After the precedent and the requirement of stamp to make a contract legally applicable, it is equally important to understand the pillars of the contract through the provisions of Sections 4 and 7 of the Indian Contract Act,1872 (Law). According to the principle of Islamic evidence, the Qanun-e-Shahadat Order of 1984 provides that two witnesses are required in cases concerning financial or future commitments. Each type of contract/agreement is attested by two witnesses and the following information about each witness must be specified in contract i. Name and signature ii. The implementation of the agreement through electronic signature, as inserted in the Information Technology Act (Amendment) Act 2008, comes into play when contract negotiations are concluded. No explanation on this scale was found by Superior Courts of Pakistan, but this principle was governed by HON`BLE JUDGE (S): MADELEY , J and reported in AIR 1943 OUDH 314, provided that „Stamp purchased more than six months ago – use of – validity. Section 54 does not prohibit the use of stamps purchased more than six months ago. Everything the P says. 54 is that after six months of purchasing the stamps, a person cannot get his money back if he has submitted them to the collector“ and the same principle was applied by the Supreme Court of India in the case of `Thirngauveda Pillai vs Navaneethammal – Anr` Order of 19.2.2008 in writ Petition (Civil) 290 of 2001. decided, in paragraph 11 of the judgment, that the Indian Stamp Act 1899 does not impose an expiration date for the use of buffer paper.
However, section 54 of the Act provides that a person can claim a refund of the value of the unutilized stamp paper by giving the same thing to the collector, provided it is acquired within six months. As far as the duty of the state is concerned, it generally varies from state to state. Nevertheless, there is a general pattern that is followed. Let`s take a look, for example, at the stamp duty imposed by the Karnataka government. In addition to the documents mentioned above, the Karnataka government imposes a stamp duty: it is a computerized and secure way of paying non-judicial stamp duty to the government. Stamping is currently used in the states mentioned below, namely Odisha, Maharashtra, Karnataka, Delhi, Tamilnadu, Rajasthan, Himachal Pradesh, etc. are also available in some EU territories. Like contract law in most countries, the Indian Contract Act of 1872 considers that all agreements that meet the essential requirements of free consent, legitimate consideration and lawful purpose are valid and applicable. It is important to note that even oral agreements, which constitute a wide range of contracts in India, are valid contracts under the law, provided they fulfill the essential elements of a contract. The Contracts Act does not make the stamp of agreements mandatory and does not consider that an unstamped agreement/contract is invalid and unenforceable. Agreements therefore do not require a mandatory stamp to be considered legal and valid. Even if they are not stamped, they will still be enforceable to the parties who have signed the same thing.
3. However, it will be wise to get the notarized agreement (preferably back). Although we have evolved as a pro-technological nation, the physical signing of agreements are favoured by individuals and companies for better assurance and negotiations, whenever necessary. The value of non-judicial philatelic papers of rs. 100, Rs. 500, Rs. 1000, Rs. 5000, Rs.
10000, Rs. 15000, Rs. 20000, Rs. 25000 and Rs. 75000 are available in India. The Supreme Court of Hon`ble therefore held that Section 54 of the Indian Stamp Act does not require anyone to use it within six months and that there is no obstacle to stamp paper purchased more than six months prior to use for the execution of a document/Act 1.