Home  |  Advertise  |  Contact Us
3:21 am - Thursday April 17, 2014

Electronic Secured Bank Treasury Receipt (eSBTR)

Electronic Secured Bank Treasury Receipt (eSBTR)Agencies, Mumbai As part of e-Governance initiatives, and to provide convenience to stamp duty payers, Govt of Maharashtra has launched the eSBTR Project for on line payment of Stamp Duties & Registration fees in partnership with IDBI Bank Ltd.

The eSBTR system was inaugurated by Hon’ble Chief Minister of Maharashtra Shri Prithviraj Chavan at IDBI Bank, Mumbai, on July 26, 2013, in the presence of a host of cabinet ministers and top Government officials. CMD, IDBI Bank, Shri M.S. Raghavan and other senior executives, staff members of IDBI Bank and representatives of the public were also present. Hon’ble Chief Minister of Maharashtra, Shri Prithviraj Chavan is displaying an original eSBTR receipt to the audiance at the function.

Also seen in the picture in the first row (L to R) – Hon’ble Shri Jayant Patil, Minister of Rural Development, Maharashtra and Guardian Minister, Mumbai City and Hon’ble Shri Balasaheb Thorat, Minister Revenue, Maharashtra. Standing in the second row (Left to Right – Shri A.T.Kumbhar, Addl.Controller of Stamps, Shri M.S.Raghvan, CMD, IDBI Bank Ltd.,Shri B.K.Batra,DMD ,IDBI Bank Ltd.,Hon’ble Shri Milind Mhaiskar, Secretary, Relief & Rehabilitation, Maharashtra and Shri S.Chockalingam, IGR & Controller of Stamps, Maharashtra eSBTR system would provide various benefits such as Single window payment of Stamp Duty and Registration Fee; On-line payment (no more queues and waiting in Bank Branches and adhering to Stamp Hours, Payment facility available on 24 x 7 x 365 basis) Payment without any ceiling, Ease of operation and convenience, etc.

Maharashtra Government will receive on line revenue through Government Receipt Accounting System (GRAS) from the public. Accordingly, Stamp Duty and Registration Fees will be collected online/over the counter through approved banks who would issue either a Simple Receipt or an eSBTR as the case may be. eSBTR has been designed with the aim of getting the best of the various revenue evidencing systems.

It is an effort to combine the advantages of the modern, widespread and networked banking system with strong security features built into it. eSBTR is a receipt of duty (evidencing payment into the government account), printed on Secure Stationery to be issued by the banks. ISP, Nasik has designed such secure stationery with inherent security features for printing of eSBTR. The customer can log onto the website of the authorized bank, click the link for payment of stamp duty/Registration Fees, entering the necessary details and paying the duty through the internet banking account. With the printout of Proof of Payment for eSBTR for online payment, the customer can walk into the nominated branches of the bank to get the eSBTR.

The customer can also opt for only the data entry in the bank’s website, get a token number and walk into the bank branch for payment and collection of eSBTR. The eSBTR project was conceived by IGR, Maharashtra, Shri S. Chokalingam, about three years ago and implemented with the help of various agencies including IDBI Bank. As a token of appreciation the Hon’ble Chief Minister felicitated the following teams, RBI Team (led by Shri G. Kumar), Team India Security Press, Nasik (led by Shri S. Tiwari), Team NIC (led by Shri B.K. Nair), Team Director of Accounts & Treasury, Maharashtra , Team IDBI Intech (led by Shri P. Kumar), Team IDBI Bank (led by Shri H. Biswas) Team eSBTR, Maharashtra (led by Dr. S. Kolte) and Team iSARITA, Maharashtra. Speaking on the occasion, Hon’ble Chief Minister of Maharashtra Shri Prithviraj Chavan congratulated IDBI Bank for being the first bank in the country to be associated with this innovative project.

He was sure that other Banks would eventually follow. He also said that Maharashtra with Rs.16,000 cr. leads all other states in Revenue collection through stamp and registration. Maharashtra is also the richest state in the country in GDP terms ahead of the second state by over 40%. He was happy about the fact that even during recession the revenue collection through stamp duty and registration witnessed healthy growth. He hoped that eSBTR would go a long way in further enhancing the revenue collection for Maharashtra.

Shri M. S. Raghavan, CMD, IDBI Bank said “IDBI Bank deems it a privilege to be associated with the Government of Maharashtra for the eSBTR initiative. The launch of the eSBTR (Electronic Secure Bank Receipt) today, is another e-Governance initiative being taken by the Government of Maharashtra for improving the governance structure by leveraging advances in the field of technology. The eSBTR initiative benefits our customers by extending ease of operation and convenience on account of single window payment of Stamp Duty and Registration Fee”.

Posted in: Business

You might like:

Serena Williams tops WTA rankings Serena Williams tops WTA rankings
IPL fever hits UAE; tickets for opening games sold out IPL fever hits UAE; tickets for opening games sold out
India receive $ 265,500 for 3rd spot in Reliance Test Team Rankings India receive $ 265,500 for 3rd spot in Reliance Test Team Rankings
Sonam Kapoor, Lisa Haydon attend Grazia Young Fashion Awards Sonam Kapoor, Lisa Haydon attend Grazia Young Fashion Awards