law: Indian Stamp Act, 1899 
  19. Bills and notes drawn out of India 
  The first holder in 3[India] of any bill of exchange 19[payable
  
  otherwise than on demand], 20[* * *] or promissory note drawn or
  
  made out of 3[India] shall, before he presents the same for
  
  acceptance or payment, or endorses, transfers or otherwise negotiates the same
  
  in 3[India], affix thereto the proper stamp and cancel the same:
  PROVIDED  that,- 
  (a) if, at the(time any such bill of exchange 20[* *
  
  *] or note comes into the hands of any holder thereof in 20[India],
  
  the proper adhesive stamp is affixed thereto and cancelled in manner prescribed
  
  by section 12 and such holder has no reason to believe that such stamp was
  
  affixed or cancelled otherwise than by the person and at the time required by
  
  this Act, such stamp shall, so far as relates to such holder, be deemed to have
  
  been duly affixed and cancelled;
  (b) nothing contained in this proviso shall relieve any person
  
  from any penalty incurred by him for omitting to affix or cancel a stamp.