Are Revenue stamps (Re.1/-) available in karnataka? are they stil valid to be used for Promisory notes?

Question

Are Revenue stamps (Re.1/-) available in karnataka? are they stil valid to be used for Promisory notes? If yes, wher can i get them? Thanks a lot !

Answer 1

Please note that this is being phased out by the government, if not already in effect:

"‘‘All transactions will be carried out without revenue stamps in future. The government has decided to ban revenue stamps (Re 1-Rs 10 denomination). A notification to this effect will be issued shortly,’’ revenue minister H C Srikantaiah told the Times News Network.

Following the official decision, the Re 1 stamp on which signatures are required for loans from banks and lending agencies, money transfers, disbursement of salaries and borrowing, will go out of circulation. Consequently, the government exchequer won’t earn a single paise from the transactions."

Answer 2

As per the Indian Stamp Act,1899, for all cash payment exceeding Rs.5000/- revenue stamp worth Re.1/- must be affixed. (Before amendment in Indian Stamp Act,it was necessary for cash payment exceeding Rs.500/-)

It is valid to be used for Promissory Note.

Answer 3

Yes, the Re. 1/- revenue stamps are still valid and these are used for only cash payment of Rs.500/- and more and not exceeding Rs.20,000/- as the Income Tax Act, 1961 provided for payment exceeding Rs. 20,000/- to be paid either by an account payee cheque or draft.  Hence you can follow the above for using the Re.1/- revenue stamps.