Ministry of finance’s department of economic affairs has appointed the Stock Holding Corp. of India Ltd (SHCIL) to act as a central record-keeping agency to facilitate e-stamping through its various branches and banks across the country.
“E-stamping is a computer based application and a secured electronic way of stamping documents. The prevailing system of physical stamp paper is being replaced by the e-stamping system,” says the SHCIL website.
How e-stamping is done
Once you know the amount, walk into the nearest bank branch and deposit the amount in cash or cheque or a demand draft in favour of SHCIL.
The payment is done electronically through real-time gross settlement. Once the cash gets credited into SHCIL’s account, you will get a unique transaction reference (UTR) number, or UTR code.
Says Vikram Diwan, Diwan and Co., a law firm that handles property-related cases: “The UTR code is a proof that you have submitted cash. By showing your UTR code, you can procure the e-stamp from the bank branch, which is like a certificate. Once you get the certificate, you can fill the application form in a sub-registrar’s office and submit it at the counter. The clerk will then give you a particular date when you can go to the office and collect your registered documents along with the registration certificate.”
All sub-registrar offices maintains records of their areas. Says Khatri, “The clerk at this stage will give you a diary number and a book number. This number should be used for any further query regarding your sale deed papers and other related documents lying at the sub-registrar’s office.”
Khatri says, “Lawyers generally charge Rs10,000-30,000. However, the deal size determines the processing fee. This includes the execution of the sale deed.”
Under the current network, SHCIL has branches all over the country. It has also tied up with banks for cash transfers. For instance, it has tied up with Corporation Bank in New Delhi for direct transaction. Through specified Corporation Bank branches in New Delhi, you can get e-stamp certificate after you submit the duty.
Amit Goenka, national director (capital transactions), Knight Frank India, property consultants, says, “Even post offices can become centres for e-stamping. This is a very recent move. This would help in maintaining land records and clear land titles.”
FAQ from SHCIL website:
Q. What is e-Stamping?
A. e-Stamping is a computer based application and a secured way of paying Non-Judicial stamp duty to the Government.
Q. What are the benefits to the client/customer by e-Stamping:
A. 1 e-Stamp Certificate can be generated within minutes
2 e-Stamp Certificate generated is tamper proof
3 Authenticity of the e-Stamp certificate can be checked through the inquiry module.
4 e-Stamp Certificate generated has a Unique Identification Number (UIN).
5 Specific denomination is not required
Q. Features of e-Stamping ?
A. i1. Easy accessibility and faster processing
3. Cost savings
4. User friendly
Q. What is Unique Identification Number (UIN) ? A. UIN is a Unique system generated number mentioned on the e-Stamp Certificate. Anybody, having the Unique Identification Number, can check the authenticity of the Certificate through www.shcilestamp.com .
Q. How can I verify the authenticity of an e-Stamp ?
A. An e-Stamp can be verified online by clicking on verify e-Stamp certificate and entering the required details i.e
2. Certificate Number (UIN)
3. Stamp Duty Type ( Description of Document )
4. Certificate Issue Date
5. Session code
Q. What is a CRA?
A. CRA stands for Central Record Keeping Agency. STOCK HOLDING CORPORATION OF INDIA LIMITED (SHCIL) is the only CRA appointed by the Government of India.
Q. What is the role of CRA?
A. Central Record Keeping Agency is responsible for User Registration, Imprest Balance Administration and overall e-Stamping Application Operations and Maintenance. CRA will appoint ACC’s who will issue Certificates to the clients at their counters.
Q. What do you mean by ACC?
A. ACC means Authorised Collection Center (ACC). Its an agent appointed by SHCIL. ACC is the intermediary between the CRA and Stamp Duty payer.
Q. Who can become ACCs?
A. 1. Scheduled Banks
2. Post Offices
Q. What is the Registration process of ACC?
A. The Registration process for becoming an Authorised Collection centers involves
1. Signing of PAN India ACC Agreement with SHCIL
2. ACCs needs to maintain a running Imprest balance
Q. How do I find my nearest ACC ?
A. Kindly visit Contact us page of the website for details for e-Stamping centre near your place
Q. How will I get a Stamp Certificate?
A. The client has to approach an ACC appointed by SHCIL and fill up the application form as prescribed in the e-Stamping system. Stamp Certificate is generated only after realization of funds.
Q. When will I get the Stamp Certificate from ACC?
A. After submitting a duly filled and signed application form, the ACC will enter the details into the system and a Stamp Certificate would be generated immediately in case of cash and in case of Cheque/DemandDraft/Payorder/RTGS/NEFT/Account to Account Transfer only after realization of funds.
Important instructions for the client
1. Clients are expected to check the preview of the certificate and sign on preview before certificate is generated.
2. Once a e-Stamp is generated, then it cannot be edited/modified in any manner.
3. Preserve the e-Stamp carefully, Duplicate copy of e-Stamp is not issued.
Q. What if the stamp duty is underpaid ?
A. If the stamp duty is underpaid then visit an ACC and obtain an Additional Stamp duty certificate by paying the additional stamp duty amount. For registration process the client will have to produce both certificates to sub-registrar.
Q. What if the stamp duty is still underpaid ?
A. If the stamp duty is still underpaid than client has to again visit an ACC and obtain a additional stamp duty certificate by additional stamp duty amount. The client will need to produce all certificates for registration.
Q. What are the different modes of paying stamp duty in e-Stamping system.
A. Client can pay stamp duty amount through the following modes
3. Demand Draft
4. Pay Order
7. Account to Account transfer.
Kindly contact your nearest e-Stamping center for any queries on payment mode.
Q. After generating the Certificate, can I cancel the Stamp Certificate?
A. For cancellation you need to get in touch with the Competent Authority at the Stamp Office appointed by the State Government.
Q. In which states e-Stamping is currently operational ?
A. e-Stamping is currently operational in the states of Gujarat, Karnataka, NCT Delhi, Maharashtra and Assam. .
For further updates keep visiting www.shcilestamp.com
Q. What is the procedure in case an e-Stamp is lost ?
A. Please refer to the Stamp Act prevalent in your state. The CRA is not authorised to issue a duplicate copy of e-Stamp.