Sale Of E-stamp Papers Crosses Rs 50 Bln

Sumaira FH Published November 29, 2017 | 07:30 PM

After repealing 118 years redundant 1899 Act, the challenge accepted two years back by the Punjab Information Technology Board (PITB) to launch electronic stamp papers, e-stamping, the sale of judicial and non-judicial stamp papers have crossed the proceeds of Rs 50 billion

LAHORE, (UrduPoint / Pakistan Point News - 29th Nov, 2017 ) :After repealing 118 years redundant 1899 Act, the challenge accepted two years back by the Punjab Information Technology Board (PITB) to launch electronic stamp papers, e-stamping, the sale of judicial and non-judicial stamp papers have crossed the proceeds of Rs 50 billion.

The data received during the process is indestructible through blog chain application, being used for the first time in Pakistan. Dr Umar Saif, founding vice chancellor of Information Technology University (ITU), Punjab, Chairman PITB and Advisor to the CM Punjab, stated this while briefing the media here on Wednesday.

The media representatives were shown e-stamp dash board in real time, which showed that till November 29, e-stamps earned revenue worth Rs 50,192,726,853 by issuing 1,942,779 electronic stamp papers.

Dr Umar said that the increase witnessed was 20% compare with the previous year. Currently, e-stamps were available for above Rs 1000 denomination as their usage is 95%, while below than Rs 1000 were only 5%, which are also being streamlined by registering 'Waseeqa Navees', estimated around 7,000 in Punjab, who would be equipped with mobile application, he added.

The PITB chairman said that now no one could undervalue the property as the DC tables had been integrated with the e-stamp system and the issuance of stamp papers period had also been reduced from three days to 20 minutes and the system have eliminated the chances of corruption, back dated, frivolous and fraudulent practices in this regard.

Dr Saif said that e-stamp was being rolled out in the Sindh province within next three months while the process was being initiated for payment of all taxes through mobile valet in the Punjab province by associating State Bank of Pakistan, National Bank of Pakistan and Bank of Punjab.

So far 57,000,000 rural properties had been digitalised and now 'Gardawari and 'Massavi' were also being digitalised along with urban moveable properties, he added.