It seems that from now onwards you may be soon spared of doing the rounds of multiple offices to pay stamp duty for property transactions as soon you can pay transactions by just visiting a bank avoiding the need to visit multiple offices. The state cabinet on Wednesday approved a new model under which authorized banks will collect stamp payments to basically overhaul the stamp duty collection system aiming to make it secure against fraudulence.
The new system will allow transaction for which the stamp duty will be at least Rs 5,000 , a person have to fill a up a form with the property transaction details before making the stamp duty payment. The details will be fed into an online database by a bank officer who will then issue the customer a Electronic Secure Bank and Treasury Receipt (eSBTR) a digital receipt of the payment. Citizens can also pay registration fees through the eSBTR system. The new system will help government implement its plan to phase out stamp papers with face value of Rs 5,000. The govt. has already tied up with 13 banks for the project.