In an attempt to fix existing discrepancies in the conventional stamp paper system for property transactions in Punjab, the City District Government Lahore (CDGL) has introduced electronic stamp paper system. According to news sources, the system will take effect from today.
Initially, the e-stamp paper system will be introduced in the 10 districts of Punjab, however, it will be introduced in the remaining districts in phases. With the new setup in place, property buyers and sellers will no longer need to head to the offices concerned and wait in long queues to get the Challan 32-A.
A workshop was held last week in order to brief real estate agents about e-stamp papers. The workshop was organised by the district administration in collaboration with the Punjab Information Technology Board, in which the agents were walked through the process of generating the Challan 32-A online.
The CDGL has set up a dedicated online page to generate the challan form. Users are required to provide information about the district, tehsil, type of challan and the purpose for which they intend to generate its online copy. Furthermore, they will also be required to give information about the real estate agent, which includes the contact number, email address, and CNIC number of the agent. Moreover, the new setup requires you to share details about the first and second party involved in the deal.
The procedure is self-explanatory and very simple. The printout of this Challan 32-A can then be submitted to the designated branches of the Bank of Punjab and after you pay the stamp paper fee, the bank issues you an e-stamp paper. This stamp paper can be verified by the parties through an SMS service as well as by using the website.
The officials from the department concerned are of the view that the e-stamp paper system will eliminate the faulty practices seen in the buying and selling of stamp papers. It will also ease the process of property transactions and eliminate the trade of fake stamp papers – a practice that caused huge losses to the exchequer.
It is now deemed important that a similar setup be established at a national level so that harmony can be achieved in the process of documenting real estate transactions throughout the country.
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Thats good! Nice to know this new move.
What about people who do not involve Agents and do their own buying and selling ?
They will of course register the deal and pay the taxes. The only thing they would save in this case is the agent’s commission, nothing else.
Needs to simplify further, for payment it shuld be also electronically through bank account or thorough ATM and after payment stamp paper could be issued online automatically. When bank is involved manually, there are chances of corruption and inconvenience for public.
What about the old stamp papers as so many people had taken them for registry purpose but the rate for the valuation of property is still not yet finalized by FBR in certain areas of Punjab so there is large number of people who are in doubt that by the introduction of this new e-stamp paper they may lose money by the expiry of old ones.What is the expire date of old stamp papers ?
Ideally, both old and new tamp paper should work side by side for a while. Let’s see what the government finalizes.