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What is a Stamp Paper?
  • By: admin
  • Date: 12 Feb 2020
  • Stamp Papers and Notary
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  • Views:2322
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The stamp paper refers to a foolscap paper which bears a pre-printed revenue stamp. Stamp papers are not a form of postal stationery. It has been widely used to collect taxes on documents requiring stampings, such as leases, receipts, agreements, and many other court documents. The papers consist of the pre-printed stamp and are bought blank. They are available at lawyer's offices, post offices, and courts according to their local regulations. The parties write their legal business on the paper and place it before the court.

There are three kinds of Stamp Paper, namely:

  • Judicial - used for legal and court work
  • Non-judicial - used for registration of documents, insurance policies etc.
  • Revenue stamp.

 

Judicial Stamp Paper:

The Judicial stamp papers are known as court fee stamp paper. They are generally used for a legal purpose or court cases. They are used for payment of court fee to avoid cash transactions. Case in court is admitted after the payment of court fees.

Non-Judicial Stamp Paper:

Non-judicial stamp papers are generally used for the execution of documents like sale deed, power of attorney, affidavits, rent agreement, transfer of property like building, mortgage, land, or other relevant agreements.

The value of non-judicial stamp papers at present of  Rs. 100, Rs. 500, Rs. 1000, Rs. 5000, Rs. 10000, Rs. 15000, Rs. 20000, Rs. 25000 and Rs. 75000 are available in India.

It is always advisable to purchase stamp papers from approved legal stamp vendors by Government. Stamp Duty is paid under the Indian Stamp Act, 1899 with respect of Non-Judicial stamp paper.

Revenue Stamps

In the entire State, the transaction of Rs. 5000 or more of the revenue stamps are signed, and the document has to be executed. The revenue stamp of Rs. 1 value is available. Thus, it is obligatory to use stamp paper for creating the enforceable document; stamps shall be used of specific value as per the guidelines in the Stamp Act.

E- Stamping

At present government has sanctioned new way of the stamp, i.e. called e-stamping. The comprehensive system of stamp paper/franking is now replaced by E-stamping system. Stamped papers are still in use; however, electronic versions are being developed to reduce the risk of fraud.

It is a computer-based and a secure way of paying non-judicial stamp duty to the government. Stamping is currently used in below-mentioned states, i.e. Odisha, Maharashtra, Karnataka, Delhi, Tamilnadu, Rajasthan, Himachal Pradesh, etc. also available in some union territories.

All financial institutions and insurance majors are promoting the Stock Holding Corporation of India Limited (SHCIL). It is known for its security, extensive network, integrity and technology. It is the only Central Record Keeping Agency (CRA) appointed by the Government of India. The CRA is responsible for the registration of users, overall E-Stamping application maintenance and operation. CRA will appoint Authorised Collection Centre's who issue certificates to the clients at their counters.

Benefits of E-Stamp

  • Can be collected quickly
  • Cannot be tampered with
  • The authenticity of the E-Stamp certificate can be checked
  • Certificate has a Unique Identification Number
  • The specific denomination is not needed.
  • Anyone on the recommended site can check the e-stamp certificate.

 

Applicable Laws

  • Indian Stamp Act,1899
  • Bombay Stamp Act,1958
  • Court Fee Act,1870

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All About Notary Officer

By: admin Stamp Papers and Notary 18 Apr 2019

A Public officer constituted by law is a person who does notary of any document to serve the public in non-contentious matters usually concerned with estates, deeds, powers-of-attorney and business at an international level. The primary purposes are to administer oaths and affirmations, take affidavits and statutory declarations, witness and confirm the execution of certain documents.

A Notary's duty is to cover the signers of relevant documents for their true identity, their willingness to sign without pressure or threatening, and their experience relating to the contents of the document and transaction. Some examples of documents are property deeds, wills, and powers of attorney that usually require a Notary.

Integrity is the basis of the Notary public trust. The Notary persons are duty-bound not to act in situations where they have a personal interest. Till now the public trust that the notaries have not been corrupted by self-interest. And also notary should never refuse to serve a person due to race, nationality, religion, politics, sexual orientation or status as a non-customer.

How can notary identify the signer?

Generally, a Notary will ask to see a current ID that has a photo, physical description, and signature. Acceptable IDs usually include a driver's license or passport.

How to be a Notary Public?

One can be a notary in the state if he/she meets the eligibility requirements and follow all of the steps that the state bears in their commission process. The process of notary alters from state to state, but usually, the person can fill an application and pay the application fee, after that it is necessary to pass an exam, one can prefer doing the training course, file your bond and oath of office, and buy your Notary supplies.

Regulations and Authority

With relating to notary publics, each state has its own rules about the authorities extended to notaries. In order to notarize a document, the person whose signature is being notarized must sign the document in the presence of Notary. The person is not allowed to sign the document ahead of time and then present the same before the notary.

In some states it is necessary, the notary should specify how the person identify the signer of that document (e.g., the signer presented an ID or that the notary already associated with the signer.

Each state determines that a notary must administer an oath to document signer. While there is no directed language, the oath regularly introduces language requiring the signer to swear or affirm that the statements mentioned in the agreement are true.

There is a fee to get a document notarized. The maximum amount that a notary public may charge for services is usually regulated by state law.

How to verify Notary Public?

Although the job of Notary public is to check and verify the person who is getting the document notarized, as many instances have been observed where fake Notary Public are found using fake notary seal. It is important to verify the Notary Public. You should ensure that seal with the registration number of Notary Person is present on all documents. Center and state government maintain a list of their registered Notary Public online.

Every notary must use a plain circular seal of a diameter of 5 c.m. bearing the following things:
the name, 
the area within which he has been appointed to exercise his functions,
the registration number, 
the circumscription "NOTARY", 
the name of the State government from which he/ she is appointed. 

Adding off a red seal or sticker is not mandatory and does not have any effect on the authenticity of the notary action.   

Note: To learn more about the laws and procedures, you can contact us at Legato app where we help you in connecting with experienced lawyers who can assist you with the documentation and procedural aspects.

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