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Rasika Argade   25 July 2024

Revenue stamp on demand promissory note

Hi all, Please solve my query. 

If there are multiple borrowers/co-borrowers in a loan application then is it require to put revenue stamp for each borrower? or it is valid/legal to put only one revenue stamp and signed by all borrower/co-borrowers on Demad Promissory Note?



Learning

 4 Replies

kavksatyanarayana (subregistrar/supdt.(retired))     25 July 2024

A revenue stamp shall be affixed by the borrower.

T. Kalaiselvan, Advocate (Advocate)     25 July 2024

There is no hard and fast rule that the borrower has to sign only on the revenue stamp affixed in it, especially if there are more than one borrower, they can sign the promissory note one by one or in the order as they have decided, signing over the revenue stamp alone is not mandatory.

Rasika Argade   25 July 2024

My query is only one (single) revenue stamp would suffice on demand promissory note even if there are multiple borrower/coborrower? OR we need to attach revenue stamp for each borrower seperately so there will be multiple revenue stamp on single promissory note?

T. Kalaiselvan, Advocate (Advocate)     25 July 2024

Your query was ansered properly but without understanding the anser you are repeating the same question. 

When it is not at all mandatory to affix revenue stamp to the promissory note then where  is the legal  necesity  to affix revenue stamps by each borrower

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