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Punjab Cabinet okays Amendment to Indian Partnership Act, 1932 to revise nearly 90-yr old Fee Structure

Chandigarh, February 19, 2021 (Yes Punjab News)
The Punjab Government has decided to revise the nearly 90-year-old fee structure under the Indian Partnership Act, 1932, to bring the same at par with other states.

The decision was taken on Friday by the Cabinet led by Chief Minister Captain Amarinder Singh.

The Council of Ministers approved ‘The Indian Partnership (Punjab Amendment) Bill, 2021’ for the revision of fee for various services as contained in Schedule-1 under Section 71 of the Act, such as Registration of firms, Updation of records, Inspection and Copying.

Disclosing this, a spokesperson of the Chief Minister’s Office said that the prescribed fee structure for various services as currently contained in Schedule-1 of the act is too meagre and has become irrelevant with the passage of time, as the existing fee structure has not been revised since the Act came into force in 1932.

Under the revised structure, Rs.5000 would now be charged for making a statement under section 58 for application registration as against Rs. 3/- charged earlier. Instead of the existing Rs 1/-, the revised structure provides for charging Rs. 500 each for making a statement under section 60 for recording of alternations in firm name and principal place of business, for intimation under section 61 for noting of closing and opening of branches, for intimation under section 62 for changes in names and addresses of partners, notice under section 63 (1) & 63 (2) for recording of changes in and dissolution of a firm, recording of withdrawal of a minor besides application under section 64 for rectification of mistakes respectively, said the spokesperson.

Further, Rs. 100 each in place of earlier fee of fifty paisa would be now charged for inspection of one volume of the register of firms under sub-section (1) of section 66, for inspection of all documents related to one firm under sub-section (2) of section 66 regarding inspection of register and filed documents and Rs. 20 against previous fee of twenty five paise for each hundred words or part thereof regarding copies from the register of firms under section 67 for the purpose of grant of copies.

Notably, barring Punjab and Haryana, other major states like Maharashtra, Rajasthan, Madhya Pradesh and Uttar Pradesh have been charging higher fee for various services offered under the Indian Partnership Act, 1932.

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