Financial Daily from THE HINDU group of publications
Sunday, May 05, 2002
Columns - Know your laws
Affixing stamp papers
THIS week too, we will look at some more aspects related to stamp papers and related procedures.
Who sells stamps/stamp papers?
Stamp papers can be purchased from authorised stamp vendors. Stamp vendors are appointed by the Tahsildar for sale of stamps. There should be one stamp vendor for a population of 20,000 people. The stamp vendor should sell stamps at designated places and for the correct price. The stamp vendors would make indent for purchase of stamps with the Superintend of stamps, and are paid commission for the sale of stamps. As stated earlier, stamps are sold in the taluk treasury as well.
What is meant by effacing stamps?
Effacing means cancellation. When any adhesive stamps are affixed at the time of execution of any instrument, such stamps should be cancelled so that they are not used again. Procedure of effacing is applicable to share stamps, notary stamps, revenue stamps, stamps on bills of exchange, and so on.
What is the effect if the stamp is not cancelled?
Any instrument not cancelled is deemed to unstamped.
How is cancellation made?
Cancellation can be made by writing on or across the stamp by signing his name, initial, name of the firm, or seal of the firm with date.
How to affix Indian stamps when instruments are executed outside India?
While executing any document outside India meant for use in our country our stamps should not be used. When instruments are executed outside India, they can be stamped by payment of appropriate stamp duty later in India by cash. For example, if a power of attorney is signed in New York before a Notary on a plain paper, the same can be presented before the concerned registering officer in India by the agent for authentication. The registrar will collect the stamp duty payable in India by cash and authenticate the deed.
Is there any time limit for such authentication?
It should be done within three months after it is first received in India.
What to do with the unused stamp papers?
Such stamp papers can be submitted to the Collector of Stamps for refund. There will not be full refund. About10 per cent will be deducted.
Is there any time limit for registering any document?
Any signed document should be presented for registration with 120 days of execution of the document.
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