The new amendments in MP Stamp Rules in the context of e-registration and electronic stamping system have been implemented throughout the State with effective from November 1, 2014.
According to the amendments, stamp papers will also be available for sale with service providers besides stamp sellers. Two categories of service providers have been constituted. Under the first category individuals will be given licence for one year. Banks, financial institutions or post offices can become service providers under the second category, whose licences will be valid for 2 years.
A Rs1000 has been prescribed as fee for issuance and renewal of licence which will be non-refundable. Fee for duplicate licence has been prescribed as Rs500.
A provision has been made to dispose of applications of service providers for licence within a month. It would be mandatory for service providers to provide facilities of electronic signature, computer, printer, bio-metric device, electronic writing pen, web camera, UPS and scanner and prescribed computer peripherals along with broadband or high speed connection.
Service providers will be able to start process of registration through electronic registration system. Evaluation of property, stamp duty payable on it and calculation of registration fee will be done through electronic registration system.
Service provider will be responsible to draft documents and book slot for documents worthy of registration. Service providers will also make available facilities of search of registered documents and download their copies.
The service provider will generate e-stamp code for documents not requiring registration. Inspector General Registration will prescribe mode of payment for purchasing e-Stamp. Draft of application for e-Stamp has also been given in rules. Service provider will only issue e-Stamp for documents whose registration is necessary.
A Unique login ID and password will be given by the department to service providers for these works. Powers for review suspension or rejection of licence have been vested in Regional Deputy Inspector General Registration. As per new rules, decision of Inspector General Registration will be considered as final.
Definitions of e-Stamp, electronic registration system, electronic stamping system, service provider, electronic signature, e-Stamp Code, service provider credit limit, slot booking etc. have been given in the new rules.
The new arrangements ensure modern safety specialities like optical watermark, micro print and security barcode. It has also been provisioned to lock e-Stamp. As per rules, Deputy Registrar can also issue additional e-Stamp. Tampering with electronic stamping system has been made a criminal act under Indian Penal Code-1860.