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Our Bureau

Mumbai , March 26

Stock Holding Corporation of India (SHCIL), a custodial service provider for institutional clients, has won the mandate from the Maharashtra Government for electronic stamping (e-Stamping) of documents.

The Union Government had earlier mandated SHCIL to act as a Central Record Keeping Agency (CRA) and authorised the company to undertake projects in the States that are willing to join the stamping system envisaged by SHCIL. "In the process, SHCIL has got a mandate from the Government of Maharashtra to act as a CRA for their Computerisation of Stamp Duty Administrative System," said an official release.

The five-year e-stamping project in Maharashtra will be implemented by SHCIL with the technical assistance from the Singapore-based CrimsonLogic, which has done similar projects in that country. The move to implement the e-stamping project comes in the wake of the multi-crore fake stamp paper scam in Maharashtra.

Officials said SHCIL was also in talks with other State Governments including Karnataka, Gujarat, Madhya Pradesh and Andhra Pradesh for implementing similar projects. SHCIL won the Maharashtra Government's contract, beating other bidders such as National Depository Services Ltd (NSDL), Central Depository Services Ltd (CDSL), Punjab National Bank.

Speaking at a function here on Friday evening, Mr R. Jayaraman Iyer, Chairman & Managing Director of SHCIL, said the project will help the company to "revamp the system of collection of Stamp duty, in the wake of the stamp papers scam, to ensure the leakage of revenue plugged and to adopt modern instruments of change." He said SHCIL would also undertake other initiatives that are "socially relevant".

Officials said e-Stamping will run parallel to the existing stamp paper documents, but the aim is to move towards a paperless format, on the lines of the dematerialisation of share certificates.

More Stories on : E-Governance | Financial Services | Maharashtra | Economic Offences

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