The ministry of corporate affairs (MCA) is planning to introduce e-stamps in lieu of the current stamp paper. Once implemented it will become simpler for companies to pay the stamp duty electronically, leading them to save on time and effort of going to the concerned office of the state government to buy stamps.
It will also reduce the service delivery time by eliminating the need to deliver the papers to Registrar of Companies (RoC).
?In order to remove the hurdle in making the system entirely paperless, MCA has thought of introducing e-stamps that would be available at the MCA-21 portal. The ministry has taken up various e-governance initiatives in the past and the concept of e-stamp will help the companies in getting their work done at the right time without wasting much time due to the paper work formality,? said an MCA official.
According to the official, five forms out of more than 60 forms related to companies attract stamp duty which involves paper work.
The official also said this would be good news for the ministry as the paper sorting and storage efforts would be eliminated and this would lead to more efficiency.
At present, the Registrar of Company (RoC) cannot proceed without having the original stamp paper to ensure that the prescribed stamp duty has been paid.
The official further said that the ministry would put this plan in place in the next three months and it would be accessible through the MCA-21 portal.
The MCA 21 is an e-governance mode for companies that come under the Companies Act, 1956 which is intended to facilitate online filing and access to corporate data on round the clock basis.
Apart form this, the ministry has also introduced the e-governance mode for the limited liability partnership. With the new electronic regime being made effective along with the LLP, all services for the LLP can be availed easily.