Indore: The district Registrar office has served notices to at least 40 private banks in connection with the evasion of stamp duties while dispersing the loans. The Registrar office took action after receiving several complaints in the matter.

The Registrar office during its investigation found that 40 private banks have evaded duties in various categories. The errant banks used to issue loans on stamp papers of lesser value thereby causing a loss to the exchequer.

According to norms, the stamp duty should be paid up to 1 to 3 percent of the loan value. The stamp duty is charged on various transactions such as educational loans, mortgage loans, personal loans, sale deeds, agreements and other such financial matters.

District Registrar Shrikant Pandey said “The investigations in this regard are on and we have found several anomalies in the way banks extended loans through duty evasion.”

The department has also written a letter to the state administration complaining against the non-compliant attitude of the private banks. The government also decided to impose a penalty on the errant banks.

President of Registrar Office Abhibhashak Sangh, Promod Dwidedi, complained that the Registrar office should be vigilant on such violations and should not act at the end of the year.