JAMMU: Saying goodbye to physical stamps, Jammu and Kashmir government has entered into an agreement with Stock Holding Corporation of India Limited (SHCIL) to introduced e-stamps in the state.
The e-stamping is a computer based latest technology with advanced security features for paying non-judicial stamp duty to the government, an official spokesperson said.
The Commissioner Stamps J&K, Kifayat Rizvi representing J&K government and Vivek Khurana, Regional Manager of SHCIL in presence of the Finance Minister Abdul Rahim Rather signed the agreement here on Wedensday here on Wednesday.
Principal Secretary Finance, BB Vyas, Advisor to Chairman, Empowered Committee, Khawaja Bashir Ahmad, Director General Accounts and Treasuries, Mirza Altaf Hussain, Deputy Commissioner Stamps, Shamim Ahmad, Additional Secretary Finance, Showakat Aijaz and representatives/authorized signatory from Stock Holding Corporation of India Ltd were also present on the occasion.
Speaking on the occasion, Rather said the system, which has already been adopted by 14 states of India, is reliable and ensures that the stamp paid reaches the government safely. He said e-stamp certificate cannot be tempered with and can be generated within minutes as compared to other options of paying stamp duty.
Rather 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 registerable certificates by Sub-Registrar.
Rather said it is 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 Stamps Department and Sub-Registrar office so that the new system is rolled out smoothly.
Earlier, representatives of SHCIL through a 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.
SHCIL was incorporated as a Public Limited Company in 1986. It has been jointly promoted and owned by leading banks and financial institutions like, IFCI Ltd., IDBI Bank Ltd., SU-UTI, LIC, GIC, NIA, NIC, UIC, and TOICL, all leaders in their fields of business.