CDSL circular on -Introduction Of Stamp Duty Payment Indicator
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Issuer: CDSL
In response to feedback from market participants, CDSL is pleased to inform its DPs about the introduction of a new facility that enables DPs to specify the ‘Stamp Duty Payment Indicator’ within the CDSL system during transaction processing. This enhancement will allow DPs to indicate whether the stamp duty amount should be debited from the client’s virtual bank account or the DP’s virtual bank account.
Currently, stamp duty is deducted from the virtual bank account of the entity initiating the transaction in the CDSL system. For example, if a DP initiates a transaction, the stamp duty is debited from the DP’s virtual bank account. Conversely, if a transaction is initiated by a client or member via their ‘easiest’ login, the corresponding stamp amount is deducted from the respective client’s or member’s virtual bank account. With the implementation of this new feature, DPs will have the flexibility to utilize the Stamp Duty Payment Indicator to determine whether the stamp duty is to be debited from the DP’s or the client’s virtual bank account.
Below-mentioned standard values of the Stamp Duty Payment Indicator during transaction processing are being introduced for the above-mentioned facility attach in circular.
DPs are hereby informed that the implementation of the above-mentioned standard values shall be communicated separately. In the meantime, DPs are advised to undertake all necessary changes in their back-office systems to ensure seamless implementation of the same