PITB's project e-Stamping shows remarkable results
Punjab Information Technology Board (PITB)'s flagship project e-Stamping has shown remarkable results in the shortest span of eight months' time by fetching the revenue worth Rs. 20,313,111,567. A number of 897,276 people visited the respective website while a number of 787,167 e-Stamp papers (Judicial -non judicial) were issued. A number of 751,229 non judicial and 35,938 judicial e-Stamp papers were issued. Dr. Umar Saif, Advisor to CM Punjab & Chairman PITB while lauding the untiring efforts of all the stakeholders i.e. Board of Revenue, respective bank and the team of PITB here today said that the outstanding achievement of project e-Stamp confirmed the trust reposed by the people in this project and acceptance of automation of services by the masses at large.
The Chairman PITB said that e-Stamping was a step towards generating revenue through technology in most transparent way and to eradicate the chances of financial pilferage through an efficient and accountable system under the directions of Chief Minister Punjab Muhammad Shahbaz Sharif. It has replaced the century old system and saved the common citizen from fraud, forgery, agent mafia, long queues in the treasury office and the banks as the duration of receiving Stamp papers have been reduced from three days to fifteen minutes, which is now operative in the 36 districts and 144 tehsils of the Punjab Province, he added.
The e-Stamping system has replaced 117 years old Stamp paper system introduced in 1899 in the Sub Continent during the British colonial rule. The newly introduced system is online and any person desirous of purchasing high value non-judicial/judicial stamp paper can access the system by a simple internet connection. The value of stamp duty will be calculated on the basis of data provided by the buyer (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 through whom stamps are being purchased will be fed into the system along with their CNIC Nos. The system has empowered the common man to verify the authenticity and value of the e-Stamp paper by sending the inbuilt number through SMS on 8100.
There are two types of stamp papers: Judicial and Non-Judicial, used for collecting stamp duty under Stamp Act 1899. Judicial stamps are used in relation to the administration of justice in courts and non-Judicial Stamps are used on documents related to the transfer of property, commercial agreements etc. The non-judicial stamp papers worth above Rs. 1,000 are referred to as high-value Stamp papers. These Stamp papers are only issued by the Treasury offices of the district. Almost 95.89%of revenue under stamp duty is collected from these high value stamps. The issuance of judicial e-Stamp papers was formally launched on December 23, 2016.
In order to facilitate the public, besides Stamp Duty, Capital Value Tax, Registration and Comparison fees will also be collected through same challan.