From Rs 100 to Rs 500: Maharashtra’s Stamp Paper Hike Explained
Discover how Maharashtra's government has phased out the Rs 100 stamp paper, mandating a minimum of Rs 500 instead. Learn about the impact on citizens needing affidavits and agreements amid rising inflation. Stay informed on new regulations affecting stamp paper use in the state.
by Nagpur Trends Team | Published on 2024-10-19 15:03:50
Nagpur, India: In a significant move, the Maharashtra State Government has rendered the Rs 100 stamp paper obsolete by mandating a minimum of Rs 500 for all legal and official work.
The decision, influenced by rising inflation and a need to fund numerous new welfare schemes ahead of the upcoming elections, marks the end of the widely used Rs 100 stamp paper.
The new rates, implemented through an ordinance issued on October 14, just before the Election Commission announced the Maharashtra Assembly poll schedule, are expected to generate approximately Rs 150 crore annually. The decision impacts citizens who require affidavits, agreements, valuation documents, and apprenticeship deeds. These tasks, which earlier required only Rs 100 stamp paper, will now necessitate the purchase of Rs 500 stamp paper.
Affidavits are commonly used for rental agreements, student scholarships, and various other everyday legal and administrative purposes, making the hike a significant change for the public.