The Punjab Information Technology Board's e-Stamping project has collected revenue worth Rs 361.459 million in one day, Wednesday, which is an excess of the total cost of the project ie Rs 342.062 million.
Since the launching of this project, the revenue generated through issuance of 3.0 million electronic stamp papers in the entire province had touched the figure of Rs80.56 billion which speaks about the volume of its acceptability among people. It emerged in a meeting held to review progress made on this project under the chair of PITB chairman Dr Umar Saif here on Wednesday.
Saif lauded the efforts of the e-Stamping team and said that through the automation of revenue sector, the technology was significantly contributing to the national economy. Technological innovations in the economic sector would eliminate the chances of corruption, forgery and fiscal pilferage, he said. He asked the participants of the meeting to imagine the success of a project when its revenue collection of just one day exceeds its total cost.
The e-Stamping system is a joint project of the PITB and Board of Revenue (BoR) Punjab which has totally revamped the stamp duty collection process in the province. Till date, over Rs80.56 billion has been collected and over 3.0 million electronic stamp papers have been issued.