KARACHI, Nov 27: Sindh Governor Mohammedmian Soomro has promulgated the Stamp (fifth amendment) Ordinance 2002, whereby the stamp duty on loans advanced on mark-up basis up to Rs0.5 million has been reduced from Rs1,000 to 0.2 per cent.

In the stamp Act 1899, in its application to the province of Sindh, in Article 19, for clause (i) the following shall be substituted.

(i) Where the amount does not exceed Rs0.5 million - 0.2 per cent; (i-a) where the amount does not exceed Rs1 million - Rs1,000.

The ordinance will come into force at once and shall benefit small borrowers, shop buyers, traders, etc., as it was thought that a fixed rate of Rs1,000 for loans on mark-up basis was inequitable and unjust.—APP