E-stamping to be made mandatory for transactions above Rs 1 lakh

The government has made e-stamping mandatory for transactions above Rs 1 lakh.

A gazette notification has been issued in this regard after amending the Stamp rules of 1960.

The present method will continue for two more months after which e- stamping will be mandatory.

For transactions less than Rs 1 lakh, either stamp paper or e- stamp can be used. However, the amendment notification says that transactions less than Rs 1 lakh can also shifted to e-stamping method if the government issues such an order.

If the details of the title deed are submitted in the registration department’s website, people can get the user id and password.

After this, money should be paid online. As soon as the transaction is complete, the department reference number (DRN) will be issued.

The customer can download the e-stamp certificate from the registration department’s portal using the DRN. It can be downloaded only once. Facility will be provided to examine the authenticity of the e-stamp in the website.

The print of the e-stamp should be taken in A-4 size paper. The paper thickness should not be less than 100 GSM. It should have a margin of 35 mm on the left side and 15 mm on the right.

A space of 20 mm should be left on the top. With the introduction of e-stamp, those who sell stamp paper will suffer losses. However, the government will make profit as the printing of stamp paper and other related expenses can be avoided. Moreover, there is no need to fear the menace of fake stamp papers.

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