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Stampduty Payment By ESBTR Mandatory For Mumbai

Posted by Admin on December, 28, 2013

From December 23, 2013 Onwards it will be mandatory for citizens to pay property stamp duty and registration fees through electronic secured bank treasury receipt (eSBTR)-an online payment service available round-the-clock.

The decision to implement the online system from December 23 was taken by inspector general of registration and stamp duty (IGR) S Chockolingam after the department unearthed fresh cases of bogus franking of government stamps worth crore of rupees.

“The online system is more secure and less cumbersome,” said Sanjay Kolte, deputy IGR.

Under this system, a customer can log onto the website of the authorized bank, click the link for payment of stamp duty/registration fees, enter the necessary details and pay the duty through the internet banking account. With the printout as proof of the online payment, the customer can walk into the nominated branches of the bank to get the eSBTR. The eSBTR is a receipt with security features, which has been designed by India Security Press, Nashik.

“Alternatively, there is also a facility to make the data entry online and make the payment in bank branches. The sub-registrar then has to register the documents attached with the receipt,” Kolte added.

IDBI Bank is the first bank in the country to be associated with the eSBTR project. “With Rs 16,000 crore, Maharashtra leads all other states in revenue collection through stamp and registration. Even during recession the revenue collection through stamp duty and registration witnessed healthy growth.”

This entry was posted on December, 28, 2013 at 22 : 47 pm and is filed under Buyers Guide to Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response from your own site.

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