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Vanishing revenue stamps put people in a fix
There are no revenue stamps available at the post offices and the possibility of getting one seems distant. In spite of both departments, postal, at GPO, Abids and registration and stamps, at Mozamjahi Market being a stone’s throw away from each other lack of communication between them is resulting in acute shortage of stamps at post offices while they are sold in black market at a premium.
Hyderabad: There are no revenue stamps available at the post offices and the possibility of getting one seems distant. In spite of both departments, postal, at GPO, Abids and registration and stamps, at Mozamjahi Market being a stone’s throw away from each other lack of communication between them is resulting in acute shortage of stamps at post offices while they are sold in black market at a premium.
As pressure from the common man is mounting, the department of registration & stamps despatched the last remaining stock of Rs 36,000 worth of revenue stamps to the postal department on August 5. A senior official of the postal department said that the stock exhausted within a day.
Nine months ago, the departments entered into an agreement in which it was decided that the postal department would get the required stock from the Nashik Security Press and the department of Registration & Stamps would foot the bill. However, the lack of communication on the demand and supply has led to inordinate delay resulting in lack of stock at the post offices.
The postal department, once it procures the stock distributes it to all the post offices and 12 registration districts, including Hyderabad South and Ranga Reddy East.
G Madhusudan Reddy, deputy inspector general, stamps, department of registration & stamps said, “The problem would be sorted soon, as an order worth Rs 10.8 crore has been made for procuring stamps from Nashik.”
In the meanwhile, petty roadside vendors are making a killing as they sell one revenue stamp of a rupee for Rs 10 and in certain cases it could go up to Rs 20 and above depending on the urgency of the customer.
Mahaveer, a resident of Dwarkapuri Colony, said, “The department is aware of the demand and needs to keep supply but it rarely happens.”
Sujit Kumar, a real estate agent said, “There are no revenue stamps even at the General Post Office. Why should the common man suffer for the lapses of the department?”A senior official at the postal department said that the delay happened due to the bifurcation of the Postal department.
The registration and stamps department however is doing good business in consolidated stamp duty. Here, insurance and stock brokerage companies pay up lakhs in advance and the amount gets deducted with each transaction.
For instance, if the rate of stamp duty is Rs 1 for each Rs 1,000 value of shares and a person does a transaction of 10,000 shares, Rs 10 worth revenue stamps is needed and that amount is adjusted from the advance paid by the brokerage company under the consolidated stamp duty.
In July, the department of registration and stamps made Rs 1.3 crore business from stock brokerage companies and on an average it gets Rs three to Rs four crore business from insurance companies.
