i Develop Stocks Advisory

SHCIL ties up with IDBI Bank Depository services provider Stock Holding Corporation of India today said that it has entered into a pan-India arrangement with IDBI Bank to provide services for issue of stamp certificates and collection of money on its behalf. With the wide network of IDBI Bank, SHCIL will be expanding its reach across states for issue of stamp paper and collection of money where e-Stamping system has been implemented, a press release issued here stated. IDBI Bank is the first bank to have an all India tie-up as an authorised collection centre for e-Stamping system with SHCIL. SHCIL, at the initiative of the Central Government, is appointed as a Central Record Keeping Agency for computerised stamp duty administration. It established an e-Stamping system in Gujarat, Karnataka and NCR of Delhi. It is in the process of implementing e-Stamping system in Maharashtra where an agreement has already been executed with the State Government. It is also working with several other State Governments like Tamil Nadu, Bihar, Uttar Pradesh, Punjab, Haryana and Assam, amongst others, for introduction of the e-Stamping system.