Stamp Duty Rate: The existing stamp duty rate on an important section of Schedule 1A of the Indian Stamp Act is mentioned below: Like contract law in most countries, the Indian Contracts Act of 1872 affirms that all agreements satisfying the essential conditions of free consent, legal consideration and legitimate subject matter are valid and enforceable. It is important to note that oral agreements, which constitute a wide range of contracts in India, are also contracts in force in accordance with the law, as long as they fulfill the essential elements of a contract. The Contracts Act does not make the stamp of agreements mandatory and does not consider an unstified agreement/contract to be invalid and unenforceable. Agreements therefore do not require a mandatory stamp for them to be considered legal and valid.

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