Apex Consumer Forum Warns ICICI Prudential Life over Unethical Trade Practices; Imposes Rs5 Lakh Cost
On 14 June 2019, the National Consumer Disputes Resolution Commission (NCDRC) gave a stunning order which issued a stern warning to ICICI Prudential Life Insurance (ICICI Pru) and slapped a cost of Rs5 lakh on it for rejecting a legitimate claim based on a ‘suspicious medical certificate’ stating that the claimant had a pre-existing diabetes which was not disclosed. 
The case is...
Premium Content
Monthly Digital Access


Already A Subscriber?
Yearly Digital Access


Moneylife Magazine Subscriber or MAS member?

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
  • How to Pay Stamp Duty under Amnesty Scheme in Maharashtra
    Maharashtra has recently announced an amnesty scheme with respect to the penalty that can be levied for insufficient or non-payment of stamp duty. Stamp Duty is an integral part of any immovable property transaction that requires registration. The transaction could be either a sale, mortgage, or lease of immovable property. For any of these transactions, adequate stamp duty has to be paid and the document should be registered at the office of the concerned sub-registrar.
    Before delving into the details of the Amnesty Scheme, it is important to learn about the consequences of non-payment of stamp duty. More specifically, if the stamp duty is not paid on any particular transaction, the document of that transaction may not be allowed as evidence in any legal proceedings and judicial authorities may also impound the document if you present them as evidence. 
    Besides, you are also charged a penalty, which is calculated at 2% per month of the deficient stamp duty from the date of registration/execution of the document till the date on which you are making the payment. The maximum penalty that can be levied in such cases is 400%, which can turn out to be a significant amount if a lot of time has elapsed since execution of the document. 
    If you have done a real estate transaction paying deficient stamp duty, then you can make use of this recent Amnesty Scheme. This is also particularly useful for Maharashtra Housing and Area Development Authority (MHADA), City and Industrial Development Corporation of Maharashtra Limited (CIDCO) and Slum Rehabilitation Authority (SRA) for whom this scheme is applicable even if no stamp duty has been paid. 
    The Maharashtra Stamp Duty Amnesty Scheme, is operational for a period of six months from March 1, 2019 to August 31, 2019 (recently extended to December 31, 2019) and proposes to limit the penalty payable on deficient stamp duty transactions to 10% of the deficient duty from 400%.
    Steps to Utilise Amnesty Scheme:
    Before taking advantage of the amnesty scheme, anyone who has made his agreement on non-judicial stamp paper or franking, has to get the Stamp Paper used for sale deed or franking on sale deed, validated from respective District Collector of Stamps.
    For instance, for Mumbai there are four Collector of Stamps and one Collector of Stamps for Mumbai City. His office is below Asiatic Library, Horniman Circle, Flora Fountain. This Collector of Stamps accepts Amnesty Scheme stamp papers from Mumbai City and is authorised to validate the stamp papers as well as franking, made within Mumbai City and suburban districts.  Or if you have purchased it in Thane district, then from Collector of Stamps, Thane at Thane District Collector’s Office Building (2nd floor, opposite Thane District Court). 
    For every district there is a Collector of Stamps, whose address you can acquire from any sub-registrar of Assurances Office (office where sale deed is registered by government) of that district.
    Validation of Stamp Paper or Allotment Letter, before payment of Stamp Duty
    Before starting the process of applying for payment of Stamp Duty under the Amnesty Scheme, you need to ensure that your stamp paper or allotment letter is validated by the Collectors Office. This can be achieved by following the step below:
    1. You will have to submit your original Sale Deed on non-judicial stamp paper or franking in a file with five other documents as listed below at inward Collector of Stamps.
    a) A covering letter (sample of which is provided in the first set of documents below the article) with a Rs10 court fee stamp affixed on it.
    b) Original Sale Deed
    c) Supporting documents (any one), such as xerox copy of electricity bill, telephone bill, bank’s passbook, LIC policy or premium notice or any other government document in flat buyer’s name, around the date of the Sale Deed, when flat was purchased by you. 
    d) A copy of the Society’s NOC in the format given in the first set of sample forms below this article.
    e) Copy of the Sale Deed.
    2. Make another file with xerox copies of all five aforementioned documents as stated above and keep it separate for your reference. 
    3. On submission of the original file containing set of 5 collected documents at Collector of Stamp’s inward, you should take their signature on the xerox copy of the covering letter in your file.
    4. Important Tip: After you submit the file at the Collector’s Office inward, go to the Record Room which should be located nearby. At the record room, ask the staff that for submission of your original documents today, on which day you shall receive your documents from them, duly certified. 
    Record room staff will accordingly inform you when your document will get validated for its stamp paper or franking. Then, you should go to the record room on the appointed day between 3pm and 5pm, with the receipt given by Stamp Office earlier. 
    Record room staff is available on working days between 2pm and 5pm, as during morning hours, they are engaged in other work. Therefore, if you want to know when you will get your document, it is better to go to the Collector’s Office for submission of your file, in the afternoon between 2pm and 5pm.
    Usually within eight days of submission of your Deed, you will get that Deed duly validated with seal and validation Certificate. 
    5. If you have MHADA, CIDCO, SRA, MMRDA, BMC, TMC, KDMC, MBMC, etc. Allotment Letter for your flat, you will have to validate from respective office, before submitting to Collector of Stamps for payment towards Stamp Duty under Amnesty Scheme. 
    Here the first stage of your application process ends.
    Payment of Stamp Duty on your validated Sale Deed or Allotment Letter under present Amnesty Scheme
    Once you have your Sale Deed or Alloment letter of flat validated by following the above steps, you are ready to submit your documents to the Collector of Stamps, under the Amnesty Scheme. Below are the documents required for submission under the Amnesty Scheme:
    1. Either your flat’s original validated Sale Deed or original validated Allotment letter of flat by MHADA, SRA, CIDCO or MMRDA.
    a) If your document is still pending with the Collector of Stamps under earlier Amnesty Scheme for Stamp Duty, then you should fill forms (2),(3) and (4) Part A in the second set of forms below the article. 
    b) If you are submitting your sale deed or allotment letter for the first time under Amnesty Scheme, then either a validated Sale Deed or Allotment letter with it’s xerox copy, and documents (2), (4) Part B, as in page (5) and (6) of the second document set given below. 
    Rest of the steps below, are common to both pending Amnesty Scheme applications or a new application. 
    2. Affidavit on plain paper as in (8) of the set of documents given below.
    3. Annexure-A as in (9) with applicant’s photograph.
    4. Annexure-B as in (10) with applicant’s photograph.
    If you are not the person in whose name the original Sale Deed stands since that person has passed away, then affix xerox copy of Death Certificate of original sale deed holder and provide a statement explaining how you are related to the deceased flat owner. 
    Place all documents in a file in the same order as above and with a covering letter (affix Rs 10 court fee stamp to letter), submit the file to Collector of Stamps Office.
    Once the file has been submitted to the Collector of Stamps Office, collect a “receipt” from them by asking for a received signature/stamp on the xerox copy of the covering letter that you have kept for reference. While submitting, also ask after how many days you will get a demand note to pay stamp duty with fine. 
    You shall be given 60 days to pay the appropriate Stamp Duty. Some bank provide loans to pay Stamp Duty under Amenesty Scheme. If you are facing financial difficulties, avail the facility of a loan from a bank. 
    Pay the appropriate Stamp Duty as stated in the demand note in a bank and show the receipt of the same to the Collector of Stamps. You will then be given your Sale Deed duly stamped, for payment of full Stamp Duty. 
    Sample Documents for Your Reference
    Two sets of sample documents have been provided for your reference. In the first set, there are three documents with appropriate instructions on page 3. This first set is to be used for validation of stamp paper used in Sale Deed, from Collector of Stamps. 
    The second set of 13 papers, are for application under the Amnesty Scheme. If the concerned person is not applying under the Amnesty Scheme by himself/herself they have to fill out the appropriate Authority Letter as in (1). The last 3 pages in the second set are for reference only and are not to be submitted along with your application. 
    If you face any difficulties with your application to the Collector of Stamps Office, send us an email: [email protected]. You can also call 022 4920 5000 on any working day to take an appointment and come to MoneyLife Foundation's Office on a Tuesday between 4 pm and 7 pm for an expert's free of charge guidance.
    Update: The Amnesty Scheme for Stampy Duty in Maharashtra has been extended until December 31, 2019. 
    Document set 1

    Document set 2


  • Like this story? Get our top stories by email.




    1 year ago

    As my property is mortgaged I don't have the originals with me. How do I get it verified? My sale deed was not registered and the seller too has expired and I'm unable locate his family members.


    1 year ago

    Good useful info


    1 year ago

    Nice information

    SC asks Centre to consider law to regulate Ola, Uber
    The Supreme Court on Wednesday asked the central government to consider bringing a law to regulate mobile app-based taxi service providers like Ola and Uber to ensure safety and security of women passengers.
    A bench headed by Justice S.A. Bobde also asked petitioner Nipun Saxena to make representation before the Ministry of Transport and suggest laws on regulating the app-based aggregator services.
    The court order came when it was informed by the petitioner that there were no laws to regulate these service providers.
    The petitioner also told the court that the central government had framed guidelines and standard operating procedures on running of a Crisis Centre but the state governments were not complying.
    Thereafter, the court called for a one-stop Crisis Centre in each district to deal with sexual offence cases against women and directed them to comply with the guidelines and standard operating procedures framed by Centre.
    A Crisis Centre is a community-based organization which works to help victims of sexual offence by providing counselling and other facilities.
    Nipun Saxena filed the petition in the aftermath of the December 2012 Delhi gangrape.
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • User 

    We are listening!

    Solve the equation and enter in the Captcha field.

    To continue

    Sign Up or Sign In


    To continue

    Sign Up or Sign In



    online financial advisory
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 4 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)
    FREE: Your Complete Family Record Book
    Keep all the Personal and Financial Details of You & Your Family. In One Place So That`s Its Easy for Anyone to Find Anytime
    We promise not to share your email id with anyone