Is this legal? As per the Indian Stamp Act, stamp papers simply serve as evidence that stamp duty has been paid and are required to be “used” in the agreement, this is why the stamp paper and document are merged. Additionally, according to the IT Act, digital documents are legally enforceable.
Is stamp paper valid in India?
The only restriction for a stamp paper is prescribed under section 54 of the Indian Stamp Act. Section 54 provides that an allowance for stamp paper, which is not spoilt or rendered useless or unfit but is not in the immediate use of its purchaser, may be sought for by the purchaser within six months of its purchase.
Is stamp paper legally binding?
Agreements made on white paper are valid. so an agreement made on 100 rupees stamp paper can surely be valid if it fulfills all other conditions under the law and as per the law. But, if the agreement requires to be stamped and registered then it cannot be used as an evidence of proof before a Court of law.
What is the use of stamp paper in India?
Traditional stamp paper or non-judicial stamp paper is used for sale deeds, transfer of immovable property, affidavits, agreements, deeds, wills, etc. for executing the said documents in States across India. Stamp paper can be purchased by visiting and purchasing stamp paper from any licensed stamp vendor.
Who prints stamp paper in India?
Security Printing and Minting Corporation of India Limited (SPMCIL) was formed after corporatisation of nine units including four mints, four presses and one paper mill which were earlier functioning under the Ministry of Finance.
Can I use a 20 RS stamp paper for an agreement of 5 lakh rs?
5 lakhs for selling the house. It was written in the agreement that the buyer should settle the remaining amount (i.e.60 lakhs) within 3 months from the date of giving advance money (16.06. 2008). … The agreement of sale on Rs 20/- stamp paper is invalid.
What is the validity of 200 RS stamp paper?
as on the date of your question any sale agreement on 200 Rupees stamp paper is not valid. if you enter into sale agreement with anybody without taking possession then you have to pay 0.5% of the consideration amount which will be deducted at the time of executing the sale deed.
What is the validity of a non judicial stamp paper?
The stamp paper do not have any EXPIRY period. The stipulation period of 6 months is only for seeking refund of the value of the Stamp paper and NOT of it’s use. There is no IMPEDIMENT FOR A STAMP PAPER PURCHASED MORE THAN 6 MONTHS PRIOR TO THE DATE OF EXECUTION TO BE USED FOR DOCUMENTATION.
Can we return stamp paper?
A person who hold stamp papers which are not used or which have been spoiled due to document typed but not executed etc. can be returned and a refund can be claimed as per provisions of S. 54 of the Stamps Act, 1899. The provision provides circumstances in which a refund can be claimed and limitation for the same.