Section 9: Power to reduce, remit or compound duties.

[The [Government of the Union territory of Jammu and Kashmir], if satisfied that it is necessary to do so in the public interest, may, by rule or order published in the [Official Gazette],—

(a) reduce or remit, whether prospectively or retrospectively, in the whole or any part of the [Union territory of Jammu and Kashmir], the duties with which any instruments or any particular class of instruments, or any of the instruments belonging to such class, or any instruments when executed by or in favour of any particular class of persons, or by or in favour of any members of such class, are chargeable, and

[(b) provide for the composition or consolidation of duties of policies of insurance and on issues by any incorporated company or other body corporate, or on transfers where there is a single transferee whether incorporated or not, of debentures, bonds or other marketable securities.]