WHAT IS A STAMP PAPER
Stamp paper is a paper issued through the Government of Pakistan. Under section 3 of the Stamp Act, 1899 stamp duty is formally charged on numerous kinds of files for which stamp papers of various denominations are issued. Documents requiring fee of stamp duty aren’t taken into consideration effective without fee and can’t be enforced through a court.
Keep in mind that stamp paper is a bit of paper with its fee written at the forehead and the rest is blank. The stamp paper is issued through the government. The cash is deposited with inside the country wide treasury even as selling the stamp paper. Stamp providers are paid a nominal fee of 4 percentage to 5 percentage. Stamp paper is needed to report unique forms of lawsuits, petitions, and applications, etc. with inside the court and to enter into contracts and agreements with a person and to sell the property or to get a person’s name stamped.
THERE ARE TWO TYPES OF STAMP PAPER
- Judicial stamp paper
- 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 are 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.