Late Extra: NRIs have reason to worry in fake stamp paper case

Non-Resident Indians (NRIs), especially those based in the Gulf and who have had to buy stamp paper to complete formalities for a number of purposes, including the registration of property, have reason to be concerned with the unearthing of the Telgi scam.

The latter involved the printing of counterfeit security stamp paper and its sale not just through private channels but also through government outlets like the treasury.

While investigations into the scam are still in progress and each day brings to the fore yet another aspect, this is not the time for NRI bodies and lobbies to sit back and wait for the law to take its own course.

There is a need to begin seeking answers from the competent Indian government agencies now. NRIs should register their concern immediately lest when solutions to the problems are proposed they are not left out just because they were tardy in staking their claim to relief.

It would be wrong to think that the fake stamp paper was only being sold to bulk buyers whose transactions do not have to be registered and hence did not have to stand up to scrutiny. Reports are coming in from various states of India that the fake stamp papers had been issued through the government treasuries too.

That some of these were caught and reported to the police and government authorities points to the depth of the racket, the reach of which has not yet been conclusively defined.

Assessment

The government is presently assessing and trying to identify those who have inadvertently fallen prey to fake stamp paper sellers. Various ways to deal with the problem are being examined. It may not be correct for the NRI to assume that relief measures taken by the government for the resident Indians will help them too.

NRIs have the disadvantage of being away from the country and have constraints on the time they can devote to follow up on corrective measures which may require their presence in person.

The most common transaction, which requires large denomination stamp paper, is the registration of property. It would be fair to assume that a very large number of NRIs have bought property in India and have had it registered. Unfortunately, according to reports from Delhi, Lucknow, Patna and Hyderabad, the home loan and property registration sectors have been hit hard.

It would be in the interest of NRIs who fall in this category to act fast and have their registration documents verified. If the stamp paper they have used is genuine and its authenticity is verified, then the property owners can rest easy.

If that is not the case they should immediately register their complaint with the competent authority so that when the time comes for getting access to corrective measures they are not left out.

It would really be a pity if 10 or 15 years down the line one discovers that one has inadvertently used fake stamp paper. By that time, while it is safe to assume that the trial of the scam's perpetrators will still be on, the time span of the Indian government's relief measures may have lapsed.

I may be accused of crying wolf and spreading a scare but it may just be prudent for NRIs to act now rather than be sorry later.

The writer is an India-based journalist.