iStart: Faster Stamp Duty Payments with estamping & efranking Integrations

Stamp papers are essential components of any commercial financial transaction. Documents must be properly stamped in order to be deemed legally valid.

Traditional methods of stamping and franking are costly and time-consuming for financial institutions.

iStart estamping and efranking integrations significantly improve and expedite stamp duty payment for banking users.

What is estamping?

estamping is an electronic method of paying judicial or non-judicial stamp duty on the property to the government. It confirms the transaction and makes the contract legally enforceable.

This is a straightforward and convenient technique for paying stamp duty, and it renders transaction paperwork tamper-proof.

estamping Process

1. Pre-order: Users pre-order their stamp papers after picking their state and denomination. This enables simplified stamp paper purchases and eliminates friction in business workflows.

2. Document Upload: The next step entails submitting the necessary documents to be stamped. It could be a single document or multiple documents.

3. Form Submission: The user must provide the required information for stamping transactions, such as denominations, state, and first- and second-party information. The user reviews the application and submits it to the collecting center.

4. Payment Processing: After applying, the user must choose a payment method to finish the process. The mode of payment includes:

• Net Banking
• Cheque
• Credit or Debit cards
• DD, NEFT, RTGS, etc.

5. estamp Certificate: The document is electronically stamped and merged upon successful payment. The user receives a stamp certificate with a QR code for estamping verification.

What is efranking?

The process of affixing a stamp on legal and duty-paid documents to establish their authenticity is known as franking. The stamp sheets were used to check the payments prior to franking. Due to the vulnerability of this technique to fraud, the government implemented franking machines.

efranking process:

1. User Registration: Users must sign up on one of the franking payment websites, GRAS or eSBTR, and then browse the efranking process.

2. Form Submission: Fill out the form with the necessary information for franking stamp papers, including department, scheme name, period, denominations, state, and office information.

3. Stamp Selection: Choose either a judicial or non-judicial stamp to finish the payment.

4. Payment Processing: After entering the details, the user must finish the payment before submitting the application.

5. Franking Certificate: Following a successful payment, the user receives a QR code as verification of stamping.

iStart's estamping/efranking Solution

iStart's estamping solution provides a digital alternative to traditional stamp duty payment. It boosts productivity, digitizes and optimizes document processes, and enables businesses to register large quantities of documents online.

iStart's digital client onboarding tool, which integrates estamping and efranking, reduces the TAT by 99 %. To learn more about our digitalization of customer onboarding, please click here and Schedule a Demo.