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Thursday, Sep 19, 2019

Minimum e-stamp value in UP reduced from Rs 9,999 to Rs 4,999

The move will help people who need stamps for small transactions like rent agreements, sales taxes, mortgages, etc.

noida Updated: Sep 03, 2019 13:38 IST
Shafaque Alam
Shafaque Alam
Hindustan Times, Noida
The UP Stamps and Registration dept has lowered the minimum e-stamp value.
The UP Stamps and Registration dept has lowered the minimum e-stamp value. (HT File / Photo used for representational purpose only)
         

Noida residents can now buy e-stamps worth Rs 4,999 onwards from the Stock Holding Corporation of India Limited. The UP Stamps and Registration Department has issued a letter stating that the department has lowered the minimum e-stamp value from Rs 9,999 to Rs 4,999 in the state.

The Stock Holding Corporation of India Limited, a custodian, is authorised to sell e-stamps in India. Earlier, e-stamps worth Rs 9,999 and above were sold by the corporation in Uttar Pradesh.

The letter was issued by the office of the Inspector General, Registration, UP government, on August 30. “The UP E-Stamping Manual 2013 mandates the Commissioner Stamps for the execution of the Manual. The Commissioner has lowered the minimum e-stamp value from Rs 9,999 to Rs 4,999 in UP,” states the letter.

This will help people who need stamps for small transactions like rent agreements, sales taxes, mortgages, etc. GP Singh, DIG, stamps and registration, Gautam Budh Nagar, said that he has received the order. “This will help people make rent agreements, bank guarantees, and other documents,” he said.

Surinder Bhatia, Noida branch manager, Stock Holding Corporation of India Limited, said that e-stamps are safe, fast and convenient. “The e-stamp is a fast, convenient and secure mode of stamp duty payment. During e-stamping, a person will receive only one stamp copy for any number of transactions (usually, during offline stamp duty payment, a person may receive multiple stamp copies). The e-stamp can be verified easily and ensures authenticity,” he said.

The corporation has its office in Noida’s Sector 18. Bhatia said that people can pay the fee online and collect e-stamps from the corporation’s office.

However, there are allegations that in some cases, general stamps are sold at higher rates by the vendors. Noida Bar Association president PPS Nagar said that the move will affect the vendors’ business. “The sale of properties in Noida has been facing a slowdown for the past few years. The general stamp vendors are not getting much work. The lowering of e-stamp value will further affect their business,” he said.

To increase registration and revenue, the Noida district administration in August waived off the 6% surcharge levied on additional facilities such as swimming pools, community centres/clubs and gyms in group housing projects in the district. The administration also decreased circle rates of Noida’s commercial properties by 21.5%. Besides this, a 25% reduction in surcharge on malls and shops with centralised ACs also come into effect, officials said.

First Published: Sep 03, 2019 13:38 IST