The Punjab Information Technology Board (PITB) and board of revenue collaboratively started e-stamping project which now is able to generate Rs.60 billion to date. The e-stamping project now crosses the Rs.60 billion in revenues to date. However, there is still much room for the services it provides currently.
The e-stamping project is meant to contribute an unprecedented amount to national exchequer once its fully functional with more services, the process of automating the stamp papers would yield favorable results for the economy. According to Dr Umar Saif Vice Chancellor of ITU and Chairman PITB informed in a press release on Wednesday that the project is exceeding the Rs.60 billion mark while reviewing its performance.
According to the details total number of e-stamp papers issued through the system are 23,32,545, there are 21,45,384 non-judicial e-stamp papers and 1,87,161 are judicial e-stamp papers. The Chairman said the project has successfully replaced the hundreds of years old Stamp paper system which was introduced in 1899 in the region by the British government. The new system has brought a change with the help of technology in Punjab. Through this project transparency and user-friendly system is ensured, the system also minimizes the fiscal drainage and malpractices of the past.
One of the major achievements of this project besides revenue generating is the trust and confidence in users and acceptance of this automated service which is equally beneficial for the public, government as well as economy as a whole, he added.
The Chairman also directed timely improvements to the system, he informed PITB officials to streamline the process of launching e-stamp papers worth less than Rs.1000. The Stamp papers worth less than Rs.1000 accounts for 5% of the total Stamp paper activity. Using e-stamping system the officials at PITB are conducting training sessions with sub-registrars and revenue officials in order to combat counterfeiting and verification of duties.