Financing shgs
SUSANTA KR MUKHOPADHYAY
(Querist) 20 September 2012
This query is : Resolved
DEAR SIR,
I AM A BANK MANAGER.WE HAVE BEEN ASKED TO LENDON GROUPS UNDER SELF HELP GROUPS.MY QUERY IS WHETHERSTAMP DUTY IS EXEMPTED FORLOAN UP TO RS2/- LACS FOR A SINGLE BORROWAL ACCOUNT.BUT IF BORROWER HAS OTHER BORROWAL ACCOUNT WHICHTOGETHER WITH WHAT IS PROPOSED TO BE FINANCED TO NEW PROECT OF THE SHG EXCEEDS RS2/- LACS THEN STAMP DUTY ISAPPIUCABLE?
S K MUKHOPADHYAY,EMAIL SU_HITA@YAHOO.COM
Devajyoti Barman
(Expert) 20 September 2012
To sanction loan you need no stamp paper though making a formal loan agreement is advisable.
At the time of handling over the DD/Cheque get sign of the borrower on a Receipt having Revenue Stamp affixed on it.
K.K.Ganguly
(Expert) 20 September 2012
Hope you have printed loan agreement form for both for cash credit limit & term loan which needs to be signed by the borrower & you. No stamp duty is required to be affixed on it.
In case of term loan, if you are paying the amount to third party, take a letter of instruction from the self help group to that effect.
