NEWS

Mumbai: Property registration to go completely cashless soon

October 25, 2018

Credits : dnaindia.com

Soon, people heading to the offices of the department of registration and stamps to register their property-related documents will not have to pay cash for their transactions.

"We are moving towards cash-less offices by introducing point of sale (POS) machines which are being integrated with our software for payment of document handling charges," a senior official from the department told DNA, adding that the system is being tested and is likely to be launched around Diwali.

The official said while people could use the GRAS facility to pay stamp duty and registration charges online, document handling charges, charged Rs 20 per page, were being collected in cash. "Though we had allowed people to pay these fees through net-banking, the number of pages in a document may rise or decline when it is brought for registration. Hence, we have decided to introduce POS machines to enable the electronic payment of these charges in the sub-registrar offices," he explained, adding that the system would be functional in a month.

This will do away with the need to handle huge amounts of physical cash for documents like development agreements, which may run into hundreds of pages.

The department plans to also introduce payments through e-wallets in the future.

The over 500 sub-registrar offices spread out across the state see an average of 7,000 to 8,000 documents being registered daily. Each document has around 20 to 25 pages, the number may vary based on the type of document (like development agreement, conveyance deed, leave and license or will).

A total of 9.84 lakh documents had been registered between April and August 2018, compared to 9.08 lakh for the same period last year and 9.60 lakh in 2016-17. The revenue generation for the same period in this financial year stands at Rs 11,894 crore, compared to last year's Rs 9,729 crore and Rs 8,347 crore for 2016-17.

The department has achieved almost 50 per cent of its annual target of Rs 24,000 crore. Last year, its collection was Rs 26,500 crore, higher than the Rs 21,000 target and the revised estimate of Rs 23,000 crore. The collection for 2016-17 was Rs 21,026 crore, which was marginally lower than Rs 21,657 crore in 2015-16.

SWIPE RIGHT

Department of Regitration & Stamps will introduce point of sale (POS) machines for payment of document handling charges
The system is likely to be launched in Diwali
The department plans to introduce payments through e-wallets in future

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Source:dnaindia.com