CM Bhagwant Mann Applauds Governor’s Assent to Three Key Bills for Enhanced Property and Registration Reforms in Punjab

SAYS BILLS INCLUDE REGISTRATION (PUNJAB AMENDMENT) BILL, 2023, TRANSFER OF PROPERTY (PUNJAB AMENDMENT) BILL 2023 AND INDIAN STAMP (PUNJAB AMENDMENT), BILL 2023 WILL GO A LONG WAY IN ENSURING WELL BEING OF PEOPLE

HOPES THAT GOVERNOR WILL VERY SOON CLEAR THE PENDING BILLS TOO

Chandigarh, January 7- Punjab Chief Minister Bhagwant Singh Mann on Sunday profusely thanked Governor Banwari Lal Purohit for according assent to three key bills passed by the state assembly.

In a statement issued here today, the Chief Minister said that it is heartening to learn that the three bills, which have been duly passed by the state legislature, have been cleared by the Governor. He said that these bills include Registration (Punjab Amendment) Bill, 2023, Transfer of Property (Punjab Amendment) Bill 2023 and Indian Stamp (Punjab Amendment), Bill 2023. Bhagwant Singh Mann said that these bills have been passed in the state legislature for facilitating the people of the state.

The Chief Minister said that all these bills will act as a catalyst for imparting citizen centric services to the people in a prompt and hassle free manner. He said that these bills are aimed at revolutionizing the system in Punjab by necessary reformation. Bhagwant Singh Mann envisioned that people will be immensely benefitted with the clearance of these bills adding that it will go a long way in facilitating them.

The Chief Minister also expressed hope that the Governor will also give his assent to the remaining pending bills very soon. 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. Bhagwant Singh Mann said that it is ‘never late to mend’ and the decision of the Governor is a welcome step.

Pertinently, 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 rupees one crore. In this way common people of Punjab state will be able to legally benefit from the equitable mortgage by shelving very little money from their pockets.

Similarly, the Registration (Punjab Amendment) Bill, 2023 was necessary as whenever a property is sold in a public auction (bid) by a revenue officer or by a civil court, a sale certificate is issued by that officer on which 3% stamp duty is levied. But this sale certificate is not registerable as per existing law, so, generally neither stamp duty is paid on such a sale certificate nor it is registered. Apart from being a violation of the law, the government also loses stamp duty of crores of rupees in this process and in case of a court case, the buyer faces legal problems in absence of correct stamp duty on the said sale certificate. Therefore, this bill makes this document a compulsory registrable document, so that the Punjab government can get due stamp duty in the sale certificate and the general public do not face any legal problem.

Likewise Indian Stamp (Punjab Amendment) Bill, 2023 deals with powers of attorney outside family relationships as at present, only Rs.1000/- to Rs.2000/- stamp duty is levied in such power of attorney irrespective of the value of the land. By misusing the above facility, to save the stamp duty levied on the sale deed, often the properties are illegally sold through power of attorney whereas the power of attorney can be revoked at any time and its legal recognition in any manner is not equivalent to a sale deed.

Thus apart from huge loss of revenue to the Punjab government, there are also many types of legal hurdles (Litigations) in this process. In order to prevent the above illegal practice, it is proposed to impose 2% stamp duty on power of attorneys issued out of family relationship through the proposed amendment. This will increase the exchequer of Punjab and prevent the common people from facing many legal hurdles related to property.