A major aspect hitherto unattended is the adoption of methods to salvage the possible loss of revenue f‌rom stamp duty that the country may suffer while encouraging E-Contracts. E-Contracts are forged in the electronic medium, and one is unable to aff‌ix stamps on the 'soft documents‘. In order to compensate the loss of revenue, the contracting parties liable to stamp duty could be asked to remit the appropriate value in cash in the exchequer. The acknowledgement for such payment could serve as an evidence of duty paid in a court of law, where the soft document has to be exhibited as an evidence.

A security scrip denotes a contract and the same has to be duly stamped. Nevertheless, the while issuing Soft Securities the issuer companies have to remit the stamp duty. The Depositories Act, 1996 has incorporated suitable provisions in this connection, by amending the related legislation. The Depositories Act has effected a series of amendments to the following corporate and commercial legislations:-

• The Indian Stamp Act 1899

• The Companies Act 1956

• The Securities Contract (Regulations) Act 1956

• The Income Tax Act 1961

• The Benami Transactions (Prohibition) Act 1988

• The Securities and Exchange Board of India Act 1992

Only the tip of the iceberg has been tackled. There are a host of other enactments which require to be amended, in case Government decides to go in a big way encouraging E-Contracts and f‌iling of Electronic Documents with various Governmental agencies. To sum up, the existing laws appear archaic in front of the challenges posed by the rapid technological advancements made in the f‌ield of information technology. With special relevance to India, the electronic challenges are challenges of the highest order, and have to attended to with dedication and determination.