New Delhi: In a major reform initiative, Delhi government Monday decided to completely do away with stamp paper of all denominations and shift to electronic-stamping facility, a move aimed at ensuring hassle-free transactions and prevent fraudulent practices.
Currently, e-stamping is applicable to values of Rs 501 and above but 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 Chief Minister 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," Dikshit said.
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 (SHCIL) 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 office where following payment they will be given a receipt having a unique identification number.
On an average, the city government collects revenue to the tune of Rs 200 crore monthly through e-stamping facilility.
Revenue department officials said government would save around Rs 10 crore annually on printing and transportation cost of stamp papers.
The stamp papers on receipt from security press at Nasik are kept and stored in Delhi Treasury. The papers are purchased by various licensed stamp vendors on day-to-day basis and on the basis of limit set on their license.
Currently, government earns around Rs 60 crore annually through sale non-judicial stamp papers.
The commission of 0.65 percent to SHCIL for the generation and issuance of e-stamp will be too less as compared to commission being paid to stamp vendors and expenses on account of printing and transportation, said the official.
Officials said government would soon issue a notification to abolish stamp paper in the city.
First Published: Monday, February 6, 2012, 19:22