Stamp duty on bills of exchange drawn on banks is not payable, says expert

Q. What is the rate of stamp duty applicable on bills of exchange drawn on DA basis in respect of import bills under letter of credit? Is there any exemption?
 

The rate of stamp duty is given in Entry no. 13 of Schedule 1 to the Indian Stamp Act, 1899. It is too detailed to give in the limited space available here. In case of bills of exchange drawn on the importer, stamp duty is payable for usance period beyond 90 days. It is not payable on bills of exchange with usance period of up to 90 days. Under a