Jammu and Kahsmir government is switching over to e-Stamping as state government has entered into a MoU with Stock Holding Corporation of India Limited.
The agreement in this connection was signed this evening between the Commissioner Stamps J&K, Kifayat Rizvi and Vivek Khurana, Regional Manager of Stock Holding Corporation of India Limited (SHCIL) in presence of the Minister for Finance and Ladakh Affairs, Abdul Rahim Rather, an official spokesman said.
Speaking on the occasion, Rather said that the e-stamping is a computer based latest technology with advanced security features are paying non-judicial stamp duty to the government.
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He said the system, which has already been adopted by 14 states of the county, is reliable and ensures that the stamp paid reaches the government safely.
Rather said e-stamp certificate cannot be tempered with and can be generated within minutes as compared to other options of paying stamp duty.
NC leader said that e-stamping has many benefits which include no physical storage of stamp certificates, easy accessibility and faster processing, no artificial scarcity, on line verification facility to public, complete Audit Trail and locking of Registrable certificates by Sub-Registrar.
Rather said it was a happy moment for the state to adopt e-stamping system as it will check pilferage in stamp duty transaction and ensure transparency.
He said it was heartening that the agreement with SHCIL provides for engaging willing qualified stamp vendors also.
He asked the officers of Commercial Taxes Department to implement the system at the earliest and impart training to the officers and staff of Stamp Department and Sub-Registrar office so that the new system is rolled out smoothly.
Earlier, representatives of SHCIL through a power point presentation while describing the benefits of e-stamping said unlike current system, which is available only during banking hours, the e-stamping facility would be available 24 hours through internet.
