Deptt of Stamps, Central Record Keeping Agency to be created
Mohinder Verma
JAMMU, June 25: To ensure transparency in the financial transactions and promote e-stamping system, the Government of Union Territory of Jammu and Kashmir has framed the Rules whereby a separate Department of Stamps headed by a Commissioner and Central Record Keeping Agency will be created.
As per the notification issued by the Finance Department, the Lieutenant Governor, in exercise of the powers conferred by Section 74 of the J&K Stamp Act, 1976 has made the Jammu and Kashmir Stamps (Payment of Duty by Means of e-Stamping) Rules, 2020 which have come into force with the immediate effect.
The Section 74 states: “The Government may, by notification in the Gazette, make Rules to carry out generally the purposes of this Act and such Rules may provide that a breach thereof shall, on conviction, be punished with fine”.
As per these Rules, the Government will create a Department of Stamps headed by a Commissioner and also designate Deputy Commissioner Stamps to be also called Grievance Redressal Officer to ensure that Stamp Duty is paid through an electronically generated impression. Moreover, Central Record Keeping Agency will be appointed for computerization of Stamp Duty administration system and maintenance of record in the most transparent manner.
Any Public Financial Institution, Scheduled Bank, Body Corporate engaged in providing depository services rendered in the de-mat and trading account in respect of marketable securities and other auxiliary services appointed by the Central Government or recognized by State/Union Territory Government where not less than 51% equity capital is held by any of the entities solely or in consortium will be eligible for appointment as Central Record Keeping Agency.
The Central Record Keeping Agency will be responsible for providing software infrastructure in places such as offices of Sub-Registrar, District Registrars/Deputy Commissioners of Stamps, Authorized Collection Centre (the point of contact for payment of Stamp Duty) and facilitate selection of Authorized Collection Centres for collection of Stamp Duty and issuing e-stamping certificate.
Moreover, the Central Record Keeping Agency will have the duty of collecting Stamp Duty and remitting it to the prescribed head of account of the Union Territory in accordance with the Rules but not later than the closing of the next working day after the generation of Stamp Duty.
For performing this duty, the Central Record Keeping Agency will be entitled to such agreed percentage of discount/commission on the amount of Stamp Duty collected by Approved Intermediaries/Authorised Collection Centre not exceeding 0.65% as may be specified in the terms of the agreement, the Rules said. Even the Appointing Authority (Commissioner of Stamps) can allow the discount/commission payable to Central Record Keeping Agency and the same shall be exclusive of all the applicable taxes.
As per the Rules, any Scheduled Bank, Financial Institution or Undertaking controlled by the Central or Union Territory Government, Post Offices or such other agencies, stamp vendors as approved by the Appointing Authority will be eligible for appointment as Authorized Collection Centre, Approved Intermediary and Authorized Stamping Centre.
About the procedure for issue of e-stamp certificate, the Rules said that any person paying Stamp Duty may approach any of the Approved Intermediaries, Authorized Collection Centres and furnish the requisite details along with the payment of Stamp Duty amount for getting the e-stamp certificate. Moreover, payment of Stamp Duty can be made by using the online platform of Central Record Keeping Agency.
About the mode of payment of Stamp Duty, the Rules said that the payment for purchase of e-stamp certificate may be made by cash, pay order, bank drafts, electronic clearing system, real time gross settlement or by any mode authorized by the Appointing Authority. The e-stamp certificate will have distinguished Unique Identification number.
About inspections, audit and appraisal of the performance of the system, the Rules said that the Deputy Commissioner of Stamps or any authorized officer of the Department of Stamps may inspect all or any of the branches/offices of the Central Record Keeping Agency and Approved Intermediaries and Authorized Collection Centre.
In case the Central Record Keeping Agency fails to remit the amount of Stamp Duty within the stipulated period it shall be liable to pay along with the collected amount of Stamp Duty an interest amount calculated at the rate of 12% per annum for the period of delay in days.
In the Rules, procedure for arbitration, public grievance and redressal system has also been defined.
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