The Punjab Vidhan Sabha Secretariat issued a notification publishing the Registration (Punjab Amendment) Bill, 2023.
The Registration Act of 1908 has detailed regulations defining the establishment that may register documents, namely the Registrar and Sub-Registrars. It also elucidates on the deeds that must be registered, such as sales deeds, when and where they must be registered, and many other subtleties.
The Registration Act, 1908 was enacted with a view to make a provision for levy and collection of Registration Fees for the State Governments. The Act provides for certain provisions for smooth levy and collection of Registration Fees.
The present Amendment is sought to be made in Section 17 which provides for ‘Documents of which registration is compulsory’
The present Amendment has sought the registration of any instrument or agreement relating to the deposit of title deeds (Equitable Mortgage), where such deposit has been made by way of security for the repayment of a loan or an existing or future debts.
Further, the Amendment Bill also requires the registration of any certificate of sale granted to the purchaser of any property sold by public auction by a Civil or Revenue Officer or Civil Court or any authority, under law. It may be recalled that presently, such certificates were exempted from registration. The Amendment Bill seeks to delete this exemption.
