Excelsior Correspondent
JAMMU, Feb 28: The Finance Department of the Union Territory Government today directed that duty charged under the Stamps Act will be remitted in case of documents executed between borrowers and lending financial institutions on fresh or additional loans advanced whose accounts have been restructured upon authorization by the Reserve Bank of India on relief measures by the banks in areas affected by natural calamities due to unprecedented situation in Kashmir since August 5, 2019.
A Finance Department order said that Branch Heads of the lending financial institutions will have to certify that loan accounts of borrowers who are being extended fresh or additional loans have been restructured as per the RBI’s directions.
The order will come into force with immediate effect and will be valid for one year.
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