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With Dynamic eStamping, all you need to do is enter a stamp value and Leegality algorithms do the work of picking the stamp papers to meet that value.
This feature solves the problem of many cases of digital ad-valorem (value/percentage based) stamping – where stamp duty is a PERCENTAGE of the value of the agreement rather than a fixed number.
The Limitations of Leegality’s Current Stamping Feature
Leegality currently operates through “Stamp Series” based stamping. A Stamp Series is a collection of stamps of 1 denomination of 1 particular state (subject to the exception below)
For example, to order Haryana INR 100 Stamp papers you will need to create a “Stamp Series”. For Haryana INR 300 Stamp Papers – you will need to create another Stamp series.
*Exception: Sometimes, you may want stamps of Rs 700, but our vendors to not have such papers. In that case, we procure papers of Rs 500 and Rs 200 and combine both of them to create a stamp paper of Rs 700. These combined papers are then be created into a stamp series of Rs 700.
Right now, when you want to attach a stamp paper, you simply pick the series that you want to use. Leegality picks ONE stamp paper from that series and attaches it to your document.
This system works well when the stamp duty required for a type of agreement is of a fixed value.
In such cases the stamp value you require for DIFFERENT transactions of the SAME TYPE of agreement will be exactly identical – even if the transaction values are different.
However, this system falls short when the stamp duty for your agreement is ‘ad-valorem’ i.e a percentage of the value of the transaction.
Here, the stamp duty required for each agreement differs based on that agreement’s transaction value.
For example, say you are a lender disbursing high value machinery financing loans.
For Customer A, you are entering into a machinery financing agreement, where applicable stamp duty is INR 440.
Now say you are executing another machinery financing agreement – with Customer B. Here, you are disbursing a HIGHER VALUE of loan too Customer B than you did for Customer A.
Because ad valorem stamp duty applies to such a transaction – the Stamp Duty for the agreement with Customer B won’t be INR 440 – but will INCREASE to INR 630.
Such a scenario requires a system that is able to change affixture of stamp paper case-by-case on the basis of VALUE.
Our system of single-denomination “Stamp Series” based stamping simply doesn’t work for this use case.
Dynamic eStamping
Dynamic Stamping allows you to affix stamp papers based on the desired stamp value. You pick the value for a particular transaction and our algorithm will pick and choose the right stamp papers to satisfy that requirement.
Step 1: Creating Stamp Groups
The first step is assigning existing Stamp Series to “Stamp Groups”.
Say you have ordered Haryana Stamp papers of 3 denominations – INR 100, INR 500 and INR 2000. In the Series system – you would be only able to affix one of these denominations on a single document.
With Dynamic eStamping – you can assign these Series to a common group known as a Stamp Group – and then affix a COMBINATION of these denominations on a single document.
Step 2: Use Dynamic Stamping in your document signing flows instantly!
In the next step, when sending out a document, simply follow the steps shown in the below GIF starting from the New Document button.
Yes, it’s that simple. You tell us the stamp value you want to affix to your document and we will automatically pick the best stamp papers to fulfill your stamp value.
How will multiple stamps look on the document?
Below is a small preview of how multiple stamps will appear when attached to your document:
Dynamic Stamping is available on all our ways of signing a document on Leegality (Workflows, Excel, APIs).
For a more detailed overview, check out our video primer:
Do you think Dynamic eStamping can help you digitize your paper flows?
Just drop us a line here and we’ll give you access to a FREE SANDBOX ACCOUNT where you can try it out!
Already have a Leegality account? Then just drop a line to – support@leegality.com to get started!
