The State Bank of Pakistan (SBP) has entered into an Agency Agreement with the Bank of Khyber (BoK), designating it as the collecting agent for e-stamping services in Khyber Pakhtunkhwa (KP). This collaboration is part of the newly launched e-stamping project, aligning with the KP government’s commitment to promoting digital services and enhancing business facilitation in the region.
With the implementation of this initiative, residents of KP can now easily acquire stamp papers through a user-friendly online process provided by BoK. The phased implementation of the e-stamping project is expected to boost revenue collection and ensure comprehensive data reconciliation across the province.
The transition to e-stamping brings several advantages, including improved public convenience, time efficiency, prevention of paper-related fraud, elimination of government revenue leakage, and secure digital storage of information for increased transparency.
The new system allows online verification of both judicial and non-judicial stamp papers, reducing the risk of fraud and enabling responsible reuse of stamps. For property transactions, the stamp duty value is determined using DC valuation tables based on location, covered area, and property type (residential or commercial), helping to combat tax evasion and prevent income leakage associated with manual stamping.
These innovative features are expected to result in a significant upswing in the collection of stamp duties.
