Finance (Miscellaneous Provisions) Act, 1968
Marketable securities. |
12.—(1) In this section— | |
“the scheduled territories” has the same meaning as it has in the Exchange Control Act, 1954 ; | ||
“foreign loan security” means a security issued outside the State in respect of a loan which is expressed in the currency of a territory outside the scheduled territories, and is neither offered for subscription in the State nor offered for subscription with a view to an offer for sale in the State of securities in respect of the loan. | ||
(2) The stamp duties imposed by the Stamp Act, 1891, under the heading “Marketable Security” in the First Schedule to that Act upon a marketable security transferable by delivery shall not be chargeable in the case of a foreign loan security issued by or on behalf of a company or body of persons corporate or unincorporate formed or established in the State. | ||
(3) The stamp duties imposed by the Stamp Act, 1891, under the heading “Conveyance or Transfer on Sale of any property” in the First Schedule to that Act upon a marketable security not transferable by delivery shall not be chargeable in the case of a foreign loan security issued by or on behalf of a company or body of persons corporate or unincorporate formed or established in the State. |