Stamp Duty on Bill of Exchange

Kiran Kudu (Querist) 05 April 2011 This query is : Resolved
a) IS it necessary to have Bill of Exhange drawn on the L/c opening Bank under Usance L/c upto 180 days?
b) What is the rate of stamp duty payable if Bill of Exchange is drawn by beneficiary from foreign country on the L/c opening bank in Mumbai?

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malipeddi jaggarao (Expert) 07 April 2011
a) yes
b) Though the beneficiary belongs to foreign country, since the Bill of Exchange is drawn in India, Stamp duty applicable in Mumbai is valid stamp duty.

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