In a major reform initiative, the Delhi government on Monday decided to completely do away with stamp paper of all denominations and shift to electronic-stamping facility, a moved aimed ensuring hassle-free transactions and prevent fraudulent practices.
Currently, e-stamping is applicable to values of Rs 501 and above but the Government has now decided abolish stamp papers of all denominations, which will mean people will have to pay stamp duty for sworn affidavits, agreement of tenancy, mortgage deeds, power of attorney and other instruments through e-stamping facility.
The decision to do away with stamp papers was taken at a Cabinet meeting presided over by the Chief Minister, Ms Sheila Dikshit.
“Delhi will become the first state to issue e-stamp papers in all denominations as the Cabinet has decided to bring the non-judicial stamp papers of Rs 500 denomination and below under the ambit of e-stamp mode,” Ms Dikshit said.
e-stamping
The government had introduced e-stamping on April 1, 2008, in the city mainly to ensure transparency in payment of registration fee in property transactions. The facility was first introduced post-Telgi scam as a measure to curb stamp paper-linked frauds.
The Delhi government had entered into an agreement with Stock Holding Corporation of India Ltd to provide the service through its offices and authorised collection centres and Revenue department officials said the extended service will also be provided by the agency.To pay stamp duty, people will have to just visit a designated bank or sub-registrar's office where following payment they will be given a receipt having a unique identification number.
On an average, the government collects revenue of Rs 200 crore a month through e-stamping facility.
Revenue department officials said the government would save around Rs 10 crore annually on printing and transportation cost of stamp papers.