Signing of Agreement between PNB & SHCIL for e-stamping business

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INVC,,

Delhi,,

Punjab National Bank (PNB), the largest nationalized bank and Stock Holding Corporation of India Limited (SHCIL), Central Record Keeping Agency (CRA) appointed by the Government of India for    e-stamping of documents, join hands on 19th November, 2010 to do e-stamping business in the country. An agreement to this effect has been executed in Delhi in the presence of Shri K.R.Kamath,Chairman & Managing Director(PNB), Shri M.V.Tanksale, Executive Director(PNB), Shri Nagesh Pydah, Executive Director(PNB) and Shri R H Mewawala, Executive Vice President(SHCIL). Shri S.S.Chopra, General Manager(PNB), Shri Vivek Khurana, Regional Manager(SHCIL) & Shri Amit Dassi, Regional Manager(SHCIL) were also present on the occasion. This will be a win win relationship for both PNB & SHCIL.

The e-stamping is an electronic system of paying Non Judicial stamp duty as a secured way of stamping documents.  The e-Stamping system is a web based application giving public the convenience of paying stamp duty to the Government without undergoing the hassles associated with the physical stamp paper and also ensures that the stamp duty paid by the public reaches the Government safely through a secure and reliable mode. The stamp duty amount can be remitted by way of cash, Demand Draft, Pay Order, RTGS and NEFT. Moreover, storage of information in secured electronic form facilitates easy verification about the documents and party who is opting for e-payment.   Various State Governments are making it compulsory for e-stamping of documents (e.g. Delhi). Projected turnover of e-stamping in India per year is expected to cross `45,000 crores

PNB and SHCIL joins to undertake this business at PNB branches designated as Authorized Collection Centers (ACC). The collection will be made at the ACC and a receipt generated with unique number will be handed over to the customer. PNB provides an additional service to its customers through identified branches.

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