The Hindu Business Line : SHCIL in talks with States for e-stamping

New Delhi, May 8 Stock Holding Corporation of India Ltd (SHCIL) is in talks with many State Governments including Tamil Nadu, Andhra Pradesh, Punjab and Haryana to implement e-stamping system, its Chairman and Managing Director, Mr R.C.Razdan, has said.

“I am expecting that in the current financial year, I should be able to sign and launch in most of these States (Tamil Nadu, Andhra Pradesh, Punjab and Haryana),” Mr Razdan told Business Line here.

e-stamping has already been implemented in Gujarat, Karnataka and Delhi. It is likely to be soon launched in Maharashtra with SHCIL already signing agreement with the Maharashtra Government.

For e-stamping, the Centre had appointed SHCIL as the central record keeping agency (CRA). e-stamping is an electronic way of paying stamp duty and secured way of stamping documents.

In talks

Mr Razdan said that SHCIL is also in talks with a number of banks, both public sector as well as private sector, to set up authorised collection centres (ACC).

“The whole effort is to see to it that e-stamping facility is available to a customer within a walking distance. Many banks are in discussion with us to make them as ACCs. Though we will have agreement with banks to become pan-India ACCs, it will be subject to the consent of each State Government,” he said.

More centres

As regards Delhi, where e-stamping system has been introduced from April 1, Mr Razdan said that steps were being taken to expand the number of ACCs from the existing 22 to 39 by end-June.

Under the new e-stamping system, all that one needs to do to obtain a stamp paper of any denomination is to just walk into an ACC, which is authorised to collect payment for stamp duty and issue stamp certificates.

A paper application form needs to be filled in with details of both parties, type of stamp duty to be paid and payment details.

The ACC official will collect payment and feed details of the transaction into the system, which will generate a stamp duty paid certificate.

The e-stamping system has multi-level security, Mr Razdan said.

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