KARACHI, Nov 26: The government of Sindh is considering many options for amending the law on power of attorney as at present the document is being misused/abused to the detriment of the provincial exchequer and the givers of power of attorney.
Official sources told APP that among the options being considered was that power of attorneys would be for three years, and from the next financial year all powers of attorney of more than three years should cease to exist.
The sources said these steps were necessary to protect the genuine owners of real estate property from being duped and cheated.
Such steps, they said, should counter false, fictitious and fake circulation of powers of attorney in the market, and the need for amending the existing law had been felt after receiving information that the interests of genuine givers of power were being endangered.
The new powers of attorney should reiterate whether the givers of powers of attorney would like to renew his pledge of confidence in the holder of powers.
The government has advised all owners of property to get the property on power of attorney registered in their name to avoid being duped and cheated, for a small sum of money to be paid to the government as stamp duty.
The Stamp Office Karachi recovered more than Rs616.848 million as Stamp Duty during July-October this year as against Rs623.652m recovered during the same period last year.
This recovery includes Rs76.081m recovered from the interior of Sindh on all kinds of stamps as against the recovery of Rs90.254m on the same count last year.
The main source of stamp duty was special adhesive stamps recovery which amounted to Rs321.018m as against Rs297.345m last year.— APP
