Stamp duty
Hema
(Querist) 21 October 2016
This query is : Resolved
I am a banker, I have an account having a working capital of Rs. 5.6 cr, which my borrower has got enhanced to Rs. 6.5 cr and a term loan for Rs. 4 cr, so how much the stamp duty will be paid, the additional 4.9 cr exposure or the entire exposure of 10.5cr because I have been suggested by some body that whenever a new facility is added then the stamp duty for eq mortgage is to b filed on the entire amount. Pl clarify.
Rajendra K Goyal
(Expert) 21 October 2016
Being a Banker you must be having your legal department, do not move without getting written advice from them / your legal adviser on panel lawyer or from both. Also refer your instructions manual / circulars from controllers.
Whether, documents are to be taken for enhanced portion or for full new limit amount?
If documents are to be taken for full amount, stamp duty has to be paid accordingly.
Otherwise also, to be on safe side, stamp duty on full new limit should be paid and documents should be got executed accordingly.
Kumar Doab
(Expert) 21 October 2016
Expert Mr. Rajendra K Goyal provided inputs to you.
As suggested 'do not move without getting written advice from them / your legal adviser on panel lawyer or from both. Also refer your instructions manual / circulars from controllers.'
Kuummaar AS
(Expert) 21 October 2016
HEMA HAS RAISED THIS QUERY TO PASS TIME AND TEST THE EXPERTS. BEING AN EMPLOYEE OF THE BANK SHE WILL TAKE ACTION AS ADVISED BY THE BANK EVEN IF BETTER ADVICE IS GIVEN AT THIS FORUM. THERE IS NOTHING WRONG IN THIS APPROACH.
HOWEVER, IT IS GOOD FOR EXPERTS TO RECEIVE SUCH QUERIES, WHICH REFRESH THEIR KNOWLEDGE.
Rajendra K Goyal
(Expert) 22 October 2016
Respected AS,
The query was replied considering it genuine. Practically, for a new Banker (officer not dealing such situation frequently), need for such guidance is felt.
Guest
(Expert) 22 October 2016
An officer of bank, irrespective of whether new or experienced, dealing or not dealing with such a situation frequently, has necessarily to take formal advice officially from the legal department of his/her own banking organization. The legally qualified personnel appointed in the banks are paid for that job. Any outside advice is not valid in discharge of her duties and responsibilities.
Rajendra K Goyal
(Expert) 22 October 2016
OUT SIDE ADVICE MAY BE GUIDING, CAN NOT BE USED IN GIVEN CONDITION IF NOT CONFIRMATORY WITH BANK GUIDELINES.
Kumar Doab
(Expert) 22 October 2016
Another Perspective; In many establishments/offices.....................in many situations..........someone is pushed forward to decide and offer his/her neck for onus of decision.
Get into the habit of referring to instructions manual / circulars from controllers and sending the file for legal opinion, from legal cell.
