Punjab Excise Department (PED) has issued a deadline to car owners to register their vehicles under their own names. Currently, most of the vehicle owners across Punjab (and Pakistan) are using open letters to buy and sale vehicles.
These open letters do not mention any date or the buyer of the vehicle allowing easier transfer of ownership without having to pay any charges or taxes. Open letters have been declared illegal by the government.
PED stated that car owners have two months to get their vehicles registered with the department and complete the transfer of ownership.
The deadline by PED has been set for May 1. After that, it will be compulsory for the buyers and sellers to physically visit the excise office and transfer the ownership to the buyer’s name, going through the whole process again. Open letters will become useless after that.
PED says that computerized transfer deeds will now be used instead of paper-based deeds. This has been done to facilitate the public and save the time consumed by manually filling the form.
The deeds will bear complete information about the buyer, seller and the vehicle that is being sold/transferred. Buyers and sellers will just have to sign the form and put their thumbprints on it. Biometric verification will be done and photographs will be taken as well by the PED.
The system of computerized trust deeds will be rolled out in Punjab as PED is looking to increase and better manage tax revenues.