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Mumbai: E-payment of property duty gets approval

Soon the property buyers will be able to pay stamp duty for property transactions without wasting time in visiting multiple offices. In order to make stamp duty collection a hassle free and secure method, the state cabinet gave approval to a new system according to which authorized banks will be allowed to collect payments for stamp duty.

 

According to new payment model, the property buyers who have to pay stamp duty of at least Rs. 5000 or more will be required to visit an authorized bank branch and need to fill up a form with all the required property details. A bank officer will fill the details in bank database and will provide the applicant a digital payment receipt, which is called Electronic Secure Bank and Treasury Receipt (eSBTR).

 

For the project 13 banks have already been selected by the government and tie up has been made with them. S Chockalingam, Inspector general of registration and controller of stamps stated, “Five banks were ready for a roll-out that can be done in 45 days. The new system will also reduce administrative costs. Unlike other models, where commissions are offered to vendors, banks will be paid a fixed Rs 150 per transaction.”

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One Response to Mumbai: E-payment of property duty gets approval

  1. Lanny says:

    Thank you for the auspicious writeup. It in fact was a amusement account it. Look advanced to far added agreeable from you! However, how could we communicate? Lanny

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