The Punjab Vidhan Sabha on Wednesday passed three important bills of Revenue Department. These three bills, titled as the Transfer of Property (Punjab Amendment) Bill, 2023, the Registration (Punjab Amendment) Bill, 2023 and the Indian Stamp (Punjab Amendment) Bill, 2023 were presented by Punjab Revenue Minister Sh. Bram Shanker Jimpa.
All these three bills were unanimously passed in the assembly session.
1. Transfer of Property Bill
The Transfer of Property Act 1882 is a central Act, it was not applicable in the state of Punjab, through notifications, only some sections of the act are made applicable in the state. Section 58 (f), mortgage by way of deposit of title deed (equitable mortgage) has been made applicable in the year 1975, through a notification. Mortgage by way of deposit of title deeds, as per the act the document is not a compulsory registrable document, it creates stamp evasion, other ambiguities relating to procedure etc.
To remove all such ambiguities, it was required that the mortgage by way of deposit of title deeds be made a complusary registrable document and to minimize the public harassment at sub- registrar offices, a provision be made in the principle act, so that for the registration purpose bank managers be authorized to send such deeds to the sub-registrar offices, which shall deem to be registred ones. In order to implement the said changes, Punjab amended the Transfer of property Act, 1882.
2. The Registration Bill
The Registration Act, 1908 (the act) was enacted with a view to make a provision for levy and collection of Registration Fees for the State Governments. The Act provides for certain provisions for smooth levy and collection of Registration Fees. In order to remove ambiguities in regard to impose and collection of registration fees, it is proposed to insert Mortgage by way deposit of Title Deeds, Sale Certificate and Deleting sub-section 2(xii) of section 17 to facilitate the general public amendment is being carried out for better implementation. In order to implement the said changes, Punjab amended the The Registration Act, 1908.
3. The Indian Stamp Bill
The Indian Stamp Act, 1899 (the act) was enacted with a view to make a provision for levy and collection of stamp duty for the State Governments. The Act provides for certain provisions for smooth levy and collection of stamp duty. In order to remove ambiguities in regard to levy and collection of stamp duty for entry 6 and 48 of the schedule 1-A of the act, the provisions relating to above mentioned entries are proposed to be streamlined. To facilitate the general public amendment is being carried out for better implementation. In order to implement the said changes, Punjab amended the The Indian Stamp Act, 1899.