The state government of Delhi has launched the eletronic-stamping facility, which will completely do away with paper stamps of all denomination. A major reform initiative, the e-stamping will be available to values of Rs 501 and above.With this move, people will be required to pay stamp duty for sworn affidavits, agreement of tenancy, mortgage deeds, power of attorney and other instruments via e-stamping facility.
A bill that sought to introduce e-stamping for all denominations was passed by Delhi assembly’s budget session. The e-stamping facility was introduced on 1 April, 2008. The move will ensure transparency regarding payment of registration fee that involves property transactions.The government introduced the measure following the Telgi scam in order to curb frauds linked to stamp papers.Following this, the Delhi government signed a pact with Stock Holding Corporation of India Ltd (SHCIL). It was thereby ensured that services will be provided through its offices and authorised collection centres. The Revenue department officials also declared that extended service will henceforth be provided by the agency.
In order to pay stamp duty, customers will now have to approach a designated bank or sub-registrar office. A receipt bearing a unique identification number will be provided following payment. According to officials from the Revenue department, the move will save the government an annual amount of Rs 10 crore, with costs on printing and transportation of stamp papers being done away with. The income on the sale of non-judicial stamp papers for the Central government is upto Rs 60 crore, on an annual basis.
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