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WHAT IS E-STAMPING AND HOW IS IT DONE ?
March 10, 2023
In India, even though the land is a state subject, you are still required to pay stamp duty whenever you buy, sell, rent, or generate paperwork related to the property. So, how do you intend to pay for it? Previously, while buying apartments in Punjab and completing the registration required the buyer to be present in the registrar’s office. They now have the option to finish the same tasks via an online portal.
What is an E-Stamp paper?
E-stamp paper is a type of paper upon which various documents can be printed or stamped. It is a secure paper used for legal transactions and the registration of documents. It is usually issued by government authorities in different states, with a specific face value and validity. The face value of the e-stamp paper is derived from the value of the transaction, such as the transfer of property or the registration of a company.
Importance of E-Stamp
E-stamp paper is an important part of the Indian legal system. It is used for various transactions such as the sale of property, transfer of shares, sale of motor vehicles, lease of immovable property, and registration of documents. It is also used for the registration of marriage, gifts, exchange of foreign currency, and other documents. The e-stamp paper ensures that the transaction is legally valid and binding. It is also used for court fees and filing of cases at the court. The e-stamp paper is printed with the official seal of the state government, which serves as a guarantee of authenticity. When purchasing a property in Chandigarh, e-stamping has provided various advantages, including the removal of counterfeit stamp papers, better convenience, and greater transparency and accountability.
How to Get Your Documents E-Stamped?
Applicants must go to an ACC designated by SHCIL upon filling in the application form as instructed in the e-stamping system. The e-stamp certificate is generated quickly, and a user can easily download the application form from the SHCIL website.
To complete the process of E-Stamping for a property in Punjab, the following steps must be taken:
1. Go to https://www.shcilestamp.com/ and log into the electronic stamping portal.
2. Upload the document that needs to be stamped, or use a template to draft the document.
3. To complete an e-stamping transaction, the user must enter the relevant transaction details, such as the state, stamp denominations, the names of the two parties involved, and any other additional information.
4. Fill out the application and submit it to the collection center.
5. Make the necessary payment via Credit Cards, Debit Cards, e Stamp Checks, Demand Drafts, online payment, or online banking.
6. The document is e stamped and combined with the stamp paper sample required, and the user obtains the e-stamp certificate which can be validated using a QR code.
Various Payment Options at the E-stamping Portal
The e-stamping portal is a secure and convenient way to pay stamp duty and other taxes on transactions in the process of buying a property in Chandigarh or Punjab. It offers various payment options to users, such as
- Credit/Debit Cards: Credit/Debit cards are fast and convenient, allowing users to quickly and easily make payments without having to be physically present. Additionally, users can easily keep track of their payments with statements and other records. The process is safe and secure, and users can pay the amount instantly. All major credit cards and debit cards are accepted, including Visa, MasterCard, and American Express.
- Net Banking: It allows users to pay their stamp duty and registration fee online, without having to visit a physical branch. The portal supports various banks and financial institutions, including major nationalized banks, private banks, and cooperative banks. To avail of this facility, users must have an active net banking account with any of the supported banks. Net banking payments are quick, secure, and transparent, making them a preferred choice for many users.
- Cheque/Demand Draft: You can also make payments by cheque or demand draft, which can be sent to the designated address of the e-Stamping portal. This payment option also helps to reduce the risk of fraud as the cheque or demand draft can be tracked and traced. The payment is processed quickly and easily and customers receive an e-receipt for their payment. This payment option is also beneficial for customers who do not have access to online banking or debit/credit cards.
- Cash Payment: Cash payments are made directly to the bank accounts of the state government. This option is especially useful for those who do not have access to net banking, credit cards, debit cards, or ATM-cum-debit cards.
- UPI: Unified Payments Interface, or UPI, is an innovative payment system developed by the National Payments Corporation of India (NPCI) to enable quick and secure payment transactions. It is an instant payment system that allows you to make payments using your mobile device. UPI offers customers the convenience of making payments without having to use a credit or debit card. It is a safe, secure, and reliable payment option that is available 24×7.
The e-stamping services has proved to be successful at providing a secure, transparent, and convenient way of stamping transactions during purchase of commercial or residential projects in Punjab.