Regarding Foreign Direct Investment (FDI) and Fortune-500 Policy, 2023
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UTTAR PRADESH SHASAN STAMP EVAM NIBANDHAN ANUBHAG-2 In pursuance of provisions of clause (3) of Article 348 of the Constitution of India, the Governor is pleased to order the publication of the following English translation of Government Notification no. 25/2023/1566/94-S.R.-2-2023-700(91)/2023 dated 22 December, 2023 Notification Order No. 25/2023/1566/94-S.R.-2-2023-700(91)/2023 Lucknow, Dated : 22 December, 2023 In exercise of the powers under clause (a) of sub-section (1) of section 9 of the Indian Stamp Act, 1899 (Act no. 2 of 1899) as amended from time to time in its application to the State of Uttar Pradesh, the Governor is pleased to remit the stamp duty, under this notification, chargeable in respect of the instrument shown in Column-4 of the Schedule below, in accordance with the provisions of para 15 of the Foreign Direct Investment (FDI) and Fortune 500 Policy, 2023, to the eligible projects (Global and Indian) as described in para 9(A) of the said policy, to the extent mentioned in Column-3 of the Schedule below:- SCHEDULE Foreign Direct Investment and Fortune 500 Descriptions and Details Extent of Remission Nature of Instruments To the eligible projects(Global and Indian) as described in the policy on the purchase or lease of the land - (A) In Purvanchal and Bundelkhand (B) In Madhyanchal and Paschimanchal (except Gautam Buddh Nagar and Ghaziabad districts) (C)Gautam Buddh Nagar and Ghaziabad districts Conveyance under clause (a) of Article 23 and lease under Article 35 of the Stamp Act, 1899 The aforesaid exemption under this notification shall be subject to the following conditions:- 1- The exemption of the notification shall be available if the District Magistrate or the General Manager, District Industries Centre, of the concerned district shall confirm in the instrument that the deed is being executed under the Foreign Direct Investment (FDI) and fortune 500 policy-2023, and also sign as a witness for the said purpose. 2- Irrevocable Bank Guarantee of the amount equivalent to the remission of stamp duty in favour of the District Magistrate of the concerned district shall be presented before the registration at the time of the registration of such deed. The validity period of the bank guarantee should not be less than 5 years. 3- The provisions mentioned in this notification will remain in force for 5 years from the date of the issuance of G.O. no. 54/2023/3452/77-6-2023-02(m)/2022 dated 01-11-2023 of the Infrastructure and Industrial Development Commissioner (IIDC), regarding the commencement of the aforesaid policy. In case the aforesaid policy comes to end, by any means, the remittance under this notification shall be considered to be revoked by itself from the date of the withdrawal of the said policy. 4- The implementation of the notified provisions shall be done according to the extant procedural guidelines of the G.O. dated 31-03-2023 and G.O. dated 20-11-2023 issued by the Stamp and Registration Department and IIDC respectively. By order, Leena Johri Pramukh Sachiv.