stamp paper

 Parliament has the power to make law in respect of Stamp Duty. Parliament can prescribe the Rates of Stamp Duty. The Stamp Duty Rates prescribed by the Parliament in respect of Bill of Exchange, Cheques, Transfer of Shares etc. will prevail all over India subject to provision as applicable in Jammu and Kasmir. However, other Stamp Duty Rates prescribed by Parliament in Indian Stamp Act, 1899 (e.g. Stamp Duty on Agreements, Affidavit, Articles of Association of a Company, Partnership Deed, Lease Deed, Mortgage, Power of Attorney, Security Bond etc.) are valid only for Union territories. In case of States, the rates prescribed by Individual States will prevail in those States.