etc.) relating to the deposit of title deeds or settlementSection 6 · Instrument relating to several distinct mattersSection 7 · Instruments coming within several descriptions in the ScheduleSection 8 · Payment of duty on copies, counterparts or duplicates when that duty has not been paid on the principal or original documentIndia Code, Government of India. Text fetched 24 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.