If the stamp duty you have to pay is more than Rs. 5,000, in a few days’ time, all you will need to do is walk into a bank, fill a form and pay it, instead of chasing agents, paying commissions and wasting time at the registrar’s office. In a while, you will even be able to pay it online.
In a move that will simplify the lives of lakhs of people, the state Cabinet on Wednesday decided that select banks can issue an instrument called the Electronic Secure Bank and Treasury Receipt (eSBTR) instead of a stamp paper.
The government has identified 13 banks across the state where you will be able to pay the fee. This facility will be available for transactions over Rs. 5,000, for which the bank will charge a flat processing fee of Rs. 150. The list of banks will be released soon.
The state, too, benefits from this decision. As of now, the government pays commission to the tune of Rs. 91 crore to stamp vendors for providing papers and for franking.
Last year, the government collected Rs. 14,800 crore as stamp duty and registration fee from across Maharashtra.
“The increasing amount of bogus stamp papers and frauds in franking forced us to take this step. Apart from making the process simpler, it cuts down administrative costs and commissions given to stamp paper agents and brings in transparency,” said revenue minister Balasaheb Thorat.
The eSBTR that will be issued on paying stamp duty will be simultaneously registered with the government.
“We have also introduced a system called e-imitation, where land and property records for which the stamp duty is paid gets automatically updated with the government department. To begin with, this facility will be available in six districts,” Thorat said.
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,” the minister said.