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The banks will collect 50 per cent of the normal charge as service fee with a minimum charge of Rs 10 per document. The individual is required to tender his document and the bank's receipt to the sub-registrar who in turn will register it.

BANGALORE, April 15

THE Karnataka Government has selected State Bank of Mysore, State Bank of India and State Bank of Hyderabad to sell valid papers, which will serve as alternative stamp papers. Similar arrangements with other State-owned banks including Corporation Bank are underway.

SBM plans to open two extension counters to offer these services in addition to its existing 150 branches, which have been designated to offer similar services.

Under the new arrangement, individuals seeking to register a document are required to ascertain the value of the stamp duty to be paid from the sub registrar's office.

Any of the branches designated by 203 sub-registrar's offices across the State can accept the ascertained stamp duty to be paid in the form either through cash/cheque or demand draft.

The banks will collect 50 per cent of the normal charge as service fee with a minimum charge of Rs 10 per document.

For payments in cash/cheques drawn on certain branches, the bank would issue a secured receipt to the individual. The individual is required to tender his document to be registered and the bank's receipt to the sub-registrar who in turn will register the document.

These services will be brought in effect from May 1 across the State.

Though currently, the Government accepts drafts from all the banks, the new move to authorise a few select banks comes in as a bid to simplify the volume of sales.

The State Government amended the Karnataka Stamp Act (non-judicial papers) in order to curb a large float of counterfeit papers that robbed the Government exchequer of several crore of rupees. The amendment is pending the President's assent.

Earnings from sale of stamp papers were the third largest revenue source for the State after excise and commercial taxes.

The Government collected Rs 882 crore as stamp paper duty in 2000-01, estimates such collection to be close to Rs 1,160 crore in 2002-03.

This fiscal, triggered by expected greater buoyancy, the stamp duty is likely to be close to Rs 1,350 crore.

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