(1) The Government, if satisfied that it is necessary to do so in the public interest, may by rule or order published in Official Gazette, reduce or remit, whether prospectively or retrospectively, in the whole or any part of the territories under its administration, 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 member of such class are chargeable.
(2) The Inspector General of Stamps may by order provide for the composition or consolidation of duties in the case of receipt, policy of Insurance and issues by any incorporated company or other body corporate or of transfers where there is a single transferee, whether incorporate or not, of debentures, bonds or other marketable securities.
Explanation- In sub-section (1) of section 9, the expression "the Government means,-"
(a) in relation to stamp duty in respect of bills of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, transfer of shares, debentures, proxies and receipts chargeable to stamp duty under the Indian Stamp Act, 1899 (Act No. 2 of 1899) the Central Government,
(b) save as aforesaid, the State Government.
[9.A. Power to reduce or remit penalty or interest- The State Government, if satisfied that it is necessary to do so in the public interest, may by notification published in the official Gazette, reduce or remit, the penalty or interest or both imposed or chargeable under this Act.]