reduce or remit, whether prospectively or retrospectively, in the whole or any part of [the territories under its administration] [Substituted by A.O.1937, for "British India " .], the duties with which any instruments or any particular class of instruments, or any of the instruments belonging to such class, or any instruments when executed by or in favour of any particular class of persons, or by or in favour of any members of such class, are chargeable, and

provide for the composition or consolidation of duties [of policies of insurance and] [Inserted by Act 23 of 2004, Section 117 (w.e.f. 10.9.2004).] in the case of issues by any incorporated company or other body corporate [or of transfers (where there is a single transferee, whether incorporated or not)] [Inserted by Act 32 of 1994, Section 99 (w.e.f. 13.5.1994).] of debentures,

bonds or other marketable securities

(2)

[ In this section, the expression the Government means,

(a) in relation to stamp-duty in respect of bills of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, transfer of shares, debentures, proxies and receipts, and in relation to any other stamp-duty chargeable under this Act and falling within Entry 96 in List I in the [Seventh Schedule to the Constitution, except the subject matters referred to in clause (b) of sub-section (1)], the Central Government;

(b) save as aforesaid, the State Government.]