WHAT IS A STAMP PAPER

Stamp paper is a paper issued by the Government of Pakistan. Under section 3 of the Stamp Act, 1899 stamp duty is officially charged on various types of documents for which stamp papers of different denominations are issued. Documents requiring payment of stamp duty are not considered effective without payment and cannot be enforced by a court.

Keep in mind that stamp paper is a piece of paper with its value written on the forehead and the rest is blank. The stamp paper is issued by the government. The money is deposited in the national treasury while selling the stamp paper. Stamp vendors are paid a nominal commission of four percent to five percent. Stamp paper is required to file different kinds of lawsuits, petitions, and applications, etc. in the court and to enter into contracts and agreements with someone and to sell the property or to get someone’s name stamped.

TYPES OF STAMP PAPERS

There are two types of stamp paper (i) Judicial stamp paper and (ii) Non-judicial stamp paper

Judicial stamp papers are used for court cases etc. while non-judicial stamp papers are used for non-judicial documents such as various types of contracts etc.

There is no time limit for stamp paper but under section 54 of the Stamp Act, 1899 if the stamp paper is not used within six months from the date of its issuance, it can be returned and the Collector may make the repayment of the sum actually paid subject to conditions stipulated in the section ibid.

E STAMPING

E Stamping has been introduced in Pakistan to overcome fake and fraudulent practices and facilitate the citizens. The persons who want to purchase the stamp paper judicial and/or non-judicial can now apply for the issuance thereof by using a computer with an internet connection. The value of the stamp duty is calculated on the basis of data provided by the buyer (such as land area, location, covered area, commercial/residential status, etc. The DC valuation tables have been built into the system. Name of the buyer, seller, and the person through whom stamps are being purchased are entered into the system along with their CNIC numbers. A central database for the e-Stamping system has also been built which has made the verification process easier for the citizens. Training of sub-registrars, stamp vendors, deed writers, and other relevant stakeholders has been conducted by the e-Stamping project team. A mobile app has also been developed for auditors so they can easily verify e-Stamp paper and Challan-32-A.

ABOLISHING THE STAMP PAPER IN PUNJAB

Now, the property registry will be done on plain paper, the elimination of stamp papers will save the government more than one billion rupees, the Registrar officer will also register the transfer.

Govt. of Punjab has decided to abolish stamp papers. The property registry will be done on plain paper. The registry of properties will be on plain paper, the registry written on the white paper will be coded three times, the decision will be implemented across Punjab this year. The elimination of stamp papers would save the government more than one billion rupees. The registry officer would also register the transfer.