E-Stamping

E-Stamping

e–Stamping is a computer based application and a secured electronic way of stamping documents. The prevailing system of physical stamp paper/franking is being replaced by e–Stamping system. The same was introduced in all the APCOB Branches located in the State of Andhra Pradesh.

The bank has obtained permission from State Government of Andhra Pradesh to undertake e–Stamping business as an Authorized Collection Centre to collect stamp duty in the state of Andhra Pradesh vide proceedings no: GSO1/5087/2021 of the Chief Controlling Revenue Authority and Commissioner & Inspector General of Registration and Stamps, Andhra Pradesh dated: 07–September–2021. The Bank has approached SHCIL to act as an ACC and SHCIL requested the Bank to enter an agreement regarding the terms & conditions of e-Stamping business.

On 25–November–2021, the bank has entered into agreement with SHCIL to act as an ACC for e-Stamping business in the state of Andhra Pradesh. After arranging the required Hard ware and Software requirements, e–Stamping business was started in the Bank from May 2022.

DCCBs also offering the e-Stamping services as sub – member to APCOB through their branches. As on 20–October–2023, 5 DCCBs namely Eluru, Kadapa, Kurnool Nellore and Vizianagaram have started issuing non registerable e stamps.

As of 20–October–2023, only non–registerable e stamp documents are issuing by both APCOB and DCCBs. In very short period, registerable e–Stamps & Challans process will also get kick started in both APCOB & DCCBs.

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    FAQs

    1. What is e-stamping?

    E-stamping refers to the process of paying stamp duty electronically, without the need for physical stamp paper. It is a secure and convenient method used for legal and financial transactions.

    2. How does e-stamping work?

    E-stamping is typically done through government-approved online platforms. Users can input transaction details, pay the stamp duty amount electronically, and receive a unique identification number as proof of payment.

    3. Is e-stamping legally valid?

    Yes, e-stamping is legally valid and recognized by the government. Electronic stamp papers have legal sanctity, and e-stamping is considered a reliable method for paying stamp duty.

    4. What are the advantages of e-stamping?

    Convenience: E-stamping can be done online, saving time and effort. Security: It reduces the risk of forgery and tampering associated with physical stamp papers. Record Keeping: E-stamping provides digital records for future reference. Availability: E-stamps are available 24/7, eliminating the need to visit a physical stamp office during business hours.

    5. Is e-stamping applicable to all types of transactions?

    E-stamping is applicable to various transactions such as property agreements, rental agreements, insurance policies, and judicial/non-judicial stamp papers. However, the applicability might vary by region and country.