.......Uncertainty also remains on the stamp duty front. RBI said a new section, 8E, had been inserted in the Indian Stamp Act, 1899, vide Banking Laws (Amendment) Act, 2012, and notified in Gazette of India, exempting foreign lenders from paying stamp duty on converting branches into subsidiaries. A senior banker, part of the compliance team of a foreign bank in India, said: “We understand that stamp duty is a state subject and we are not sure if the central government, through a gazette notification, can override state laws. We need to be absolutely certain if we don’t have to pay stamp duty before we decide to set up a subsidiary here.”.......
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