Under the act of 1899 judicial and non-judicial stamp duty has been collected all over Pakistan. Judicial stamp papers refer to the paperwork of the judiciary in courts whereas non judicial stamps are used in property papers commercial agreements, during buying and selling of licensed items. Non-judicial stamp papers which cost rupees 1000 plus are considered as high-value stamp papers and issued by district offices of treasury. 95.98% of the revenue of stamp duty is collected by these expensive stamps.
Furthermore, these stamp papers including judicial or non-judicial are mostly issued by a national bank and state bank. The district treasury office can receive them within 24 hours. Thus, after the payment is done from where the buyer receives the stamp paper during 2 to 3 days, time period.
Now a day as online banking is prevalent among the educated people. Therefore, the trend of online stamping known as e-stamping is becoming common. Any person desirous of buying a stamp paper judicial or non-judicial can purchase them by just having internet connection. The procedure is very simple as well as easy.
Furthermore, the value of the stamp duty is calculated by the instruction given by the buyer. These instructions are about the property such as a location of the property, area of the property etc. Also, the price is verified by whether the area of the property is residential or its commercial area. Some of the other details related to stamp paper are also entered while purchasing the stamp paper. These details include the name of the buyer and the name of the seller with their CNIC numbers.
Mentioned below is the procedure to be followed for e-Stamping
1) Take the print out of the form from the web.
2) Visit any branch of the Bank of Punjab.
3) Pay the stamp duty according to the form and receive the original form from the bank.