To cut down on manual drudgery and the practice of bribery at several levels, Stamps and Registrations wing of Telangana State is making its stamp duty collection process online.
The present system only allows buyers to pay stamp duty and collect challan for the same from the designated nearest State Bank of Hyderabad (SBH) branch attached to specific Sub-Registrar Office (SRO) of the area where transaction is going to take place.
However, the Stamps and Registrations wing will soon start offering the option for customers to pay their stamp duty at any of the 700-odd SBH branches in TS and also submit the challan to any of SROs in the State. The idea is to decrease the amount of time taken for transactions, improve efficiency, transparency in the system and allow customers to select their own SROs at any place in Telangana, department officials said.
The department is in talks with SBH to introduce such a system that will allow interlinking of department’s portal with that of the bank’s portal for smooth information exchange. At present, if buyers are interested in entering into a real estate transaction in Chikkadpally SRO, then they have to pay stamp duty and collect challan only from the Chikkadpally SBH linked to that particular SRO.
“This is our attempt to improve the banking system or collection of revenues by the department. From our end, we would be monitoring all the transactions online and in the end, the funds received will be directly transferred to the exchequer,” explains Deputy Inspector General (DIG), Stamps and Registrations, Vemula Srinivasulu.
The information about a particular transaction, related to which the stamp duty is being collected, will be available online to both SROs and bank branch. “Customers need to just pay the stamp fee and get the challan printout from the bank. Once the money is paid, it will be automatically visible to the registration officials in the SROs. This system will give our customers flexibility to transact wherever they want to,” Dr. Srinivasulu added.
