KP Caretaker Minister for Revenue, Finance, and Excise Taxation, Ahmed Rasool Bangash has 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 Bank of Khyber into the provincial account. The 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.
The launching ceremony witnessed the presence of key officials, including Secretary Finance Aamer Sultan Tarin, Director Revenue, Director Finance State Bank of Pakistan Qadir Bakhsh, and Group Head Conventional Banking Sher Muhammad, along with other relevant authorities from the Bank of Khyber.
Minister 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.
Group Head Conventional Banking Sher Muhammad and Director State Bank of Pakistan Qadir Bakhsh signed the agency agreement in this regard. During 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.
