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Anil Dabir (Proprietor)     09 August 2010

POWER OF ATTORNEY NOW TO BE EXECUTED ON RS 500/- STAMP PAPER

Two issues -

I understand that a Power of Attorney in Maharashtra is now required to be executed on a Rs. 500/- non-judicial stamp paper. Is this correct?

A related issue - one can buy a non-judicial stamp paper only from Licensed Stamp Vendors. They treat this as a fiefdom and, in courts, are rarely available at their counters. What is the solution to this problem which makes the common man suffer in the process of paying money to the government?



Learning

 7 Replies

DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE )     09 August 2010

You can put adhesive stamp of that value which is now being done by all banks.

R.Ranganathan (Director)     18 August 2010

We have to bear with certain things.

V. VASUDEVAN (LEGAL COUNSEL)     25 August 2010

Power of Attorney in Maharasthra - please provide the purpose. For general purpose it is only Rs.100. If it is given for a consideration ( to agents) and authorising to sell an immovable property, it is leviable on the marke value - it is preferable to check the market value and slab. For transfer of property without consideration to father/mother/brother/sister/wife/husband......close relatives it is Rs.500/-.

Instead of typing the POA on stamp paper you can type it on plain paper and before execution (signing) present it to a bank (find out the local bank who does the franking or  Stock Holding Corporation of India'website for online franking.

vasudevan

Mugundhan (Lawyer)     02 September 2010

Any individual can for his own  use purchase stamp papers from the govt. treasury

Deekshitulu.V.S.R (B.Sc, B.L)     04 September 2010

Adhesive stamps are as good as NJ stamps. The only way is to buy at the SRO's office. Treasury will not give it to any person directly.

M.S.Bhalerao (advocate)     02 November 2010

 Now the facility of e stamping is available. some post offices are authorised to sale stps.  franking of the documents is undertaken authorised  banks.  WHEN THE STAMP ACT WAS AMMENDED?   POA was on Rs 100/-  If samp is not awailable the  in immergency people go for higher stamp.  ( Sale of Higher value samp gives higher  commision to the vendor so samll value samps may be kept  out of reach by some unscrupolus vendors.)

Gaurav Sharda (CA)     20 June 2012

Case : 
Money is transferred from Outside India (USA) to my clients account for Investment purpose....
1st Trf was made in Aug 11, however POA was not executed...
Power to invest money by my client on behalf of the Transferor was given on a Stamp paper...
So need to know... Will that Suffice or do i need to get POA done..... No income has been generated using that funds till date.....
Also funds are lying in ma clients account... So i suggested him to trf that to an NRE account and make investments from there...
please advise....


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