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India Issues Online Stamp Duty Payments
Source: www.futuregov.asia
Source Date: Thursday, March 07, 2013
Focus: Institution and HR Management
Country: India
Created: Mar 07, 2013

The State Cabinet will be selecting banks that can issue an instrument called the Electronic Secure Bank and Treasury Receipt (eSBTR) in a bid to curb the increasing amount of bogus stamp papers and fraudulent transactions.

With an eSBTR, a person can enjoy simpler payment procedures. He simply goes to a bank, fills up an application form and pays the fees to a Stamp Duty officer. The officer then enters the details in an online database and issues an eSBTR which acts as a proof of payment.

According to Revenue Minister Balasaheb Thorat, apart from making the process simpler, it cuts down administrative costs, saves people from going to multiple offices and fosters transparency by removing commissions given to stamp paper agents.

The Minister also revealed that they have introduced a new system called e-imitation which updates land property records in government departments once the stamp duty has been paid.

“The online payment facility will also be put in place soon. For those who don’t have bank cards or net banking, we will allow authorised agents who sell stamps and stamp papers to facilitate e-payments,” he said.

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