Section 9 of the Indian Stamp Act, 1899 empowers the **Government** (C…

Question

Section 9 of the Indian Stamp Act, 1899 empowers the **Government** (Central or State as the case may be) to:

Accepted Answer

B. {'text': 'Reduce or remit, whether prospectively or retrospectively, the duties payable on any instrument or class of instruments or in favour of a particular class of persons or members of such class', 'label': 'B'}

1. Section 9 of the Act vests the executive with a **remission/reduction** power.
2. The Government (Central or State, as the case may be) may **reduce or remit, whether prospectively or retrospectively, the duties payable** on any instrument or class of instruments, or in favour of a particular class of persons.
3. Section 9 also empowers the Central Government to provide for the **composition** or **consolidation** of duties of policies of insurance and on issues/transfers of debentures, bonds or marketable securities by incorporated bodies.
4. The other options are not powers under section 9.
_Source: ICSI CS Executive Paper 1 — Jurisprudence, Interpretation & General Laws, Lesson 14 (Indian Stamp Act, 1899), pp. 337-353._

Answer

{'text': 'Cancel the certificate of incorporation of every company that fails to pay stamp duty under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force', 'label': 'A'}

Answer

{'text': 'Impose criminal penalties of imprisonment up to ten years on the executant of every instrument under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force', 'label': 'C'}

Answer

{'text': 'Direct the Reserve Bank of India to freeze every bank account of the executant of every instrument under any provision of any law in force in any State of India regardless of any other consideration of any kind under any law in force', 'label': 'D'}