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Law Commission of India submits its report on Leprosy Laws

Proposes legislation to eliminate discrimination against persons affected by Leprosy The Law Commission of India has submitted its Report No. 256 on “Eliminating Discrimination Against Persons Affected by Leprosy” to the Union Ministe

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Renegotiating Rental Agreements

This summer as we packed our bags and left our rented flats for what was supposed to be a “two-week vacation” from college, little did we

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All about the succession certificate

SYNOPSIS: On the demise of a person it is expected that his estate will be distributed among the surviving family members. The mode of distribution

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Marriage Registration in India

Marriage is a socially and legally recognised union between a man and woman that establishes rights and obligations between them. In Hindu law, it is

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Experts Exchange

Stamp duty on consortium agreements.

Posted by Anant Luhadia

Dear Sir,

On the advise of RBI the IBA has prepared and suggested draft if working capital consortium agreement for consortium lending. While suggesting this they have not noticed that for the loans which are based on equitable mortgage banks execute deposit of title deed ( article 6 ) and unattested hypothecation ( exempted thru notification since English time ). In the IBA suggested document i.e Working capital consortium agreement contains loan details as well as security details. Because of this it may fall under article 37(b) / mortgage deed. Article 37(b) or mortgage deed without possession attracts at least 10 times higher stamp duty then article 6 meant for deposit of title deed. This query is presently related to Rajasthan but may affect other states in future. Pl help us and suggest how to deal this situation.

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Updated on : 24/12/2020 17:35:00





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