Sir, the original item 79 deals with stock exchanges and futures market and taxes other than stamp duties on transactions therein. Stamp duties are leviable by the Province on sales within their jurisdiction. The shares and stocks and securities are also liable to the payment of stamp duties on their sale price. As all stamp duties on sales are realised by the Provinces, any sales effected in the Stock Exchanges should also be levied directly by the States. The result of removing that condition from this entry will be to allow the Centre to levy this stamp duty although it would be credited to a certain fund. This will also enable the Central Government to distribute it to any State they think fit and not to the State in which the sale was effected and the stamp duty levied. I submit that the stamp duties should be exempted from the purview of the Centre.
