New Delhi: In a major reform initiative, the Delhi government will on Friday launch electronic-stamping facility to completely do away with stamp paper of all denominations.
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 budget session of Delhi assembly had already passed a bill to introduce e-stamping for all denominations.
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 an unique identification number.
Revenue department officials said government would save around Rs 10 crore annually on printing and transportation cost of stamp papers.
Currently, government earns around Rs 60 crore annually through sale non-judicial stamp papers.