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Stamp Duty Law: Stamp Duty on Promissory Notes

**Stamp Duty Law: Stamp Duty on Promissory Notes**

14 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

What is the rate of stamp duty on a promissory note?

  1. 0.25%
  2. 0.50%
  3. 0.75%
  4. 1.00%
Question 2 Multiple Choice (Single Answer)

What is the maximum amount of stamp duty that can be charged on a promissory note?

  1. Rs. 1,000
  2. Rs. 2,000
  3. Rs. 3,000
  4. Rs. 4,000
Question 3 Multiple Choice (Single Answer)

Who is responsible for paying the stamp duty on a promissory note?

  1. The maker of the note
  2. The payee of the note
  3. The holder of the note
  4. The endorser of the note
Question 4 Multiple Choice (Single Answer)

When is the stamp duty on a promissory note payable?

  1. At the time the note is executed
  2. At the time the note is delivered
  3. At the time the note is negotiated
  4. At the time the note is paid
Question 5 Multiple Choice (Single Answer)

What happens if a promissory note is not stamped?

  1. The note is void
  2. The note is unenforceable
  3. The note is subject to a penalty
  4. All of the above
Question 6 Multiple Choice (Single Answer)

What is the penalty for not stamping a promissory note?

  1. A fine of up to Rs. 1,000
  2. Imprisonment for up to six months
  3. Both a fine and imprisonment
  4. None of the above
Question 7 Multiple Choice (Single Answer)

Can a promissory note be stamped after it has been executed?

  1. Yes, if it is done within 30 days of execution
  2. Yes, if it is done within 60 days of execution
  3. Yes, if it is done within 90 days of execution
  4. No, it cannot be stamped after it has been executed
Question 8 Multiple Choice (Single Answer)

What is the procedure for stamping a promissory note after it has been executed?

  1. The note must be taken to the nearest stamp vendor
  2. The note must be sent to the Stamp Commissioner
  3. The note must be stamped by a notary public
  4. The note can be stamped by any authorized person
Question 9 Multiple Choice (Single Answer)

What is the cost of stamping a promissory note after it has been executed?

  1. The same as the cost of stamping the note at the time of execution
  2. Double the cost of stamping the note at the time of execution
  3. Triple the cost of stamping the note at the time of execution
  4. Quadruple the cost of stamping the note at the time of execution
Question 10 Multiple Choice (Single Answer)

What is the maximum amount of stamp duty that can be charged on a promissory note that is stamped after it has been executed?

  1. Rs. 2,000
  2. Rs. 3,000
  3. Rs. 4,000
  4. Rs. 5,000
Question 11 Multiple Choice (Single Answer)

What are the consequences of not stamping a promissory note after it has been executed?

  1. The note is void
  2. The note is unenforceable
  3. The note is subject to a penalty
  4. All of the above
Question 12 Multiple Choice (Single Answer)

What is the penalty for not stamping a promissory note after it has been executed?

  1. A fine of up to Rs. 2,000
  2. Imprisonment for up to one year
  3. Both a fine and imprisonment
  4. None of the above
Question 13 Multiple Choice (Single Answer)

Can a promissory note be stamped more than once?

  1. Yes, if the note is stamped within 30 days of execution
  2. Yes, if the note is stamped within 60 days of execution
  3. Yes, if the note is stamped within 90 days of execution
  4. No, a promissory note can only be stamped once
Question 14 Multiple Choice (Single Answer)

What happens if a promissory note is stamped more than once?

  1. The note is void
  2. The note is unenforceable
  3. The note is subject to a penalty
  4. All of the above
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