Punjab ‘e-stamp’ Facility

The government of Punjab has abolished physical stamp papers with the aim of bringing more efficiency and checking the pilferage of the state revenue. After this decision, stamp papers of any denomination can currently be obtained via e-stamp (computerized print-out) from any authorized banks or stamp vendors. Earlier, the e-stamping facility in the state was applicable only for valuations of above Rs 20,000 but according to the new rules, this facility has been extended for all denominations starting from One Rupee.

How will this facility help?

This decision to launch the e-stamp facility was taken by the state government of Punjab and will help save Rs 35 Crore annually. This cost is incurred on the printing of stamp papers. This e-stamp facility will help the public to acquire stamp papers in a hassle-free manner as the general public had to face difficulty in acquiring stamp papers when it was not available with the vendors and had to purchase them at higher prices.

How much commission will be paid to the stamp vendors?

A commission of 2 percent will be paid by the Punjab Government to the stamp vendors on e-stamps that will range from Rs.1 to Rs 19,999. The general public will be obtaining the stamp paper at the actual rate, which means that they have to shell out only Rs 100 for a stamp paper of Rs 100 and there will be no extra commission. This step will also help to curb stamp paper-linked frauds.

What other e-facilities have been launched by the revenue department of Punjab?

Five more e-facilities have also been launched by the revenue department which are:

• Loan/Hypothecation Agreement
• Affidavit & Declaration
• Agreement of Pledge
• Indemnity Bond
• Demand Promissory Note

These documents can also be issued to the public directly through the computer.

Month: Current Affairs - June, 2022

Category: India Nation & States Current Affairs