New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    As per the Indian Stamp Act if an instrument falls

    within two or more descriptions in Schedule I, how is the duty charged?
    A The instrument is charged with the lowest duty applicable among all descriptions Correct Answer Incorrect Answer
    B The instrument is exempt from duty in such cases Correct Answer Incorrect Answer
    C The instrument is charged with the highest duty applicable among the different descriptions Correct Answer Incorrect Answer
    D The instrument is charged with the average of the duties applicable Correct Answer Incorrect Answer
    E The instrument is charged with a fixed duty regardless of the descriptions Correct Answer Incorrect Answer

    Solution

    Explanation: Section 6.  Instruments coming within several descriptions in Schedule I: Subject to the provisions of the last preceding section, an instrument so framed as to come within two or more of the descriptions in Schedule I, shall, where the duties chargeable thereunder are different, be chargeable only with the highest of such duties: Provided that nothing in this Act contained shall render chargeable with duty exceeding one rupee a counterpart or duplicate of any instrument chargeable with duty and in respect of which the proper duty has been paid.

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