Question

Ordinarily, an amount of payment exceeding 5000/- is

• A. vulnerable to stamp duty
• B. exempted from stamp duty
• C. subjected to a flat processing fee
• D. not allowed for electronic transactions

Answer 1

Answer:

A. vulnerable to stamp duty

Note:

• For acknowledgement of receipt, the banks issue a (FD) Fixed deposit 

• On the security of FDR, the bank provides up to 80% of the amount as FD loans

• FDR is exempted from stamp duty

• Ordinarily in other cases, an amount of payment exceeds of 5000 is affixed revenue stamps.