The Punjab government has introduced the e-stamping system in the province to facilitate the citizens online. The e-stamp papers will only be issued after the buyer provides the original CNIC.
The move will reduce fraudulent and bogus stamp papers, which have led to a loss of millions of rupees to the national kitty.
“The main objective of the e-stamping system is to prevent paper and process related fraudulent practices, leakage of government revenues, and store information in electronic form and build a central database to make ease of the verification process,” Punjab Board of Revenue stated on its website.
How the e-stamping system will work?
After the launch of the e-stamping system, the stamp papers could be acquired through any designated branch of a scheduled bank. The value of stamp duty will be calculated on the basis of data provided by the citizen (area of the land, location, covered area, commercial/residential, etc.) and DC valuation tables built into the system. The names of the buyer, seller and the person by whom stamps papers are being purchased will be fed into the system along with their CNICs.
The system will generate a challan after verifying the CNIC information online through the NADRA database in real-time.
The stamp paper buyer will take this challan form to the nearest branch of the National Bank/ Bank of Punjab or at any designated bank counters to pay the stamp duty.
Once the fee is paid, the bank counter will print the e-stamp certificates on a specially designed legal-sized paper. This stamp paper could be submitted to the sub-registrar, housing society, authority, or land developers, etc.
The Board of Revenue said that these e-stamp papers are verifiable, therefore, eliminating chances of fake stamps. After the utilization of the stamp paper, the database will mark a red strike against the paper to restrict the reuse of the same stamp paper.
