Pune to phase out stamp papers by eSBTR

27/05/2017

PUNE: The IGR department has taken a step forward towards replacing stamp papers with secure electronic system or electronic secure bank treasury receipts (eSBTR).

Inspector General of Registration (IGR) officials said this will see phasing out of stamp papers and citizens will eventually have to go only for eSBTRs. "We have not made it compulsory yet and have tied up with three-four banks. We are in the process of tying up with more banks. Circulation of stamp papers will will be phased out gradually,'' inspector general of registration Anil Kawade told pune-news.com.

"The electronic transactions are more secure as against purchasing stamps physically. Handling high-value physical stamps is risky. Besides, there is always the chance of the stamps being fake,'' he added. Customers paying stamp duty through the banks will get receipts of duty paid to the government on secure stationary.

Earlier, the IGR had taken a step towards phasing out high-denomination stamp papers by stopping printing of such documents worth above Rs 1,000. Currently, stamp papers of Rs 100 and Rs 500 are only allowed.

After the multi-crore Telgi scam, many states had scrapped paper stamps and had gone for e-stamping process through a separate body - Stock Holding Corporation of India Limited (SHCIL) - as the central agency to keep records for all e-stamps. However, the the state had opted for the e-SBRT service.

The officials said that with many opting for online stamp duty and registration fees payment, it was observed that more than 90% of the revenue generated was collected through the electronic mode.

Several citizens had complained of unavailability of stamp papers and their dependency on lawyers to get these documents. "This (e-SBTR) will be a welcome relief because one has to pay the banks only. It is safe," said Kailas Gaikwad, who has paid stamp duty through the e-SBRT service.

An agency selling stamp papers said, " Sale of stamp papers for registering property has come down because of the rise in e-payments. Paying high-value stamp duty through eSBTR options is more practical,'' he said. Another disadvantage of a stamp paper is that it is valid for only six months, a vendor said.