Amendment of section 2, Rajasthan Act No. 14 of 1999

In section 2 of the Rajasthan Stamp Act, 1998 (Act No. 14 of 1999), hereinafter in this Chapter referred to as the principal Act,-

1. (i) for the existing clause (xi), the following shall be substituted, namely:- “(xi) “Conveyance” means an instrument, by whatever name called, which effects or evidences an inter vivos transfer of property, whether movable, immovable, intangible, or of any estate, right, title, interest, or beneficial interest therein, from one person to another and which is not otherwise specifically provided for by the Schedule, and includes-

1. (a) a conveyance on sale;
2. (b) any instrument by which intangible property, including actionable claims, intellectual property rights, business rights, or any other incorporeal rights, is transferred;
3. (c) any instrument, decree or final order of a court, tribunal, or other competent authority in so far as such instrument, decree, or order itself purports to create, declare, assign, limit, or extinguish rights in property;
4. (d) any instrument or order relating to Corporate Restructuring;
5. (e) any instrument transferring the following rights constituting separate and transferable proprietary interests-
   • (i) air rights,
   • (ii) development rights, or
   • (iii) sub-surface or underground rights;”;
   • (ii) after the existing clause (xi) and before the existing clause (xii), the following new clause shall be inserted, namely:- "(xi-a) “Corporate Restructuring” means any arrangement, compromise, merger, amalgamation, demerger by transfer of an undertaking or part thereof, slump sale or transfer of an undertaking as a going concern, or reconstruction of a body corporate carried out under any law for the time being in force, including under the sections 232, 233 or 234 of the Companies Act, 2013 (Central Act No. 18 of 2013), section 44-A of the Banking Regulation Act, 1949 (Central Act No. 10 of 1949) or section 31 of the Insolvency and Bankruptcy Code, 2016 (Central Act No. 31 of 2016);";
   • (iii) for the existing clause (xvii) the following shall be substituted, namely:- "(xvii) "India" means the territory of India;";
   • (iv) after the existing clause (xx) and before the existing clause (xxi), the following new clause shall be inserted, namely:- "(xx-a) "Intangible property" means any property which does not have a physical form but represents legal rights, commercial advantages, financial interests, or intellectual creations having monetary value;”;
   • (v) the existing clause "(xxxiii-a)" shall be renumbered as "(xxxiii-b)".;
   • (vi) after the existing clause (xxxiii) and before the clause (xxxiii-b) so renumbered, the following new clause shall be inserted, namely:- "(xxxiii-a) “Received in the State”, in relation to an instrument executed outside the State of Rajasthan, means the bringing or transmission of such instrument into the State, whether in original or in copy, with the intention of its being acted upon, enforced, relied upon, produced before any authority, or otherwise made legally operative within the State, and includes any other case where such instrument is so used or sought to be used within the State;".