Newly appointed inspector general of registration (IGR) S Chokalingam has moved a proposal for payment of stamp duty via approved nationalized banks. In addition, it has been proposed that stamp duty and registration fees be paid online.
“We felt there is scope for improvement in the existing system of stamp duty payment and it can be simplified further. Currently, we have two modes of payment__traditional system of buying stamp paper and franking method or ‘e-stamping.’ We are in the process of drafting a new proposal for payment of stamp duty through approved nationalized banks,” Chokalingam told on Wednesday.
Initially, a tie-up was planned with State Bank of India, Bank of Maharashtra and IDBI. Later the same would be extended to more nationalized banks. “We are working on a scheme with these banks. Once we implement it successfully, we will involve more financial institutions,” he said.
Explaining the new concept, Chokalingam said the information on payment of stamp duty will be available on the IGR website. As a result, once the stamp duty for a particular document is calculated, payment can be made directly in the bank or even via internet banking. “Once the payment is made, an individual will have to produce the receipt before the competent authority. In addition, we are proposing payment of stamp duty and registration fees online too. As a result, there will be fewer queues at our offices,” he said. According to official records, over 20 lakh documents are registered every year, against which, the revenue department receives nearly Rs 10,000 crore towards stamp duty.
Chokalingam added that his priority will be to improve stamp duty offices across the state. “Though thousands of people visit our offices, the facilities for them are inadequate. We have also proposed to spend part of our revenue for improving our offices. We are in the process of bringing in more reforms to make the department more peoplefriendly,” he said.