Chennai, Nov 6 (KNN) The state government has announced relaxation and reduction from the payment of stamp duty for registration of agreements executed by micro, small and medium enterprises (MSME) for loans taken under the Aatma Nirbhar Bharat Scheme.

Reportedly, a government order by the commercial taxes and registration department on Thursday said that the government had examined the proposal of the inspector general of registration and decided to grant exemption from payment of stamp duty with respect to registration of agreement relating to deposit of title deeds executed for securing loans availed from banks and financial institutions by MSMEs under Aatma Nirbhar Bharat Scheme.

The exemption will be available till March 31, 2021.

Normally, the registration of such agreements would have carried the levy of stamp duty of 0.5 per cent of the loan amount with a maximum of Rs 30,000.

The government has also decided to reduce the registration fee to 0.1 per cent in respect of the agreements on deposit of title deeds for loans taken by micro and small enterprises. Till now, the rate of the fee is 1 per cent with a maximum of Rs 6,000.