What is E Stamping?
E Stamping, as the name suggests is the process of affixing an electronic version of a stamp paper to an electronic document. For example, the E Stamp can be in the form of a PDF, which can be appended to the actual agreement or contract being executed.
In the physical world, in many jurisdictions, agreements, contracts, lease deeds etc require affixing “stamps” to the document. These stamps are indicative of the fact that a mandatory fee has been paid to the respective government department as required by the applicable regulations. The stamps have traditionally been either in the form of a stamp paper, or embossed on the document by a process called franking. Authorized agencies appointed by the government such as certain Government departments, banks etc are authorized to do the franking (embossing of the stamp showing its value).
Stamp papers are usually available in certain fixed denominations, whereas embossing / franking can be done for any amount. A fee has to be paid to procure the stamp papers or to do the franking, for the amount indicated. The stamp-paper or franking on the document is therefore proof of the fact that the required fee (called stamp duty) has been paid to the Government as required.
When agreements, contracts, deeds etc are executed electronically, this fee (which was earlier paid to procure physical stamp papers / physical franking) still needs to be paid to the respective Government department. The process of affixing the electronic version of the stamp paper / franking to the document after payment of the stamp-duty is known as E Stamping.
The next question therefore arises, how does one pay the stamp-duty and how does one indicate on the document that this fee has been paid? How does one perform e stamping process electronically by affixing the e stamp paper online?
How is E Stamping Done?
The answer to this question depends on the jurisdiction / state in which the agreement or contract is being executed. There is no single Indian e stamping system. Some states issue electronic stamp-papers online as PDF files, against the corresponding payment. These can be appended to the electronic version of the agreement / contract (PDF) to create a single consolidated PDF file, which can then be signed by all parties either by using electronic signatures or digital signatures. In some cases, users procure physical stamp-papers and after indicating they have been used, scan them. This scan, as a PDF / image is appended to the agreement or contract as the case may be.
In all cases, its important for users to ensure that the electronic stamp paper is used only once and not appended to multiple documents, just as a physical stamp paper can be attached to a single document only.
E Stamping Solution From Truecopy Credentials
Truecopy Credentials provides industry leading online document signature platform called TS1. This platform supports e Stamping of documents irrespective of the jurisdiction. Users can decide the type of electronic stamp paper they need, the state, and the denominations. Truecopy procures the required e stamps in advance and makes them available to users. At the time of initiating a document, the users can select which e stamp they need to use (state / denomination, etc), and the relevant e stamp paper is attached automatically to the initiated document. The document is then signed by various signatories as usual.
Truecopy e stamping solution has many inbuilt safeguards. Firstly the user always has an audit trail of e stamp usage and can track where each e stamp has been used. The controls ensure that one e stamp can never be used on multiple documents. The system also alerts the user in advance when e stamps are running low, so that the user can replenish these in time.
Truecopy on-line e stamping and digital signature system ensures that e stamping of documents proceeds seamlessly and smoothly without a hitch and the users have absolute control and visibility into the e stamp usage at any point in time.
Benefits Of E Stamp Online
Embracing electronic stamps (e-stamps) empowers you to finalize agreements and contracts online, eliminating the need for paper documentation. A solution like Truecopy Credentials streamlines this process, removing the hassle of acquiring e-stamps, saving you time, and enabling swift document execution.
By embracing electronic stamps (e stamps), you can finalize all agreements and contracts online, completely eliminating the need for paper. Truecopy Credentials provides a seamless solution that streamlines the entire process by handling the procurement of e stamps for you. As a result, you save valuable time and can swiftly proceed to execute your documents without any hassles. Experience the convenience and efficiency of e stamps with Truecopy Credentials today.
Conclusion
Electronic stamps (e-stamps) are revolutionizing the way businesses handle documentation and streamline their workflows. The advent of TRUESigner ONE, an innovative electronic stamping solution, has further accelerated this digital transformation. With TRUESigner ONE, organizations can effortlessly authenticate and authorize documents, reducing paperwork, cutting processing time, and enhancing overall efficiency. As the world continues to embrace digitalization, the widespread adoption of electronic stamps like TRUESigner ONE is likely to become an indispensable aspect of modern-day operations. Embracing this technology empowers businesses to stay competitive, enhance productivity, and foster a more sustainable and eco-friendly work environment. With the growing importance of remote work and online collaboration, e-stamps present a valuable solution for businesses and individuals alike, marking a significant step towards a paperless future.
