The Rajasthan government on Friday launched the automated e-Stamping (AeS) process for bank guarantees with Stock Holding Corporation, the state’s Central Record-keeping Agency (CRA), and SWIFT India. The process is functional in the state through Stock Holding over SWIFT India’s messaging platform for bank guarantees, according to a statement from SWIFT India.
Automated e-Stamping with SWIFT India makes the stamp duty payment process ‘paperless’ for businesses and is a critical step in facilitating the digitalization of bank guarantees.
It enables issuing banks to apply for stamp duty payment digitally and receive the e-Stamp certificate from Stock Holding Corporation almost instantly. It is one of the key digital initiatives implemented by the Rajasthan Government to further improve the ease of doing business in the state.
SWIFT India is a joint venture of leading banks in India and SWIFT SC was established for addressing the common challenges faced by the banking community in India.
Sharad Mehra, Inspector General of Revenue and Stamps, Government of Rajasthan, said, “I am pleased on the launch of an innovative digital solution like the SWIFT India automated e-Stamping services delivered in collaboration with our state’s CRA and Stock Holding Corporation. I urge the bankers to embrace it fully to drive digitization in the state.”
He also said, “It is our constant endeavour to improve the share of revenue collection from e-Stamping mode, from the current 60 per cent, and this approval adds another digital channel for the payers. We are working on improving data analytics and will continue to support new innovations like these, that help businesses grow.”
“SWIFT India is delighted to support the Rajasthan government’s commitment to enhance the ease of doing business in the region. Automated e-Stamping is a powerful tool that will help simplify trade finance processes and enable Rajasthan to continue its journey towards becoming a ‘paperless’ state,” Kiran Shetty, Chief Executive Officer and Regional Head, SWIFT India and South Asia, said, adding that, “We are working with several State Governments and the banking community towards this common community objective.”
Sudhanshu Sekhar Khamari, Deputy General Manager and Deputy Zonal Head, Bank of Baroda, Jaipur Zone, said, “SLBC (State level bank committee) Rajasthan is very thankful to the registration and stamps department, the government of Rajasthan, for their opportune initiative and approval for the use of the automated e-Stamping solution in the state using SWIFT India’s messaging platform.”
He said, “Being the channel between the government departments, SWIFT India, and bankers, I am happy to see that our efforts to liaise, discuss and present detailed information helped in developing this convenient, fast, and transparent digital facility for the community.”
The banking community celebrates this announcement of Rajasthan becoming the third region to adopt this innovative solution after Uttar Pradesh in 2021 and Delhi in 2019. Today, SWIFT India’s automated e-Stamping service is available with eight banks: Axis Bank, Bank of Baroda, Citibank, ICICI Bank, IndusInd Bank, Punjab National Bank, State Bank of India, and Union Bank of India.