How Digitization & E-Stamping Make Documentation Easy?
Paying stamp duty has become an integral part of any transaction you do in India
E-stamp online papers are easily available with the banks and other distributor vendors that have been licensed to sell e-stamps.
Paying stamp duty has become an integral part of any transaction you do in India
E-stamp online papers are easily available with the banks and other distributor vendors that have been licensed to sell e-stamps.
Top 4 Benefits of taking stamp paper online
1) Fast documentation
2) No Fraud
3) No shortages in paper
4) Going Paperless
But do you know why India decided to go E Stamping in a large way back in 2004 , it’s because of Abdul Karim Telgi
Who was Abdul Karim Telgi ?
1) Fast documentation
2) No Fraud
3) No shortages in paper
4) Going Paperless
But do you know why India decided to go E Stamping in a large way back in 2004 , it’s because of Abdul Karim Telgi
Who was Abdul Karim Telgi ?
on 19 August 2000, in Bengaluru’s Cottonpet, Police arrested two men who were transporting fake stamps papers, During the interrogation, these men spilled the beans about a network supplying these fake documents, resulting in raids across Bengaluru.
In the investigation that followed, Abdul Kareem Telgi’s name emerged,
It was only after the arrest of Telgi that the magnitude of the scam came to light. Based on a tip-off that Telgi was going to Ajmer in Rajasthan for a pilgrimage,
It was only after the arrest of Telgi that the magnitude of the scam came to light. Based on a tip-off that Telgi was going to Ajmer in Rajasthan for a pilgrimage,
a team of Bengaluru police arrested him in Nov 2001
The Telgi scam or the stamp paper scam was valued at over Rs 3,000 crore.
The scam had two aspects – creation of counterfeit documents, and creating a scarcity of authentic documents.
The Telgi scam or the stamp paper scam was valued at over Rs 3,000 crore.
The scam had two aspects – creation of counterfeit documents, and creating a scarcity of authentic documents.
Telgi and his team created counterfeits of stamp papers, judicial court fee stamps, revenue stamps, special adhesive stamps, foreign bills, brokers notes, insurance policies, share transfer certificates, insurance agency stamps, and other legal documents.
Big institutions like the Indian Oil Corporation or the Life Insurance Corporation of India kept buying stamp papers from the “executives” employed by Telgi as they offered them discounts of up to 5% – a substantial amount given that most stamp vendors gave discounts up to 2.5%
stamp-related fraud cost various Indian states about Rs. 78,000 crore from 1993 – 2003. A significant portion of this fraud concerned the now-famous case of Abdul Karim Telgi
Following the Telgi scam, the state decided in 2004 to decentralise the collection of Stamp Duty.
Following the Telgi scam, the state decided in 2004 to decentralise the collection of Stamp Duty.
Subsequently it introduced franking of documents to minimise the use of Stamp papers and authorised several banks to offer this facility to citizens
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