PESHAWAR
\nIn a significant move towards combating the issuance of fake stamp papers in the province, KP Caretaker Minister for Revenue, Finance, and Excise Taxation, Ahmed Rasool Bangash, announced the initiation of an e-Stamping system.
\nThis initiative aims to curb the prevalence of counterfeit stamp papers and facilitate the seamless accumulation of revenues through the Bank of Khyber into the provincial account.
\nThe e-Stamping system is a crucial step towards promoting good governance in the province, as it was undertaken as part of an agency agreement signed between the Bank of Khyber and the State Bank of Pakistan.
\nMinister Finance Ahmed Rasool Bangash, in his address during the e-Stamping launch, emphasized that the primary objective behind this initiative is to provide instant access to genuine stamp papers without any hassle and to deter fraudulent activities. Previously, the issuance of judicial and non-judicial stamp papers with the manual system took two to three days. The e-Stamping system has streamlined this process to a few hours with its two-step verification mechanism, thereby reducing the possibility of fraud by enabling online verification of e-stamps.
\nGroup Head Conventional Banking Sher Muhammad and Director State Bank of Pakistan Qadir Bakhsh signed the agency agreement in this regard.
\nDuring the e-Stamping launching ceremony, Group Head Conventional Banking Sher Muhammad highlighted that the collaboration between the Bank of Khyber and the KPIT Board has made it possible to obtain an e-Stamp from any part of the province in just 15 minutes. The e-Stamp can be obtained by filling in the details in an online challan, depositing the fee in the bank, and printing the e-Stamp.
\nDirector State Bank of Pakistan Qadir Bakhsh mentioned that the Bank of Khyber is the fourth agency bank for revenue collection authorized by the government, and the implementation of e-Stamping will further facilitate real estate transactions in the province.
\nIn property transactions, the determination of stamp duty is based on location, covered area, and the type of property (residential or commercial) through the DC Valuation Tables. This feature helps in reducing the value of property, consequently aiding in the prevention of tax evasion. As a result of these features, there has been a noticeable increase in stamp duty collection since the introduction of the system.
\nIt is noteworthy that the Bank of Khyber operates in the province with 235 branches, including 122 Islamic banking branches, contributing significantly to the economic landscape.<\/p>\n","protected":false},"excerpt":{"rendered":"
PESHAWAR In a significant move towards combating the issuance of fake stamp papers in the province, KP Caretaker Minister for Revenue, Finance, and Excise Taxation, Ahmed Rasool Bangash, announced the initiation of an e-Stamping system. This initiative aims to curb the prevalence of counterfeit stamp papers and facilitate the seamless accumulation of revenues through the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-377104","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-top-news"},"yoast_head":"\n