Karachi, The Khyber Pakhtunkhwa province has embarked on a significant digital transformation with the implementation of e-stamping, a move aimed at eradicating the issue of fake stamp papers, as announced by the provincial finance minister. This innovative initiative is set to revolutionize the way stamp papers are issued and managed within the province.
According to Directorate General Information and PRs – Khyber Pakhtunkhwa, the State Bank of Pakistan has designated the Bank of Khyber as the e-stamping agent, following the signing of an Agency Memorandum of Understanding (MoU). This transition to e-stamping is not only expected to eliminate the longstanding problem of counterfeit stamp papers but also streamline the revenue collection process. The proceeds from this initiative will be directly deposited into Account One of the province through the Bank of Khyber.
Ahmad Rasool Bangash, the caretaker minister for revenue, finance, and Excise and Taxation, emphasized the importance of e-stamping as a crucial step towards enhancing good governance in the province. He expressed these views while addressing the signing ceremony of the agency agreement between the Bank of Khyber and the State Bank of Pakistan. The event was also attended by Secretary Finance Aamir Sultan Tareen, Director Revenue, and Director Finance State Bank of Pakistan Qadir Bakhsh, along with Sher Muhammad, Head of Conventional Banking at the Bank of Khyber, and other relevant officials.
Highlighting the benefits of the e-stamping system, Finance Minister Ahmed Rasool Bangash pointed out that the new process significantly reduces the time required to issue judicial and non-judicial stamp papers. Unlike the manual system, which took two to three days, e-stamping completes the process in a few hours. This efficient method also includes a mechanism for online verification of e-stamps, thereby reducing the potential for fraud.
Sher Muhammad, the Group Head of Conventional Banking, outlined the convenience of the new system, stating that e-stamps could now be obtained from any part of the province within 15 minutes. The procedure involves filling out an online challan and printing the e-stamp after depositing the fee in the bank.
Director State Bank of Pakistan Qadir Bakhsh added that the Bank of Khyber is the fourth agency bank authorized by the State Bank of Pakistan to receive government revenues. He noted that the e-stamping system is particularly beneficial for the real estate sector. The system determines stamp duty values through DC Valuation Tables based on property data, thus aiding in the prevention of tax evasion and underreporting of property values. Since the introduction of e-stamping, there has been a notable increase in stamp duty collections.
The Bank of Khyber, with its extensive network of 235 branches across the province, including 122 Islamic banking branches, plays a pivotal role in facilitating this digital transition, ensuring a broader reach and accessibility for the residents of Khyber Pakhtunkhwa.