Why in news:

• In order to bring efficiency and check the pilferage of state revenue, the state government of Punjab has abolished the physical stamp papers.

Key Points:

• As per the new policy of the state government, stamp papers of any denomination can now be obtained via e-stamp, ie, computerised print-outs from any stamp vendor or from banks authorised by the state government.
• Earlier, the e-stamping facility was applicable only to a value above Rs 20,000. However, now the government has decided to extend the online facility to stamp papers for all denominations starting from Re 1.
• Crucially, the decision would save at least Rs 35 crore annually spent on printing of stamp papers, besides facilitating the common public to obtain them in a hassle-free manner. It will also take care of the fact that the general public had to face difficulty in getting the stamp papers or purchase them at higher prices.
• An official notification in this regard has been issued for the implementation of the e-stamp system.
• Notably, the government of Punjab would pay a commission of 2 per cent to the stamp vendors on e-stamps ranging from Re 1 to Rs 19,999, while the public would get stamp papers at the actual rates.
• Further, the department has launched five additional e-facilities, including loan/hypothecation agreement, agreement of pledge, affidavit and declaration, demand promissory note and indemnity bond. These documents can directly be issued through the computer. It is worth mentioning here that the facility had been started with the help of National e-Governance Services Limited. The facilities can be availed by the people in designated banks.