(1) When an instrument brought to the Collector under section 35 is, in his opinion, one of a description chargeable with duty, and
(a) The Collector determines that it is already fully stamped, or
(b) the duty determined by the Collector under section 35, or such a sum as, with the duty already paid in respect of the instrument, is equal to the duty so determined, has been paid, the Collector shall certify by endorsement on such instrument that the full duty (stating the amount) with which it is chargeable, has been paid.
(2) When such instrument is, in his opinion, not chargeable with duty, the Collector shall certify in the manner aforesaid that such instrument is not so chargeable.
(2A) When an executed instrument brought to the Collector under section 35 is, in his opinion, one of the descriptions chargeable with duty and the duty determined by him exceeds the duty already paid in respect of the instrument, he shall require the payment of the balance amount within reasonable time as may be allowed by him and on payment of such amount the Collector shall certify by endorsement that the full duty (stating the amount), with which it is chargeable, has been paid.
(3) Any instrument upon which an endorsement has been made under this section, shall be deemed to be duly stamped or not chargeable with duty, as the case may be; and, if chargeable with duty, shall be receivable in evidence or otherwise, and may be acted upon and registered as if it had been originally duly stamped :
Provided that nothing in this section shall authorize the Collector to endorse any instrument chargeable with a duty not exceeding ten paise or any bill of exchange or promissory note, when brought to him, after the drawing or execution thereof, on paper not duly stamped.
Provided further that:
(a) any instrument executed or first executed in the State and brought to the Collector within one month of its execution or first execution, as the case may be; or
(b) any instrument executed or first executed out of State and brought to the Collector within three months after it has been first received in the State; shall be chargeable with duty as applicable at the time of its execution and where any instrument is presented to the Collector after the period specified above, such instrument shall be chargeable with duty as applicable at the time of its presentation and calculated on the basis of market value, wherever applicable, prevalent on the date of its presentation before the Collector and he may certify accordingly.