THE KARNATAKA STAMP (FOURTH AMENDMENT) ACT, 2016
(Received the assent of the Governor on the Twenty Sixth day of July, 2016)
KARNATAKA ACT NO 21 OF 2016
(First Published in the Karnataka Gazette Extra-ordinary on the Twenty Seventh day of July, 2016)
An Act further to amend the Karnataka Stamp Act, 1957.
Whereas it is expedient further to amend the Karnataka Stamp Act, 1957 (Karnataka Act 34 of 1957) for the purposes hereinafter appearing;
Be it enacted by the Karnataka State Legislature in the Sixty-seventh Year of Republic of India as follows:-
1. Short title and commencement.– (1) This Act may be called the Karnataka Stamp ( Fourth Amendment) Act, 2016.
(2) It shall be deemed to have come into force with effect from the 22nd day of June, 2016.
2. Amendment of schedule.- In the Karnataka Stamp Act, 1957, (Karnataka Act 34 of 1957) in the schedule, in the article 30, after item (2), the following article shall be inserted, namely:-
Description of Instrument
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Proper Stamp Duty
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"(3) Notwithstanding anything contained in clause (1) and (2) above, in respect of,-
(a) Mine Development and Production Agreement (MDPA) and or Mining Lease
granted through auctions:-
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(i) where the lease purports to be for a term exceeding one year and not exceeding ten years.
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One rupee for every one hundred rupees or part thereof on the total amount or value of; the average annual royalty and average annual payment based on the final price offer obtained in the auction calculated on the estimated average annual production as per the
approved mining plan.
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(ii) where the lease purports to be for a term exceeding ten years and not exceeding twenty years
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Two rupees for every one hundred rupees or part thereof on the total amount or value of; the average annual royalty and average annual payment based on the final price offer obtained in the auction calculated on
the estimated average annual production as per the approved mining plan.
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(iii) where the lease purports to be for a term exceeding twenty years and not exceeding thirty years
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Three rupees for every one hundred rupees or part thereof on the total amount or value of; the average annual royalty and average annual payment based on the final price offer obtained in the auction calculated on
the estimated average annual production as per the approved mining plan.
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(iv) where the lease purports to be for a term exceeding thirty years or in perpetuity or does not purport to be for any definite term.
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Five rupees for every one hundred rupees or part thereof on the total amount or value of; four times the average annual royalty and four times the average annual payment based on the final price offer obtained in the auction calculated on the estimated average annual production as per the approved mining plan
Provided that in any case when Mine Development And Production Agreement (MDPA) is duly stamped with the ad valorem stamp required for MDPA as well as for a mining lease and a mining lease in pursuance of such Mine Development And Production Agreement is subsequently executed, the duty on such mining lease shall not exceed rupees fifty:
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(b): Mine Development and Production
Agreement (MDPA) and or Mining Lease granted other than by auctions.
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(i) where the lease purports to be for a term exceeding one year and not exceeding ten years.
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One rupee for every one hundred rupees or part thereof on the total amount or value of; the average annual royalty and average annual payment as share of value of mineral calculated on the estimated average annual production as per the approved mining plan, premium, money advanced, security deposit and fine.
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(ii) where the lease purports to be for a term exceeding ten years and not exceeding twenty years
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Two rupees for every one hundred rupees or part thereof on the total amount or value of; the average annual royalty and average annual payment as share of value of mineral calculated on the estimated average annual production as per the approved mining plan,
premium, money advanced, security deposit and fine.
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(iii) where the lease purports to be for a term exceeding twenty years and not exceeding thirty years
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Three rupees for every one hundred rupees or part thereof on the total amount or value of; the average annual royalty and average annual payment as share of value of mineral calculated on the estimated average
annual production as per the approved mining plan, premium, money advanced, security deposit and fine.
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(iv) where the lease purports to be for a term exceeding thirty years or in perpetuity or does not purport to be for any definite term.
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Five rupees for every one hundred rupees or part thereof on the total amount or value of; four times the average annual royalty and four times the average annual payment as share of value of mineral calculated on the estimated average annual production as per the approved mining plan, premium, money advanced, security deposit and fine; or on the value of Estimated Resources whichever is higher;
Provided that in any case when Mine Development And Production Agreement (MDPA) is duly stamped with the ad valorem stamp required for MDPA as well as for mining lease and a mining lease in pursuance of such Mine Development And Production Agreement is subsequently executed, the duty on such mining lease shall not exceed rupees fifty:
Explanation: (1) The term "money advanced and security deposit" in this Article means and includes the money advanced and security deposit including performance guarantee whether refundable or adjustable towards any other payments.
(2) "Value of Estimated Resources" shall have the same meaning as that in the Minerals (Other than
Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016.
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3. Repeal and savings.- (1) The Karnataka Stamp (Amendment) ordinance, 2016 (Karnataka ordinance 2 of 2016) is hereby repealed.
(2) Notwithstanding such repeal anything done or any action taken under the Principal Act as amended by the said Ordinance shall be deemed to have been done or taken under the principal Act as amended by this Act.
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