Maharashtra Govt’s project wins FIPS Award
Maharashtra Government’s ‘eSBTR’ project has won the Financial Inclusion and Payment Systems 2013 Award
Mumbai: Maharashtra Government’s ‘eSBTR’ (electronic Secured Bank and Treasury Receipt) project, an initiative of the Department of Registration and Stamps, has won the Financial Inclusion and Payment Systems ‘FIPS 2013 Award’.
The award, given in the ‘Payment Systems’ category, was presented by Union Minister of State for Finance Jesudasu Seelam to Dr Sanjay Kolte, Joint Inspector General of Registration and Superintendent of Stamps.
The award was presented at the Global Conference on Financial Inclusion and Payment Systems at New Delhi on October 25, a senior government official said.
The conference was attended by important functionaries from nationalized and private sector banks, financial institutions, NGOs and corporate, the official said.
The eSBTR system for payment of stamp duty, registration fees and other charges is being implemented by the Department of Registration and Stamps in Maharashtra from July 26, 2013.
The salient objective of this System is to provide a better method of collection of stamp duty and registration fees which is more secure, integrated with the facility of online payment, with proper inventory management and without losing appeal of the stamp paper to the citizens, he said.
The uniqueness of this system is evident from the fact that security and durability of the traditional stamp paper and convenience of e-payment have been brought together in this concept. Thus, facility of online payment has been made available to get physical stamp paper-like eSBTR.
For the first time in the country, payment of both stamp duty and registration fees together has been made possible, the official said, adding citizens are at liberty to make payments across the counter in case they do not have a net banking account.
The payment verification can be made online and there is a facility to lock or stop the e-payment in the database to avoid any chances of reuse of the eSBTR.
Another added advantage of any e-payment of stamp duty is that, at the time of claiming refund of stamp duty paid, only one per cent amount gets deducted, with a minimum of Rs 200 and maximum of Rs 1000.
This is considerably less as compared to deduction of 10 per cent of the amount in case of refund in other modes of stamp duty payment.
At present, eSBTR facility has been made available by the IDBI Bank at 45 branches while Simple Receipts, a kind of e-payment evidence of which is printed on a plain paper, can be obtained from 146 branches of the IDBI Bank all over the state, the official said.
So far, e-payment of stamp duty and registration fees has been made through around 1700 eSBTRs (worth Rs 48 crore) and 7600 Simple Receipts (worth Rs 12 crore) in the state. More nationalized banks will soon be providing this facility for the citizens in the state.