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Bill of exchange: stamping
 

 

The stamp duty payable on the majority of bills of exchange was abolished as from 1 February 1971. The abolition of this duty was .of considerable significance as applied to cheques, as, before the abolition, bank customers were obliged to pay the stamp duty applicable to a cheque book when they obtained it from a bank.

Reference: The Penguin Business Dictionary, 3rd edt.