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.