• Revenue stamps

Sir,  One Co-op. Society of Utter Pradesh having transactions in Andhra Pradesh demanding  acquittance  on three papers for one payment, though it is a matured claim or pre-matured claim.  Unless and untill the  party furnishes three acquittances  on separte receipts  with revenue stamp on all the three acquittance.   As per Stamp duty only one stamped acquittance is enough if the amount acquittance  exceeds Rs.5,000/-  The local branch staff not arranging payment of money without three stamped acquitance  for a single payment.  I request to  inform me whether the co-op. banks or other financial institutions can insist more  acquitances  for a single payment
Asked 3 years ago in Audit from RAJAHMUNDRY,, Andhra Pradesh
From audit perspective, one acquitance is sufficient. You may ask the co-operative society to show the rule under which it demands 3 acquitances.
B Vijaya Kumar
CA, Hyderabad
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