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  "title": "PUNJAB FINANCE ACT 2006",
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  "source_url": "https://punjabcode.punjab.gov.pk/en/show_article/AzYBNVZgAjY-",
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  "text": "THE PUNJAB FINANCE ACT 2006 \r\n(V of 2006) \r\nCONTENTS \r\n1. Short title and commencement. \r\n2. Amendments in the Court Fees Act, 1870 \r\n3. Amendments in the Stamp Act, 1899 \r\n4. Amendment in the Punjab Sales Tax Ordinance, 2000 \r\nTEXT \r\n1\r\nTHE PUNJAB FINANCE ACT 2006 \r\n(V of 2006) \r\n[30th June, 2006] \r\nAn \r\nAct \r\nto reduce court fee, rationalize certain stamp duties and amend the Punjab Sales \r\nTax Ordinance, 2000. \r\nPreamble.– Whereas it is expedient to reduce court fee, rationalize certain stamp \r\nduties and amend the Punjab Sales Tax Ordinance, 2000; \r\n It is hereby enacted as follows:– \r\n1. Short title, extent and commencement. – (1) This Act may be called the \r\nPunjab Finance Act, 2006. \r\n(2) It shall extend to the whole of the Punjab. \r\n(3) It shall come into force on the first day of July 2006. \r\n2. Amendments in the Court Fees Act, 1870 (VII of 1870). – In the Court Fees \r\nAct, 1870 (VII of 1870), in Schedule I, in serial number 1, in column 3, under the \r\nheading “Proper Fee”:– \r\n(i) for the words “Eight and a half”, the words “Seven and a half” shall be \r\nsubstituted; and \r\n(ii) for the words “thirty four thousands”, the words “fifteen thousands” shall \r\nbe substituted. \r\n3. Amendments in the Stamp Act, 18 99 (II of 1899). – In the Stamp Act, 1899 \r\n(II of 1899), in Schedule I, the following amendments shall be made, namely:– \r\n(1) for Article 6, under the headings “Description of Instrument” and \r\n“Proper Stamp-duty”, the following shall respectively be substituted:– \r\n“6. AGREEMENT RELATING TO \r\nDEPOSIT OF TITLE DEEDS, PAWN \r\nOR PLEDGE, that is to say, any \r\ninstrument evidencing an agreement \r\nrelating to– \r\n \r\n                                                           \r\n1This Act was passed by the Punjab Assembly on 23 June 2006; assented to by the Governor of the Punjab on 27 June 2006; \r\nand, was published in the Punjab Gazette (Extraordinary), dated 30 June 2006, pages 5027-29. \r\n (1) the deposit of title -deeds or \r\ninstruments constituting or being \r\nevidence of the title to any \r\nproperty whatever (other than \r\nmarketable security), or  \r\n \r\n (2) the pawn or pledge of movable \r\nproperty, where such deposit, \r\npawn or pledge has been made \r\nby way of security for the re -\r\npayment of money advanced or \r\nto be advanced by way of loan or \r\nan existing or future debt– \r\n \r\n (a) if such loan or debt is \r\nrepayable on demand or more \r\nthan three months from the \r\ndate of the instrument \r\nevidencing the agreement; \r\n \r\n  (i) in the case of banking \r\ncompanies or other \r\nfinancial institutions, when \r\nthe entire finance is not \r\nbased on interest; and \r\nOne-fifth of one percent, \r\nthat is to say, 0.2% of the \r\nloan amount subject to a \r\nmaximum of one \r\nhundred thousand \r\nrupees. \r\n  (ii) in any other case. One-fifth of one percent, \r\nthat is to say, 0.2% of the \r\nloan amount. \r\n (b) if such loan or debt is \r\nrepayable not more than \r\nthree months from the date \r\nof such instrument; \r\n \r\n (i) in the case of banking \r\ncompanies or other \r\nfinancial institutions, when \r\nthe entire finance is not \r\nbased on interest; and \r\nOne-tenth of one \r\npercent, that is to say, \r\n0.1% of the loan amount, \r\nsubject to a maximum of \r\nfifty thousand rupees. \r\n (ii) in any other case. One-tenth of one percent, \r\nthat is to say, 0.1% of the \r\nloan amount.”; \r\n(2) for Article 27, under the headings “Description of Instrument” and “Proper \r\nStamp-duty”, the following shall respectively be substituted:– \r\n“27. DEBENTURE OR \r\nPARTICIPATION TERM \r\nCERTIFICATE OR TERM FINANCE \r\nCERTIFICATE OR ANY OTHER \r\nINSTRUMENT OF REDEEMABLE \r\nCAPITAL OTHER THAN A \r\nCOMMERCIAL PAPER (whether or \r\nnot a mortgage debenture, a \r\nParticipation Term Certificate, a Term \r\nFinance Certificate or any other \r\ninstrument of redeemable capital), \r\nbeing a marketable security \r\ntransferable by endorsement or by \r\nseparate instrument of transfer or by \r\ndelivery. \r\nOne-twentieth of one \r\npercent, that is to say, \r\n0.05% of the face value \r\nper annum subject to a \r\nmaximum of one million \r\nrupees. \r\nExplanation-I. The term “Debenture” \r\nincludes any interest coupons \r\nattached thereto, but the amount of \r\nsuch coupons shall not be included \r\nin estimating the duty. \r\n \r\nExplanation-II. The term \r\n“Participation Term Certificate” \r\nmeans an instrument or certificate of \r\na specified denomination called the \r\nface value or nominal value, issued \r\nby a company for raising capital, the \r\nholder whereof participates in the \r\nprofit and loss of the company over \r\nsuch period to such  extent and on \r\nsuch conditions as may be specified \r\nat the time of its issue. \r\n \r\nExplanation-III. The term “Term \r\nFinance Certificate” means a fixed \r\ntenure instrument or certificate of a \r\nspecified denomination called the face \r\nvalue or nominal value issued to raise \r\ncapital by a body corporate in the form \r\nof transferable security.”; \r\n \r\n(3) in Article 40, under the headings “Description of Instrument” and “Proper \r\nStamp-duty”, after clause (c), the following shall respectively be inserted:– \r\n“(d) (i) mortgage with b anking \r\ncompanies, that is to say, simple \r\nor legal mortgage for banking \r\ncompanies or other financial \r\ninstitutions, when the entire \r\nfinance is not based on interest; \r\nand \r\nOne-fifth of one percent, \r\nthat is to say, 0.2% of \r\nthe loan amount subject \r\nto a maximum o f one \r\nhundred thousand \r\nrupees. \r\n (ii) in any other case. One-fifth of one percent, \r\nthat is to say, 0.2% of the \r\nloan amount.”; \r\n(4) in Article 49, under the headings “Description of Instrument” and “Proper \r\nStamp-duty”, for clause (b), the following shall re spectively be \r\nsubstituted:– \r\n“(b) when payable otherwise than on \r\ndemand, including a commercial \r\npaper. \r\nOne-fiftieth of one \r\npercent, that is to say, \r\n0.02% per annum of \r\nthe amount payable.”; \r\n(5) in Article 62– \r\n(a) under the headings “Description of Instrumen t” and “Proper \r\nStamp-duty”, for clause (b), the following shall respectively be \r\nsubstituted:– \r\n“(b) of Debenture or Participation Term \r\nCertificate or Term Finance \r\nCertificate or any other instrument of \r\nredeemable capital (other than \r\nCommercial Paper), wheth er \r\nmortgaged or not, being a \r\ntransferable security, whether liable \r\nto duty or not except as provided for \r\nby section 8; and  \r\nOne-tenth of one \r\npercent, that is to say, \r\n0.1% of the face value \r\nof the instrument.”; \r\n \r\n(b) after clause (e), under the headings “De scription of Instrument” \r\nand “Proper Stamp -duty”, the following new clause (f) shall \r\nrespectively be inserted:– \r\n“(f) of a promissory note, including a \r\ncommercial paper, when payable \r\notherwise than on demand.”. \r\nNil. \r\n \r\n4. Amendment in the Punjab Sales Tax Or dinance, 2000 (II of 2000).–  In the \r\nPunjab Sales Tax Ordinance, 2000 (II of 2000), in the Schedule, in serial number 2, \r\nin sub-serial number (ii), for the words “funded by USAID” occurring after the words \r\n“campaign” and before the semicolon, the words and  dashes “financed out of funds \r\nprovided under a grant-in-aid agreement” shall be substituted.",
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