From Our Special Correspondent
Daijiworld Media Network - Bengaluru

Bengaluru, Dec 24: The State Government has decided to re-introduce revenue stamp of one rupee denomination for all financial transactions in Karnataka.

The "rebirth" of the Re 1 revenue stamp would be brought into effect soon after an order is issued, said Karnataka’s Law and Parliamentary Affairs Minister T B Jayachandra.

Briefing reporters after a Cabinet meeting in Bengaluru on Tuesday, the minister said the State Government is expected to get revenue of Rs 10 crore a year from the one rupee revenue stamp.

Stamp papers were banned in the State following stamp paper racket involving Telgi about a decade ago.

The Re 1 stamp is required for signatures for loans from banks and lending agencies, money transfers, disbursement of salaries and borrowing.

The minister said a decision has been taken to provide pension and gratuity to 1450 staff of un-aided private industrial training institutes.

The total expenditure to the state exchequer would be Rs 38.43 crore, he said.

He also said it was decided to implement a National Cyclone Risk Mitigation Project aided by the World Bank in three coastal districts of Karnataka.

The entire cost of the project funded by the World Bank is Rs 120.60 crore.

The Centre and the State would share the cost on 75:25 basis.

The Revenue Department secretary has been authorised to sign the agreement with the Centre, he said.