Schedule I, Article 49: Article 49

PROMISSORY NOTE as defined by section 2(22) of Stamps Act, 1899 (II of 1899)— (a) when payable on demand— (i) when the amount or value does not exceed Rs. 250.000; (ii) when the amount or value exceeds Rs. 250,000 but does not exceed Rs. 500,000; (iii) in any other case (b) When payable otherwise than on demand, including a commercial paper. Proper stamp-duty: Thirty Rupees Sixty Rupees One hundred Rupees One-fiftieth of one percent that is to say 0.02% per annum of the amount payable subject to a maximum of Rs. 100,000

Amendment history

• v2 · 2026-07-24 11:26:02 — Phase 2W reapply (text)

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