Chandigarh: Punjab governor Banwarilal Purohit has accorded approval to three bills passed on the concluding day of the two-day winter session held in November. Purohit approved Registration (Punjab Amendment) Bill, 2023, Transfer of Property (Punjab Amendment) Bill, 2023, and Indian Stamps (Punjab Amendment) Bill, 2023.
While thanking the governor, chief minister Bhagwant Mann expressed hope that the governor will also give his assent to the remaining pending bills.He said that the state legislature, which is duly elected by more than three crore people of the state, had passed these bills while keeping in view the larger public interest and the nod by governor will ensure that they were implemented in right earnest. Mann said that it is ‘never late to mend’ and the decision of the governor is a welcome step.
Last year, the chief minister and the governor were locked in a war of words with Mann accusing him of sitting over bills passed by the state assembly. Punjab government moved the Supreme Court following which the apex court ruled that governors cannot sit on bills.
The Transfer of Property (Punjab Amendment) Bill 2023 aims at providing the facility of equitable mortgage to the entire state of Punjab as with this bill, the entire state will get the legal facility of equitable mortgage and the treasury of Punjab will also get due stamp duty. Along with this, the stamp duty levied on such loans is being reduced to 0.25% uniformly across the state, with only Rs 250 on a loan of one lakh and only Rs 25,000 on a loan of Rs 1 crore.
The Registration (Punjab Amendment) Bill, 2023 mandates the registration of any certificate of sale issued to the purchaser of a property sold through public auction, whether conducted by a civil or revenue officer, civil court, or any relevant authority. The bill extends the registration requirement to encompass any instrument or agreement pertaining to the deposit of title deeds (equitable mortgage).
The Indian Stamp (Punjab Amendment) Bill, 2023 deals with powers of attorney outside family relationships as at present, only Rs 1,000 to Rs 2,000 stamp duty is levied in such power of attorney irrespective of the value of the land.
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