Source: Hueiyen News Service
New Delhi, September 16, 2009:
The Ministry of Corporate Affairs (MCA) has introduced e-stamping in lieu of the current stamp papers.
The on-line payment facility currently launched on a pilot basis in about 22 States enables the corporates to buy e-stamps by clicking on a computer instead of buying, pasting and submitting physical stamps with the Registrar of Companies (RoC).
Briefing on the issue to a select group of journalists, the newly appointed MCA Secretary R Bandyopadhyay said e-stamping would be extended to the whole country by end of December this year.
"This will become compulsory from January 1, 2010," he added.
The pilot projects are on in States like Tamil Nadu, Maharashtra, Andhra Pradesh, Uttar Pradesh, Karnataka, Madhya Pradesh, Orissa, Punjab, West Bengal, Bihar, Jharkhand and Delhi.
The collection of stamp duty falls under the exclusive domain of State governments.
The States which are yet to authorise the Centre on collection of stamp duty on their behalf and where the physical stamping procedures will continue, include Chandigarh, Daman and Diu, Himachal Pradesh, Kerala, Goa, Jammu & Kashmir, Dadra and Nagar Haveli, Lakshadweep, Puducherry, Mizoram, Nagaland and Tripura.
"This would make the system entirely paperless.
The concept of e-stamp will help the companies in getting their work done at the right time without wasting much time due to the paper work formality," Bandyopadhyay said.
The MCA 21 is an e-governance mode for companies that come under the Companies Act, 1956 that is intended to facilitate online filing and access to corporate data on round the clock basis.