Certain transactions are exempted from the stamp duty levy, which includes loan disbursements and payments, profit payments, intra-account transfers inside the identical financial institution or among unique banks for the identical consumer, and intra-bank transfers between customers of the identical financial institution. Inter-branch transfers within a bank, cheque clearing and settlements, Letters of Credit, banks’ recapitalization-associated investment excellent bulk price range action from series accounts, savings and deposits, consisting of transactions associated with long-time period investments, among others, are also exempted from the levy. The crucial financial institution has currently advised banks to deduct a 0.375 percent stamp obligation charge on all mortgage-subsidized loans and bonds. Additionally, the apex financial institution has stopped fintech corporations such as Opay and Palmpay from onboarding new customers.
