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Tuesday, November 18, 2014

Punjab | Electronic Stamp papers introduced

E-Stamp Paper Introduced For The First Time In Pakistan

The Punjab Board of Revenue has decided to introduce e-stamp paper in Pakistan to facilitate the citizens online. This step promises to diminish fraud and bogus stamp papers which, previously, led to a loss of millions of rupees. Here is how the e-Stamp process will work.
Any person willing to buy a high value non-judicial stamp will only require an internet connection to access the system online. The information required to be entered in the system will be the names of the buyer, seller and the person from whom stamps were purchased along with their CNIC.
The entered CNIC information will be verified online through NADRA database in real time. After verification, a challan form 32-A will be generated based on the provided data.
The stamp paper buyer will then take the issued challan form to the nearest branch of National Bank/ Bank of Punjab or at any dedicated bank counters established in the offices of sub-registrars. Once the stamp duty fee is paid, the bank will print and handover the stamp paper on especially designed legal size paper. After the agreement, the stamp paper will be submitted to the sub-registrar/housing society/ authority/land developers or as the case may be.
e-stamping Process
Stamp paper serve different purposes in Pakistan including purchase and sale of land. The e-stamp paper will make the purchase of land property easy while also restricting the land mafia. The project will also help facilitate women in Pakistan who struggle to acquire inherited property.
An Indian state Karnataka started e-stamp paper in 2006 which resulted in controlling fake stamp papers and land mafias.
The Punjab government has already computerized its land records which let citizens to access their land records within 15 minutes without any charge. The e-stamp process is expected to be launched for the public in a month.