Buoyed by Gujarat success in introducing paperless e-Stamping that replaced physical stamp paper after the Telgi scam, states like Maharasthra, Karnataka, Tamil Nadu and Delhi have evinced interest in implementing it.
MUMBAI: Buoyed by Gujarat success in introducing paperless e-Stamping that replaced physical stamp paper after the Telgi scam, states like Maharasthra, Karnataka, Tamil Nadu and Delhi have evinced interest in implementing it.
"Stock Holding Corporation of India (SHCIL) received mandate from Government of Maharashtra and will be executing the agreement for e-Stamping soon while talks with Karnataka, Tamil Nadu were in advanced stages," SHCIL CMD R C Razdan said.
"In case of Delhi, SHCIL was waiting for certain legislative amendments in the Stamp Paper Act," Razdan said.
Impressed with the convenience and scope of e-Stamping technology, "already 11 states have given mandate to SHCIL for the service, accounting for 75 per cent of the total e-Stamping business in country," he said.
E-Stamping, in simple terms, means electronic purchase of stamp paper and to make stamp duty payments to the government electronically.
SHCIL, which received Government's mandate as Central Record Keeping Agency (CRA), launched e-Stamping for the first time in Gujarat's twin cities of Ahmedabad and Gandhinagar.
"The users found paying stamp duty in this mode more convenient and last week Gujarat government authorised SHCIL to expand the facility to three more cities of Surat, Rajkot and Vadodara," Razdan said.
SHCIL's software system of stamp duty collection is only third of its kind in the world, after Singapore and Malaysia. It has been customised and developed in collaboration with Singapore-based Crimson Logic.
With e-Stamping, the stamp duty paid certificates can be generated within a few minutes after making payments to the governments by walking into any authorised collection centre (ACC).
ACCs are authorised to collect payment for stamp duty and issue stamp duty certificates after filling in details of the person, type of stamp duty to be paid, details of payment.
Gujarat government has also permitted SHCIL to offer e-Stamping facility at Sub-Registrar's offices in the cities to have a wider reach and later to be extended in the entire state in a phased manner, Razdan said.
In matters of safety, every stamp certificate will have a unique certificate number and contain a watermark which can not be duplicated because of the security features that distinguishes fake from original.
Moreover, complete details of any transaction will be present in the system and can be verified by any competent authority wishing to do so at anytime since it is an Internet based system.
For the government the process enables quick transfer of the stamp duty amount, the very next day to its account.
Besides preventing paper and process related fraudulent practices, in future people would be able to generate the certificate sitting at home any time of the day through Internet.
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