Stamped paper is an often-foolscap piece of paper which bears an imprinted revenue stamp.[1][2] Stamped papers are not a form of postal stationery as although they may contain writing, they are not designed to be used to convey a message.
The stamped paper has been widely used around the world to collect taxes on documents requiring stampings, such as leases, agreements, receipts, court documents and many others. The papers are bought blank apart from the pre-printed stamp and are available from stationers, lawyers' offices, post offices and courts according to local regulations. The parties to the matter then write their legal business on the paper and lodge it with the court or other interested party. This is an efficient way of collecting taxes and stamping documents without the need to submit them to a separate government stamp office..
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Stamped paper is thought to have been a Spanish invention,[3] being introduced (or reinvented) in the Netherlands in the 1620s.[4] It has been used widely in France (from 1651),[4] Great Britain (from 1694),[4] the United States, India and elsewhere.
The 1765 Stamp Act required all British colonies in the New World to use stamped paper prepared in London and embossed with a revenue stamp.[5] The ill-feeling created by this law has been credited with sowing the seeds of the American Revolution.[6]
The stamp sometimes occupies the entire width of the top part of the paper and is often of an intricate engraved design to enhance security. The paper will also frequently have a whole page watermark for the same reason.[citation needed]
Stamped papers remain in use in many countries; however, electronic versions are being developed to reduce the risk of fraud. This has particularly been the case in India following a large-scale fraud in the year 2000.[8][9] The use of stamped paper remains an important source of revenue in some developing countries, like Bangladesh, where other forms of tax are hard to collect.[10]
Ā Stamp Paper: is a foolscap size paper having printed revenue stamp of specific value such as Rs.10, Rs.20,Rs. 50,Rs.100,Rs.500 etc. by Govt. Generally, all important transactions like buying, selling or renting of any property shall be done on stamp paper.
Stamp papers governed and comes into existence by enactment of Indian Stamp Act which was amended in 1899 by the British Government with the sole purpose of developing revenue-generation mechanism for the Government. This Act imposes liability to pay stamp duty on certain and specific documents.
Ā Judicial Stamp Papers: generally used for a legal purpose or for court cases. The Judicial stamp papers are also commonly known as court fee stamp papers and are used for transactions with the judiciary in Civil and Criminal Courts. Their denominations can be Rs. 20, 50, 100, 500, 1000, 5000, and 25,000.
Non-judicial stamp:- papers are generally used for documents like Power of Attorney, sale deed, rent agreement, affidavits, transfer of immovable property like building or land, loan security, and mortgage or other important agreements.
The stamps are used as per the rates determined by the government for recovery of the stamp duty. When paying the stamp duty, we need to research the required amount to be paid for a certain transaction like Power of Attorney, sale deed, rent agreement, affidavits, transfer of immovable property like building or land, loan security, and mortgage or other important agreements.
Stamp Duty is the tax levied on the legal acknowledgment of documents. According to the law, it is mandatory to pay stamp duty to the Central/State Government when certain transactions take place. The value of stamp duty is either fixed or it may vary with the value of property/instrument under question. Each states prescribes different laws and the amount of stamp duty to be paid for a particular transaction which will vary from one state to another. In India, the Indian Stamp Act, 1899, is applicable for states, which do not have their own Stamp Act.
The only discrepancy of an unstamped agreement is producing an unstamped agreement in court as evidence, because as per Section 35 of the Stamp Act, An document which is not duly stamped are inadmissible as evidence in a court of law. However, as per Proviso of section 35 read with section 36, insufficient stamping or no stamping does not completely negate the rights of the parties to enforce such an unstamped agreement and an unstamped agreement can be made admissible in court by paying the deficit stamp duty along with penalty i.e. deficit penalty amount, which may vary from state to state. Upon payment of deficit and penalty the agreement will be deemed to be fully stamped. (Stamp duty can paid at any time even during the time of dispute)
The Supreme Court held in various other judgement based on above judgement that on a harmonious reading of the provisions of the Stamp Act with the Arbitration and Conciliation Act, 1996, it is suggested that even if the underlying contract was not sufficiently stamped, the arbitration agreement, which survives independently shall not be rendered invalid in law. Upon curing the defects as prescribed above the document would be admissible in evidence and could be acted upon.
The document is used for endorsing authenticity to official agreements. Documents with legal implications, such as Lease Agreement, Buying and Selling of Property, Business / Contract Agreements, Loan Agreements / Financial Deals, Power of Attorney, Affidavits, Articles of Association, Memorandum of Association, Indemnity Bond, Declaration, Mortgage, and Gift Deed among others are executed on stamp papers to make them legitimate and legally enforceable.
Generally, judicial stamp papers are used for legal purposes. For instance, it can be used for proceeding with court cases or continuing legal procedures. These stamp papers are also known as court fee stamp papers as they are often used to avoid cash transactions with the court. A case may not be admitted by the court without the payment of court fees. This makes judicial stamp paper important.
Non-judicial stamp papers are generally used for documents like Power of Attorney, sale deed, rent agreement, affidavits, transfer of immovable property like building or land, loan security, and mortgage or other important agreements.
The stamps are used as per the rates determined by the government for recovery of the stamp duty. At present, you can use a non-judicial stamp paper of value Rs.5, Rs.10, Rs.20, Rs.50, Rs.100, Rs.500, Rs.1000, Rs.5000, Rs.10000, Rs.15000, Rs.20000, or Rs.25000 for the documents mentions above.
When paying the stamp duty, remember to research the required amount to be paid for a certain transaction. Avoid buying a non-judicial stamp paper or stamps or applying for franking or E-stamping without ascertaining the leviable dues, failing which you may overpay or pay less and remain liable for a penalty.
Judicial and non-judicial stamp papers have been in use in many countries. However, lately, electronic versions (E-Stamp paper) are being developed in order to increase ease of doing business and also to reduce the risk of fraud. We will see more about E-Stamp papers further in this article.
Stamp papers have also been widely used to collect taxes on various documents. The papers are always bought blank from licensed stamp vendors, post offices, Government Treasury offices, and courts. The concerned persons then write their mutual terms of the contract on the paper and lodge it with the court or concerned authority for legal validation.
This is an efficient and legal way of collecting taxes people owe to the government. It is also a passive way to get stamping documents legalized and authenticated without the obligation of submitting them to a responsible and authorized government authority.
There are three different ways of paying stamp duty or fulfilling the formality of buying stamp papers for paying scheduled stamp revenue. These are:
01. Buying Stamp Papers
a) Traditional Stamp Papers
b) E-Stamp Papers
02. Franking
03. Adhesive Stamps
In all these ways, you can pay stamp duty to the government to make a document legally enforceable. These days, E-stamp papers are proving to be an effective alternative to the traditional stamp papers. E-stamping is a computer-based arrangement that offers a secure way of paying non-judicial stamp duty to the government. The electronic non-judicial stamp paper bears a unique Identification Number that authenticates every transaction done on these papers.
The value of a stamp is to be used in the prescribed format under the instruction of law and will vary depending on the sale/deed value of the transaction. If you fail to pay attention to these details, the document may not remain enforceable. In other words, it will either become invalid or you may have to pay a penalty under the stamp act.
The Stamp papers have to be purchased in the name of one of the parties involved in the contract/transaction.
It is also advisable to buy judicial and non-judicial stamp papers from Government-authorized stamp vendors.
With regard to the non-postal stamp types and its use as stated herein, there are different types of stamps and dealings stated against it.
Non-judicial stamp papers in India are avaiable as E-Stamp papers and traditional stamp papers. E-Stamps are available in certain banks and co-operative societies only. Buy a non-judicial E-stamp to write the contract/agreement on it.
Franking is a technique of printing a mark on a document indicating that the stamp duty for the transaction is already paid. Franking machines are installed in many Sub-Registrar offices. After the receipt of the stamp duty, the authorized officer franks the document and returns it to the applicant, authorizing the receipt of the money. 5376163bf9
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