In terms of the provisions of entry 91 of Union List, the Central Government has the power to levy stamp duty on issue of debentures. However, some state stamp laws also  BIS central bankers’ speeches  5  provide for duty on issue/transfer of debentures.
We know that high-leverage households were twice as likely to face credit constraints, even after controlling for different income shocks faced by households (LeBlanc & Lydon 2019). The cross-country evidence paints a similar picture – amongst Euro area households in 2013/14, Irish households were the most indebted and the most likely to be credit constrained – almost one-in-five households at the time (ibid).