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.