Question
Under Section 29 of the RBI Act, 1934, the Bank is
exempt from the payment of stamp duty on bank notes under which enactment?Solution
Section 29 provides that the Bank shall not be liable to the payment of any stamp duty under the Indian Stamp Act, 1899 in respect of bank notes issued by it. The earlier reference to 'Burma notes' was omitted by Act 11 of 1947. This exemption recognises the unique sovereign character of currency issuance. The correct enactment under which the stamp duty exemption applies is the Indian Stamp Act, 1899.
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