Stamp Act, 1899 — section 47

47. POLICY OF INSURANCE.—If drawn If drawn A—See INSURANCE (see section 7)— single in

(1)For each voyage— duplicate for each part

(i)where the premium of Three Three consideration does not exceed Rupees. Rupees. the rate of 1/8 per cent of the amount insured by the policy for every full sum of Rs. 5,000 and also any fractional parts thereof insured by the policy.

(ii)in any other case, in respect of Three Three every full sum of Rs.2,000 and Rupees. Rupees. also any fractional part thereof insured by the policy.

(2)For time in respect of every full sum of Rs.2,000 or part thereof insured by the policy

(i)where the insurance shall be Three Three made for any time not Rupees. Rupees. exceeding six months;

(ii)where the insurance shall be Five Three made for any time exceeding Rupees Rupees. six months and not exceeding twelve months. B—FIRE—INSURANCE AND OTHER CLASSES OF INSURANCE NOT ELSEWHERE INCLUDED IN THIS ARTICLE, COVERING GOODS, MERCHANDISE, PERSONAL EFFECTS, CROPS, AND OTHER PROPERTY AGAINST LOSS OR DAMAGE

(1)in respect of an original policy

(i)when the sum insured does not Five exceed Rs. 5,000; Rupees.

(ii)in any other case and Eight Rupees.

(2)in respect of each receipt for any One-half of the duty payment of a premium on any payable in respect of the renewal of an original policy. original policy in addition to the amount, if any, chargeable under No. 53. C—ACCIDENT AND SICKNESS INSURANCE— Three Rupees

(a)Against railway accident, valid for a single journey only. EXEMPTION When issued to a passenger travelling by the intermediate or the third class in any railway. Three Rupees: Provided

(b)In any other case for the maximum that, in case of a policy amount which may become payable of insurance against in the case of any single accident or death by accident when sickness where such amount does not the annual premium exceed Rs. 2,000 and also where payable does not exceed such amount exceeds Rs. 2,000, for Rs. 2.50 per Rs. 1,000 every Rs. 2,000 or part thereof. the duty on such instrument shall be one rupee for every Rs.1,000 or part thereof of the maximum amount which may become payable under it. D—INSURANCE BY WAY OF INDEMNITY— Three rupees if drawn Against liability to pay damages on account of singly. accidents to workmen employed by or under or against liability to pay compensation under Workmen’s Compensation Act, 1923 (VIII of 1923), for every Rs. 100 or part thereof payable as premium. E—LIFE INSURANCE OR OTHER If drawn If drawn INSURANCE NOT SPECIFICALLY singly in PROVIDED FOR, except such a RE- duplicate, INSURANCE as is described in Division of this for each article— part

(i)for every sum insured not exceeding Three Three Rs.250; Rupees Rupees

(ii)for every sum insured exceeding Three Three Rs.250 but not exceeding Rs.500; Rupees Rupees

(iii)for every sum insured exceeding Three Three Rs.500 but not exceeding Rs.1,000 Rupees Rupees and also for every Rs.1,000 or part thereof in excess of Rs.1,000. EXEMPTIONS:—Policies of life insurance granted by the Director-General of Post Offices in accordance with rules for Postal Life Insurance issued under the authority of the Central Government. F—RE-INSURANCE BY AN INSURANCE One-half of the duty COMPANY WHICH HAS GRANTED A payable in respect of the POLICY OF THE NATURE SPECIFIED IN original insurance but not DIVISION A OR DIVISION B OF THIS less than three Rupees or ARTICLE WITH ANOTHER COMPANY BY more than eight Rupee. WAY OF INDEMNITY OR GUARANTEE AGAINST THE PAYMENT ON THE ORIGINAL INSURANCE OF A CERTAIN PART OF THE SUM INSURED THEREBY. GENERAL EXEMPTIONS:-Letter of cover or engagement to issue a policy of insurance: Provided that, unless such letter or engagement bears the stamp prescribed by this Act for such policy nothing shall be claimable thereunder, nor shall it be available for any purpose except to compel the delivery of the policy therein mentioned. 48. POWER-OF-ATTORNEY as defined by section 2(21) of Stamps Act, 1899 (II of 1899), not being a proxy (No.52)

(a)when executed for the sole purpose Five Hundred Rupees of procuring the registration of one or more documents in relation to a single transaction or for admitting execution of one or more such document;

(b)when authorizing one person or more One thousand Rupees to act in a single transaction other than the case mentioned in clause

(a);

(c)when authorizing not more than five One thousand Rupees persons to act jointly and severally in more than one transaction or generally;

(d)when authorizing more than five but One thousand Rupees not more than ten persons to act jointly and severally in more than one transaction or generally; and

(e)when given for consideration and One thousand Rupees authorizing the attorney to sell any immovable property.

(f)in any other case One thousand Rupees Explanation 1—For the purposes of this Article more persons than one when belonging to the same firm shall be deemed to be one person. Explanation 2—The term “Registration” includes every operation incidental to registration under the Registration Act, 1908 (XVI of 1908). 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 Thirty Rupees not exceed Rs. 250.000;

(ii)when the amount or value Sixty Rupees exceeds Rs. 250,000 but does not exceed Rs. 500,000;

(iii)in any other case One hundred Rupees

(b)When payable otherwise than on One-fiftieth of one demand, including a commercial percent that is to say paper. 0.02% per annum of the amount payable subject to a maximum of Rs. 100,000 50. PROTEST OF BILL OR NOTE, that is Ten Rupees to say, any declaration in writing made by a Notary Public or other person lawfully acting as such, attesting the dishonor of a Bill of Exchange for promissory note. 51. PROTEST BY THE MASTER OF A Ten Rupees SHIP, that is to say, any declaration of the particulars of her voyage drawn up by him with a view to the adjustment of losses or the calculation of averages, and every declaration in writing made by him against the charterers or the consignees or not loading or unloading the ship, such declaration is attested or certified by a Notary Public or other person lawfully acting as such. See also NOTE OR PROTEST BY THE MASTER OF A SHIP (No.44). 52. PROXY empowering any person to vote Five Rupees at any one election of the members of a district or local board or of a body of municipal commissioners, or at any one meeting of (a) members of an incorporated company or other body corporate whose stock or funds is or are divided into shares and transferable; (b) a local authority; or (c) proprietors, members or contribution to the funds of any institution. 53. RECEIPTS as defined by section 2 (23) of Stamps Act, 1899 (II of 1899) for any money or other property the amount or value of which exceeds twenty rupees

(a)where the amount or value does not One Rupee exceed two thousand rupees;

(b)where the amount or value exceeds Two Rupees. two thousand rupees but does not exceed ten thousand rupees;

(c)Where such amount exceeds ten Five Rupees thousand rupees. EXEMPTIONS:—Receipts

(a)endorsed on or contained in any instrument duly stamped for any instrument exempted under the proviso to section 3 (instruments executed on behalf of the Government) or any cheque or bill of exchange, payable on demand acknowledging the receipt of the consideration money therein expressed, or the receipt of any principal-money, interest of annuity, or other periodical payment thereby secured;

(b)for any payment of money without consideration;

(c)for any payment of rent by a cultivator on account of land assessed to Government revenue;

(d)for pay or allowances by non commissioned or petty officers, soldiers, sailors or airmen of the armed forces of Pakistan/ Pakistan’s military, naval or air forces, when serving in such capacity, or by mounted police constables;

(e)given by holders of family certificates in cases where the person from whose pay or allowances the sum comprised in the receipt has been assigned as a non commissioned or petty officer, soldier, sailor or airman or any of the said forces and serving in such capacity;

(f)for pensions or allowances by persons receiving such pensions or allowances in respect of their services as such, non-commissioned or petty officers, soldiers, sailors or airmen, and not serving the State in any other capacity;

(g)given by a headman or lambardar for land-revenue or taxes collected by him;

(h)given for money or securities for money deposited in the hands of any banker to be accounted for: Provided that the same is not expressed to be received of, or by the hands of, any other than the person to whom the same is to be accounted for: Provided also that this exemption shall not extend to receipt or acknowledgment for any sum paid or deposited for, or upon a letter of allotment of a share, or in respect of a call upon any scrip or share of, or in, any incorporated company or other body corporate or such proposed or intended company or body or in respect of a debenture being a marketable security. See also POLICY OF INSURANCE [No. 47-B

(2)]. 54. RE-CONVEYANCE OF MORTGAGE PROPERTY

(a)if the consideration for which the Thirty Rupees property was mortgaged does not exceed Rs. 1,000;

(b)in any other case One hundred Rupees 55. RELEASE,

(a)that is to say, any instrument [not One Thousand Rupees. being such a release as is provided for by section 23A of Stamps Act, 1899 (II of 1899)] whereby a person renounces a claim upon another person or against any specified property

(b)in any other case One Thousand Rupees. 56. RESPONDENTIA BOND, that is to say, The same duty as on a any instrument securing a loan on the cargo laden Bond (No.15) for the or to be laden on board a ship and making amount of the loan repayment contingent on the arrival of the cargo at secured. the port of destination. REVOCATION OF ARMY TRUST OR SETTLEMENT. See SETTLEMENT (No.58), TRUST (No.64). 57. SECURITY BOND OR MORTGAGE DEED executed by way of security for the due execution of an office, or to account for money or other property received by virtue thereof or executed in favour of a Court for the due discharge of a contingent liability or executed by a surety to secure the due performance of a contract

(a)when the amount secured does not Thirty Rupees exceed Rs. 1,000;

(b)in any other case One hundred Rupees EXEMPTIONS:- Bond or other instrument, when executed

(a)by any person for the purpose of guaranteeing that the local income derived from private subscription to a charitable dispensary or hospital or any other object of public utility shall not be less than a specified sum per mensum;

(b)under No. 3-A of the rules made by the Provincial Government under section 70 of the Sind Irrigation Act, 1879;

(c)executed by persons taking advances under the Land Improvement, Loans Act, 1883 (XIX of 1883), or the Agriculturists Loans Act, 1884 (XII of 1884), or by their sureties as security for repayment of such advances;

(d)executed by servants of the State or their securities to secure the due execution of an office or the due accounting for money or other property received by virtue thereof.