Home Mortgage Punjab assembly OKs 3 bills to speed up revenue cases, strengthen property rights, ease stamp duty | Chandigarh News
Mortgage

Punjab assembly OKs 3 bills to speed up revenue cases, strengthen property rights, ease stamp duty | Chandigarh News

Share


Punjab assembly OKs 3 bills to speed up revenue cases, strengthen property rights, ease stamp duty

Chandigarh: The Punjab assembly, during its one-day special session on Tuesday, passed three bills aimed at expediting revenue-related litigation, strengthening property rights in Abadi Deh areas, and rationalising stamp duty to improve ‘ease of doing’ business.The House passed The Punjab Land Revenue (Amendment) Bill, 2025, which seeks to expedite the disposal of cases pending before various revenue authorities under the Punjab Land Revenue Act, 1887. The amendments aim to reduce delays in adjudication, avoid wastage of litigants’ time, and prevent unnecessary harassment caused by summoning non-litigants. The bill also provides legal sanctity to digital records and digital signatures, with the objective of promoting citizen-friendly, digitised record-keeping.

Watch

Chandigarh Headlines Today — The Biggest Updates You Need to Know.

Independent MLA Rana Inder Partap Singh raised objections to the bill, pointing out what he described as flaws. He urged the House to constitute an expert committee and seek its recommendations before implementing the amendments.The assembly also passed The Punjab Abadi Deh (Record of Rights Amendment) Bill, 2025, which seeks to accelerate the implementation of the SVAMITVA Scheme, known in Punjab as the ‘Mera Ghar Mere Naam’ scheme. The scheme aims to confer ownership rights on residents of Abadi Deh areas. To speed up its implementation, the bill proposes reducing time limits for filing objections and for deciding appeals under Sections 11 and 12 of the Punjab Abadi Deh (Record of Rights) Act, 2021. The amendments are intended to ensure timely execution of the SVAMITVA/Mera Ghar Mere Naam Scheme across the state.The third legislation, The Indian Stamp (Punjab Second Amendment) Bill, 2025, seeks to amend Entry 6 of Schedule 1-A of the Indian Stamp Act, 1899. The bill aims to rationalise the levy of stamp duty on instruments relating to deposit of title deeds, hypothecation, and equitable mortgage. It proposes a single, capped stamp duty on the total loan amount to eliminate duplication of duty on the same loan transaction.The amendment is intended to enhance ‘ease of doing’ business by simplifying compliance, reducing transaction costs, and facilitating smoother access to credit, particularly for micro, small and medium enterprises, thereby supporting industrial development and economic growth in Punjab.While the amendment is expected to reduce annual stamp duty receipts from such instruments, the bill does not envisage any recurring or non-recurring expenditure from the Consolidated Fund of the State and, therefore, carries no direct financial implications for the state govt.



Source link

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Don't Miss

Mortgage Rates Are Expected to Be Flat/Lower Over the Next Five Years: So Why the 30-Year Fixed?

The brains over at Yahoo Finance set out to determine a five-year mortgage rate forecast using traditional research and Anthropic’s Claude.When combining 10-year...

Bitcoin whale and dolphin accumulation stalls, CryptoQuant warns of weakening demand

Bitcoin’s biggest buyers have stopped buying. CryptoQuant reported that whale balances have been flat since February 2026, while the so-called dolphin cohort, mid-sized...

Related Articles

Peoples Reserve Review 2026: Get a Mortgage with $BTC?

Peoples Reserve OverviewBest forUsing $BTC to qualify for a property loan without...

Mortgage offset account errors mean some Australians are owed thousands of dollars. Are you among them? | Banking

The corporate regulator has detailed how banks have had to pay tens...

Veteran broker: don’t expect Fed magic at this week’s meeting

Higher Treasury yields are pushing mortgage rates higher, but Kristin O'Neil...

Vacation-home mortgages post first annual gain since 2021

"Today's second-home buyers tend to have the financial flexibility to make a...