India to open e-Stamping facility

There's good news for those getting hassled about shortage of stamp papers, used for paying stamp duty on various instruments. Government of India is firming up plans to introduce electronic stamping (e-Stamping) facility across the country and has advised states to move towards this computer-based system.

e-Stamping will be on the lines of e-Ticketing for airlines or railway passengers. A concept paper on e-stamping has been prepared by the Stock Holding Corporation of India. Payments in the case of e-stamping can be done through banks or credit cards. The proof of payment can be attached to the document. Details are still being worked out, even as many states have indicated their willingness to adopt e-Stamping at a meeting convened by the centre recently.  Of late, several states including Maharashtra have been facing a shortage of stamp papers (particularly Rs 100 stamp paper printed at the Nasik Printing press). Ironically, this has happened after the introduction of intricate security features to counter the fake stamp paper menace. The new stamps are state-specific, the names of states are printed on the stamps. The move towards e-Stamping will help states like Maharashtra which earn substantial revenue from stamp duty. Maharashtra has taken the lead, with the state announcing the setting up of Computerised Stamp Duty Administration System (C-SAS) through a computer based network in the '05-06 budget.Designated banks and financial institutions are authorised to sell stamps and provide information on all transactions to stamp and registration authority.