The Maharashtra government has amended the state’s Stamp Act to introduce a separate category for stamp duty on bank guarantees. Previously, bank guarantees were charged full stamp duty under the category of ‘security bonds’ as there was no specific provision for them. The new amendment is expected to bring financial relief to businesses and enhance transparency in the renewal process.
The amendment, presented by Revenue Minister Chandrashekhar Bawankule in the state assembly, received unanimous approval. It includes a distinct article for bank and financial guarantee instruments, aiming to facilitate ease of doing business and boost government revenue. Additionally, a meeting will be held to address outstanding dues owed to the Brihanmumbai Municipal Corporation by the National Sports Club of India in Worli.
Minister Shambhuraj Desai announced the upcoming meeting in response to concerns raised by members. He emphasized that recommendations from the Public Accounts Committee will be strictly followed, and a dedicated committee will investigate the club’s operations and financial transactions. Minister of State for Urban Development Madhuri Misal mentioned that the corporation has already recovered a significant amount from the institution and is working to collect the remaining dues in phased installments.
