Mumbai: Offering a major relief, the state government has decided to increase the upper limit for franking documents to Rs 10,000. The current limit is Rs 5,000.
It means for documents where a stamp duty up to Rs 10,000 is payable, franking can be done at the designated nationalised, scheduled banks. The hike is based on the recommendation made by a committee headed by the Additional Controller of Stamps for Mumbai.
This will also result in less crowding at the stamp paper sale counters. While doing so, the state government has added some financial burden on citizens as the current charges of Rs 10 for each document will be increased to Rs 15.
The state government has introduced a slew of reforms in the stamp duty and registration of documents, such as online registration, paving the way for “One State One Registration”. Under this reform, one can participate in the registration process by sitting at home, irrespective of the town or city.
Franking is the process of stamping of legal papers and is done by banks or authorised agents. This machine-made stamp is proof that stamp duty has been paid.
