Maharashtra slashes stamp duty on stock trades

Our Markets Bureau

Mumbai, Oct 14: In the present gloomy scenario, the only solace to the stock traders has come from the government of Maharashtra (GoM). The revenue department of the state government has decided to reduce the stamp duty for the share transaction on all trading terminals located within its territory for the period from April 1, 2001 to March 31, 2003. To this effect, for all speculative transaction, the stamp duty has been reduced from Re 1 per Rs 10,000 of traded value to Re 0.20 per Rs 10,000 of traded value.
However, for the delivery-based transactions, the the old rate of Re 1 per Rs 10,000 will continue.

The broking community has welcomed the decision taken in the public interest by the forward looking GoM. The Association of NSE Members of India (Western India Regional Council) chairman Suresh Mittal also welcomed the move by the department.