Karnataka Assembly passes bill to legalise digital stamp papers

The Karnataka Assembly passed a bill on Monday to give legal recognition to digital stamp papers for use during property transactions.

Piloting the Karnataka Stamp (Amendment) Bill, Revenue Minister R Ashoka said stamp papers are now available in digital format. “This needs legal recognition. We want to make digital stamp papers valid. Hence, this Bill,” he said.

The bill further simplifies registration of sites purchased from housing cooperative societies, Ashoka said. “Those who take sites from housing societies have to pay the stamp duty or guidance value that is applicable on that day. For registration, levying the stamp duty again as on the day they register will be too much. To simplify this, we're bringing this bill,” he said.

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The same bill will provide 100 per cent exemption from stamp duty for textile industries as per the government’s Textile Policy, Ashoka pointed out.

Ashoka also piloted the Karnataka Stamp (Second Amendment) Bill that caps stamp duty on industries at Rs 25 crore. “When the share value of a company goes up, so does the stamp duty. Because of the high stamp duty, companies end up moving to other states. Maharashtra and Gujarat have fixed Rs 25 crore as the upper limit for stamp duty. Here also, in order to incentivise businesses, we’re bringing this upper limit,” Ashoka said.

Passed sans debate

Four bills, including the ones seeking to amend the Stamp Act, were passed in the Assembly without any debate amid din caused by the Congress’ protest.

The Assembly also passed the Criminal Law Amendment Ordinance (Karnataka Amendment) Bill and the Karnataka Civil Services (Validation of Selection and Appointment of 2011 batch Gazetted Probationers) Bill.

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Law Minister JC Madhuswamy said the Criminal Law Amendment Bill proposes to empower even principal district and session judges on cases dealing with economic offences and money laundering. “Secondly, we had no power to deal with the attachment of properties. We’re bringing this under our courts. These amendments will help the government bring economic offenders to book,” he said.

The KPSC Bill proposes to legitimise the appointment of 362 gazetted probationers of the 2011 batch whose recruitment was mired in corruption allegations.

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